GVI Security Solutions, a security manufacturing firm that handles sales of Samsung Electronics' security products, announced on Friday that it had received new funding to the tune of $4.75 million.
The private placement investment was led by GVI Investment Company, an investment company created solely for investing in GVI. The company was the largest investor, placing $2.5 million of securities. As part of the agreement, GVI Investment Company manager David Weiner joined GVI Security's board of directors.
According to a company statement, much of the funds will be used to pay off debt owed to Samsung.
With the investment came a shake-up of the board. The previous board of directors resigned, except for GVI Security CEO Steve Walin. The new board consists of Walin, Weiner, Craig Ellin, Gary Freeman, Moshe Zarmi and Joseph Restivo (GVI CFO).
"We believe that our relationship with Samsung Electronics is strong, and that we are now well positioned to substantially grow our business together with them," said Walin, in a statement announcing the $4.75 million private placement.