MSGI Security Solutions, (MSGI) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : MSGI Security Solutions, (MSGI)

MSGI 0.0001000

0.0%

Mar 3 4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: Paul Lee	8/26/2008 11:32:11 AM
	of 26

MSGI Security Solutions Announces Acceleration of Sub-Contracting Agreement to $100 Million Annually Tuesday August 26, 11:00 am ET NEW YORK, Aug. 26 /PRNewswire-FirstCall/ -- MSGI Security Solutions, Inc. (OTC Bulletin Board: MSGI - News) "MSGI" today reported an acceleration of certain sub-contracting agreements with its Korean business partners resulting in projected gross revenues of $100 million annually. The business acceleration is expected to begin in September. On October 26, 2006, MSGI entered into a sub-contracting agreement with Hyundai Syscomm Corp. to provide wireless video surveillance solutions. On May 23, 2007, MSGI entered into a sub-contracting and distribution agreement with Apro Media Corp. to provide commercial security services to a Fortune 100 defense contractor. Apro Media Corp. would potentially earn 16 million shares of MSGI over the course of seven years in exchange for the business. On August 22, 2008 MSGI negotiated an acceleration of both sub-contracting agreements with Hirsch Capital Corp., the San Francisco based private equity firm operating Hyundai Syscomm and Apro Media. Under the accelerated terms, MSGI would ramp up to a platform generating approximately $100 million in annual gross revenue supporting several of the largest commercial businesses in Korea. There will be additional revenue from sales to the Fortune 100 defense contractor as well. As part of this expansion MSGI will become the beneficiary of various technology transfers. These new assets are expected to include Hi-Definition Video Surveillance systems, Hi-Definition DVR systems and emerging RFID Technology. Based upon the binding commitment to expand MSGI to a run rate of $100 million in annual gross revenue, Hirsch Capital will have the right to earn shares of MSGI as indicated in the sub-contracting and distribution agreement referenced above. MSGI executive staff will be increased to support the new business and technical operations will be relocated to Northern California within the next few months. Subsequent progress reports on the status of this business acceleration will be issued throughout the remainder of the current quarter.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next