Perimeter security firm gains financial investment
CLIFTON, N.J. - Electronic Control Security Inc. has raised $2 million through a private placement of stock - funds that will help the company continue with its growth.
According to Arthur Barchenko, president and chief executive officer of ECSI, the company plans to capitalize on the global and homeland security markets. The financing, he said, gives the company Ã¢â‚¬Å“the balance sheet strength to be a real competitor in the perimeter security arena.Ã¢â‚¬Â
ECSI sold $2 million of its 10 percent Series B Convertible Preferred Stock, convertible into common stock at $1 a share, to raise the money. It also gave investors the option to purchase an additional two million warrants at $1 share over the next four years.
ECSI did not release the names of the investors in this round of financing. That information will be made public, however, once the company files registration paperwork with the Securities and Exchange Commission within 45 days of the private placement.
Over the years, ECSI has partnered with the likes of ADT Federal Systems, Resource Consultants and Parsons Corp. to deliver its perimeter intrusion detection systems to high-threat environments.