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Arecont Vision

Arecont Vision files for Chapter 11

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Wednesday, May 16, 2018

LOS ANGELES—Arecont Vision announced this week that it has filed for Chapter 11 bankruptcy in the District of Delaware, and agreed to have substantially all of the company’s assets acquired by an affiliate of Turnspire Capital Partners, LLC, an equity firm that is known as a turnaround specialist. In the Arecont press release, the company stated that the proposed transaction will enable Arecont “to pursue accelerated development of new, industry-leading video surveillance products and better meet the needs of its customers today and beyond.”

Raul Calderon, Arecont Vision’s chief operating officer and general manager, said in the announcement, “Through this transaction, Arecont Vision will shed its debt and make bolder decisions to invest in our future versus maintain the status quo. We are excited to have found a partner in Turnspire who shares our vision and will ensure an exciting future for the Company to the benefit our customers, employees, and partners,”

He continued, “Manufacturing, customer service, and sales activities will continue uninterrupted. Our employees will receive their wages and benefits as before, and our own vendors and suppliers will be paid in the ordinary course of business going forward.”

Arecont said that current management will continue to lead the company, and business “will continue uninterrupted, and operations will be supported by debtor-in-possession (DIP) financing provided by Arecont Vision’s current secured lenders.”

The Turnspire bid will be subject to an auction at which it will be subject to higher and better offers, and require Court approval. The Company anticipates the transaction will move swiftly and close within 60-75 days.

“Arecont Vision implemented key strategic initiatives beginning in mid-2017 that continue in the current year, all aimed at enhancing customer engagement, increasing revenue, and optimizing business processes. The goal is to better address the needs of the market and maintain and expand our industry technology leadership,” said Calderon. “While these efforts bore fruit immediately, we can now accelerate that progress unburdened by excess debt. Ultimately it was determined that using the chapter 11 process to facilitate a reorganization and sale was the swiftest and most efficient way to reduce debt while accelerating sales growth and product development.”

The Company is advised by the law firm of Pachulski, Stang, Ziehl & Jones LLP, Armory Strategic Partners as the Company’s chief restructuring officer and financial advisor, and Imperial Capital as the Company’s investment banker.

Court filings as well as other information related to the restructuring are available here.

Coverage, detail and complications as 4K cameras move forward

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01/15/2016

YARMOUTH, Maine—Security experts saw 4K camera technology coming their way a decade ago. They saw the market slide from consumers to security around 2013-2014. They know 4K will grow in the surveillance field, but the variables—in supporting technology development and opportunity cost—make the immediate future of 4K unknown and unpredictable.

Surveillance serves many uses in hospitals

A high level of security helps with shrink, regulatory compliance, and even attracting hospital employees
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12/18/2013

YARMOUTH, Maine—A health care professional might tell you that people are generally not at their best when they enter a hospital as a patient. A security professional would agree.

Calderon talks sensors and pixels

For some, 40 megapixels is just right
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08/13/2013

LOS ANGELES—Arecont Vision’s 40-megapixel, multisensory, 180-degree panoramic camera, which the company announced at ASIS last year, is now shipping. The new camera doubles the resolution available in the 2011 version. So how many megapixels is enough?

Industry vet launches new camera company Innovative Security Designs

Ian Johnston’s mantra: ISD aims to break free of pain of installation
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03/21/2012

IRVINE, Calif.—The reason so many analog cameras are still being installed, says Ian Johnston, industry veteran and CEO of a new camera company called Innovative Security Design (ISD), is that IP cameras are “largely the same as they were five years ago.”

Standards bodies making progress

News from SIA, PSIA and ONVIF speak of strides being made
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06/21/2011

YARMOUTH, Maine—The security industry bodies that have stepped forward to advocate for a standardized future for physical security have all made moves and issued press releases recently that tout progress being made. SIA, PSIA and ONVIF all say that in the short time since ISC West, more and more compliant products have been released and have been demonstrated to work seamlessly together.