CLIFTON, N.J., April 26, 2004 (PRIMEZONE) -- Electronic Control Security Inc. (OTCBB:EKCS), a leading provider of electronic security systems to governments and corporations, today announced its Board of Directors have declared the accrued dividend on outstanding shares of Series A Convertible Preferred Stock for the four quarters from March 15, 2003 through March 14, 2004. The dividend is payable on May 21, 2004 in shares of common stock.
Holders of Series A Convertible Preferred Stock will receive 0.1 shares of Electronic Control Security Inc. common stock for each share of Preferred Stock held through March 14, 2004 (or a pro rata portion of the declared accrued dividend through the last day of the quarter preceding the date on which a holder converted the preferred stock into common stock). ECSI's certificate of incorporation provides that holders of the Preferred Stock are entitled to receive a quarterly accrued dividend computed at the rate of $0.20 per share per annum, payable in cash or shares of common stock valued at a price of $2.00 per share, when, as and if declared by the Board of Directors.
ECSI designs, manufactures and markets physical electronic security systems for high profile, high threat environments. ECSI security solutions have protected and monitored government and corporate customer sites from intruders for over 30 years.
About ECSI
ECSI is recognized as a global leader in perimeter security and an effective quality provider for both the Department of Defense and Homeland Security programs. The company designs, manufactures and markets physical electronic security systems for high profile, high-threat environments. The employment of risk assessment and analysis allows ECSI to determine and address the security needs of government and commercial-industrial installations. The company has teaming agreements with Parsons Corp., ManTech International Co., ADT Federal Systems, ARINC, Resource Consultants, Inc., Horne Engineering Services, Inc. and other industry leaders. ECSI's corporate office is located at 790 Bloomfield Avenue, Bldg. C-1, Clifton, NJ 07012. Tel: 973-574-8555; Fax: 973-574-8562; For more information on ECSI and its customers please go to www.anti-terrorism.com.
Certain statements included in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from such statements expressed or implied as the result of a variety of factors, of which a number could be potentially beyond the Company's control. The Company's actual results and events will be expressed from time to time in the Company's periodic filings with the Securities and Exchange Commission (the ``SEC''). As a result, this press release should be read in conjunction with the Company's periodic filings with the SEC. The forward-reaching statements contained herein are made only as of the date of this press release and the Company assumes or undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.