AlarmForce reports record results, plans to expand

SSN Staff  - 
Thursday, July 1, 2004

TORONTO - AlarmForce Industries had recorded its best-ever second quarter results in mid-June and announced plans for expansion beyond the Canadian borders.

The company reported a net income of $572,000, an increase of 41 percent from the previous year. The company expects end-of-year results to be above projections as well.

Joel Matlin, president and chief executive officer, said in a prepared statement that the company will continue to focus on the business inside Canada, but will also take steps to expand outside of the country.

AlarmForce has already entered into a financing agreement with Acumen Capital Finance Partners Ltd. to build capital for the move. In terms of the agreement, one million common shares will be issued on a private placement basis at $3.25 per share.