NEW YORK , Aug. 26 /PRNewswire-FirstCall/ -- MSGI Security Solutions, Inc.
(OTC Bulletin Board: MSGI) "MSGI" today reported an acceleration of certain
sub-contracting agreements with its Korean business partners resulting in
projected gross revenues of
On October 26, 2006 , MSGI entered into a sub-contracting agreement with Hyundai Syscomm Corp. to provide wireless video surveillance solutions. On May 23, 2007 , MSGI entered into a sub-contracting and distribution agreement with Apro Media Corp. to provide commercial security services to a Fortune 100 defense contractor. Apro Media Corp. would potentially earn 16 million shares of MSGI over the course of seven years in exchange for the business. On August 22, 2008 MSGI negotiated an acceleration of both sub-contracting agreements with Hirsch Capital Corp., the San Francisco based private equity firm operating Hyundai Syscomm and Apro Media.
Under the accelerated terms, MSGI would ramp up to a platform generating
MSGI executive staff will be increased to support the new business and technical operations will be relocated to Northern California within the next few months. Subsequent progress reports on the status of this business acceleration will be issued throughout the remainder of the current quarter.
About MSGI Security Solutions, Inc.
MSGI Security Solutions, Inc. is a leading international provider of proprietary security solutions to commercial and government organizations. MSGI is developing a combination of innovative emerging businesses that leverage information and technology with a focus on encryption technologies for actionable surveillance and intelligence monitoring. The Company is headquartered in New York City where it serves the needs of counter-terrorism, public safety, and law enforcement in the United States , Europe , the Middle East and Asia . More information on MSGI is available on the company's website at www.msgisecurity.com
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, spending levels and other factors could cause actual results to differ materially from the Company's expectations.
Contact: MSGI Corporate Finance, 917-339-7134
SOURCE MSGI Security Solutions, Inc.