Sentry Technology Corporation has announced that Saburah Investments Inc, a company wholly owned by Sentry's President and CEO, completed the investment of $641,000 to purchase approximately 4.8 million shares of newly issued common stock in the Company at a price of $0.133 per share. This transaction is a result of a previous agreement between Sentry and Saburah Investments Inc. as part of Sentry's recent acquisition of ID Systems.
"I am confident in Sentry's future and expect that this investment will help ensure the growth of our Company," said Peter L. Murdoch, president and CEO of Sentry Technology Corporation. "The investment will strengthen our balance sheet as the Company is returning to profitability. We continue to execute our plan to build Sentry. Additional working capital allows us to develop new products, add experienced sales representatives in the U.S., expand our international dealer network and complete the integration of recently acquired ID Systems."
Sentry Technology Corporation designs, manufactures, sells and installs a complete line of Radio Frequency (RF) and Electro-Magnetic (EM) EAS systems and Closed Circuit Television (CCTV) solutions. The company's acquisition of ID Systems expanded Sentry's product offering to include library security and management tools, proximity access control and radio frequency identification (RFID) solutions.