HOUSTON, May 31, 2007 (PRIME NEWSWIRE) -- Following on the heels of its March 5, 2007 announcement, Security Financing Services, Inc. (Pink Sheets:SCYF), a provider of sophisticated, IP and physical security convergence solutions, announced today the formation of a new subsidiary to augment its physical security consulting practice. Sweetwater/Spillers, LLC is a Minority, Woman, and Disabled Veteran Majority-Owned and Managed Joint Venture Between The Spillers Group and SCYF's wholly-owned subsidiary, Sweetwater Security Systems, LLC.
SCYF, whose operations include systems design and monitoring of remote video networks, formed the Sweetwater/Spillers consulting group in response to market demand for electronic security system design, installation, and network integration. The entire electronic security industry, along with fencing, lighting, guard services, armored transport and patrol, generates more than $100 billion annually according to industry analyst J.P. Freeman.
John Spillers is owner of the Spillers Group and former Managing Director, Protective Security Services at the Atlanta Housing Authority. Spillers spent more than 10 years with the City of Atlanta, directing protective services for the Atlanta Housing Authority. He also served as Venue Security Manager for Atlanta Committee for the Olympic Games. Spillers was among the first security directors in the nation to use digital video security systems to monitor public housing properties.
Mike Hardy, President and CEO of SCYF, said, "The consulting group members, all experts in the field of leading edge physical security technology, bring over 70 combined years of experience to our company that we plan to use for advancing our growth strategy. Through this new entity we offer unparalleled technical expertise and industry experience, greatly expanding our ability to evaluate and provide cost-effective solutions to protect our customers' and their assets. Members of our group have deployed state-of-the-art physical security systems for the White House, the United States Treasury, dozens of local government entities and industrial sites around the globe, and thousands of commercial properties and family residences. We believe that John Spillers' group will be a significant contributor to SCYF's goal of reaching $15 million in revenue over the next 12 months.
This new joint venture nicely augments the assets and capabilities we achieved in our acquisitions of Sweetwater Security Systems and the TEST monitoring accounts."
Security Financing Services, Inc. is a cutting-edge technology company focused on end-to-end network solutions for customers. Solutions range from the smallest homeowner to the largest government or commercial enterprise. In addition to providing financing services to alarm dealers and integrators, SCYF also operates and manages a portfolio of alarm monitoring accounts throughout Texas and the Southeast. SCYF designs, installs and monitors digital video surveillance networks for government, industrial and commercial application.
Forward-Looking Statements: This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.