Posting significant growth, Extreme CCTV looks to larger HQ

Thursday, August 14, 2003

August 14, 2003

BURNABY, British Columbia - Infrared camera manufacturer Extreme CCTV is gaining a larger headquarters later this month, relocating to a new office here to accommodate the growing company.

In a year’s time, the company doubled its sales, from $8.3 million Canadian in 2001 to $17.6 million in 2002. Now, the company is bursting at the seams, said Jack Gin, president and chief executive officer of Extreme CCTV.

"We’re tripping over ourselves here at our current space," said Gin.

The company will move from a 10,000-square-foot facility to an 18,000-square-foot office in the same town. Along with gaining more elbow room overall, the camera manufacturer expects to increase space in its engineering and sales departments.

Much of the company’s growth can be attributed to new products Extreme CCTV has brought to market and a number of significant contracts, such as projects where the U.S. government is using Extreme CCTV’s products.

The company also recently announced plans to raise $8 million through a private placement of stock. The funds will be used to invest in Obzerv Technologies, a Quebec imaging technology company and for working capital.

Besides gaining a new headquarters here, the move also coincides with an expanded location for the company’s office in Newcastle, England. That location, where the company’s Derwent Systems business is located, will grow from 10,000 square feet to 20,000 square feet by tapping into an available office next door.