HOUSTON, Sept. 18, 2007 (PRIME NEWSWIRE) -- Security Financing Services, Inc. (Pink Sheets:SCYF), provider of sophisticated, IP and physical security convergence solutions, announced today that it has received a letter of intent to sell up to 2,000 security alarm monitoring accounts held by the recently acquired SCYF subsidiary, Sweetwater Security Systems. The unsolicited offer, from a Fortune 100-funded private investment company, provides for the sale of up to 2,000 accounts and values the contracts at more than $2 million.
The company is currently evaluating specific terms of the transaction and expects to respond within the next two weeks. Don Bresina, Chairman of Security Financing Services stated, "This offer comes at a good time for SCYF as due diligence is completed on SCYF's recently announced intent to acquire SatMAX (http://www.impactmovie.com/eaglebroadband) from Eagle Broadband, Inc. With little in the way of competition, SatMAX is an excellent investment opportunity for SCYF.
"SCYF's digital surveillance and satellite communications businesses are actively seeking attractive opportunities to acquire accretive, high-growth technology applications," he continued. "A liquidity boost from a sale of a portion of Sweetwater's alarm monitoring portfolio would be helpful to this core strategy."
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.