Alanco Completes $2.0 Million Institutional Equity Financing
biz.yahoo.com
Monday April 19, 9:01 am ET
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--April 19, 2004--Alanco Technologies, Inc. (Nasdaq:ALAN - News) announced today that institutional investors, including several who participated in the November, 2003 financing, have purchased 1,380,000 shares of the Company's unregistered Class A Common Stock for $2,070,000.
Robert R. Kauffman, Alanco Chairman and CEO, commented, "This additional institutional equity investment in our company is particularly gratifying since it represents a second round of investment for the lead investors following their recent due diligence visit to observe the operation of our TSI PRISM technology at the Logan Correctional facility in Lincoln, Illinois."
Alanco Technologies, Inc. (Nasdaq:ALAN - News), headquartered in Scottsdale, Arizona, is the developer of the TSI PRISM RFID continuous tracking system for the corrections industry, which tracks the location and movement of inmates and officers, resulting in significant prison operating cost reductions and dramatically enhanced officer safety and facility security. Utilizing RFID (Radio Frequency Identification) tracking technology with proprietary software and patented hardware components, TSI PRISM provides real-time inmate and officer identification, location and tracking capabilities both indoors and out. The TSI PRISM system is currently utilized in prisons in Michigan, California and Illinois.
<snip> |
