Perimeter security firm gains financial investment
July 8, 2004
CLIFTON, N.J. - Electronic Control Security Inc. has raised $2 million through a private placement of stock, funds that will help the company to 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 raised the funds through a private placement of 10 percent of its Series B Convertible Preferred Stock. The agreement also includes an option for investors to purchase up to two million additional shares for $1 per a share over a four-year period.
ECSI did not release the names of the investors in this round of financing.