MSGI Receives Irrevocable Revolving Commercial Letters of Credit From Shinhan Bank
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Thu Oct 30 08:00:00 2008 EDT
NEW YORK, Oct 30, 2008 /PRNewswire-FirstCall via COMTEX News Network/ --
MSGI Security Solutions Inc. (OTC Bulletin Board: MSGIE) today announced that
it has received a first in a series of two revolving irrevocable commercial letters
of credit from Shinhan Bank Seoul Korea in conjunction with Wells Fargo Bank, NA.
The first letter of credit for one million dollars is in the process of being funded
and a second letter of credit for an additional three million dollars has just been
approved.
The LOC's will revolve month to month such that MSGI will have access to
one million dollars on a weekly basis for the purpose of acquiring hardware and
inventory from various suppliers in Korea. MSGI now can fulfill existing purchase
orders from clients both in the United States and abroad.
Each letter of credit generally stays open for approximately 60 days to allow
for adequate processing time of orders. The first such letter of credit was issued
on October 22, 2008.
Jeremy Barbera, Chairman and CEO of MSGI stated; "Since embarking on our
global commercial security expansion plan, the greatest challenge has been funding
the prerequisite inventory acquisition, particularly given the present credit market.
These revolving LOC's will provide MSGI with the necessary purchasing power to
deliver on open contracts and give us the ability for the first time to make weekly
deliveries to our clients without the added expense of maintaining onsite inventory.
We will now be able to start working through our $100 million backlog."
About Shinhan Bank
Shinhan Financial Group Co. Ltd. is Korea's first financial holding company
that delivers comprehensive financial solutions through a powerful One-Portal network.
Our goal is to make continual improvements in our One-Portal network to meet all
of our customers' financial needs and to secure SFG's position as the leading financial
service group in Asia. Our subsidiaries offer quality financial products and services
in commercial banking, corporate banking, credit card, private banking, asset management,
investment banking, brokerage and insurance service. We serve more than 10 million
active customers with 15,000 employees and 970 network branches nationwide. The
company has 21 offices in nine countries, including the U.S., the U.K., Japan, China,
Germany, India, Hong Kong, Vietnam and Singapore. Currently, Shinhan Financial Group
is listed on both the Korea Stock Exchange and the New York Stock Exchange.
About MSGI Security Solutions
MSGI Security Solutions, Inc. is a leading international provider of proprietary
security solutions to commercial and government organizations. MSGI is developing
a combination of innovative emerging businesses that leverage information and technology
with a focus on encryption technologies for actionable surveillance and intelligence
monitoring. The Company is headquartered in New York City where it serves the needs
of counter-terrorism, public safety, and law enforcement in the United States, Europe,
the Middle East and Asia. More information on MSGI is available on the company's
website at www.msgisecurity.com |
