NEW YORK, NY--(Marketwire - October 18, 2010) - MSGI Security Solutions Inc, (
MSGI has formed a strategic partnership with Attonbitus Development Inc. for the purpose of expanding our green technology business, accelerating the overall growth of MSGI and reducing debt. Attonbitus, an American company with operations in Bucharest, Romania and Dubai, UAE, focuses on sustainable development in commercial, resort and infrastructure projects. Attonbitus uses the principles of sustainable design and recycled materials combined with clean domestically produced renewable energy resources including solar energy and wind. Attonbitus Management currently has over $4 billion dollars in projects in various stages of development and has $750 million in assets on its balance sheet.
Attonbitus has agreed to purchase the Convertible Notes (which originated 2006 through 2009) and presently remain on the Company's balance sheet. Upon closing, Attonbitus will extinguish the $12 million in debt and convert the value into a series of investments in various MSGI operating subsidiaries. MSGI and Attonbitus are also negotiating an additional investment to meet the working capital demands of the Company enabling it to complete the development cycle and immediately begin the commercialization process of various new breakthrough products.
On March 15, 2010, MSGI announced that a Purchase and Sale Agreement was executed between Madison And Wall Investments, LLC and the holders of all Convertible Notes from December 2006 through March 2009 representing principal and accrued interest for a total $12 million. Since Madison and Wall Investments did not complete the transaction, the Company solicited the interest of a strategic partner who was committed to completing the transaction while also assisting MSGI execute upon their plans for growth.
MSGI Security Solutions, Inc. (
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, spending levels and other factors could cause actual results to differ materially from the Company's expectations.