Posting significant growth, Extreme CCTV looks to larger HQ
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 yearÃ¢â‚¬â„¢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.
"WeÃ¢â‚¬â„¢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 companyÃ¢â‚¬â„¢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 CCTVÃ¢â‚¬â„¢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 companyÃ¢â‚¬â„¢s office in Newcastle, England. That location, where the companyÃ¢â‚¬â„¢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.