Archive: November 2003
Protection One’s debt downgraded, restructuring possible
November 27, 2003Chelsie Woods
November 27, 2003
TOPEKA, Kan. - Protection One’s credit rating has been downgraded by Standard & Poor’s Rating Services, an implication that the up-for-sale alarm company may need to restructure its debt or file for bankruptcy after it finds a buyer.
The downgrading from B to CCC- comes on the heels of Protection One’s recent filing with the Securities and Exchange Commission and its admission that the buyer may need to restructure its debt.
The...
Seattle goes forward with alarm fees
November 27, 2003SSN Staff
November 27, 2003
SEATTLE - After more than a month of consideration and debate, the Seattle City Council adopted a $666 million 2004 budget, which includes new alarm fees and fines proposed by Mayor Greg Nickels earlier this year.
The new budget calls for an annual license fee of $40 for burglar alarms, $80 for fire alarm systems not required by fire code and $320 for fire alarm systems required by code. Each false burglar or fire alarm will result in a $125 fine.
These fees and fines will be...
IASG board approves PSI purchase
November 27, 2003Derek Rice
November 27, 2003
ALBANY, N.Y. - Last week, the board of directors of Integrated Alarm Services Group Inc. approved the company’s proposed acquisition of Lane Security Inc., parent company of Protection Services Industries.
In PSI, IASG will acquire total recurring monthly revenues of $1.8 million, represented by 60,000 alarm contract equivalents. IASG uses contract equivalents, which are based on industry and company estimates of $30 per month in RMR, when discussing contracts...
ADT to play a role in cargo security project
November 27, 2003SSN Staff
November 27, 2003
BOCA RATON, Fla. - The U.S. Department of Homeland Security has chosen ADT to play a major role in a pilot project to design and develop security solutions for cargo containers entering three major ports across the country.
The project is called Operation Safe Commerce and will test new and proven technologies at the ports of Los Angeles/ Long Beach, New York / New Jersey and Tacoma/ Seattle.
The financial details for ADT’s participation in the project were not released.
ADT...
NBFAA insurance program comes to fruition
November 20, 2003Derek Rice
November 20, 2003
SILVER SPRING, Md. - After more than two years of planning, the National Burglar & Fire Alarm Association has introduced a new risk retention group that will allow its members to take advantage of liability insurance at a reduced rate.
Security America Risk Retention Group is the collaborative effort of the NBFAA and Vermont-based Marsh Advantage America. Formalized and announced at the NBFAA fall conference in Washington, the program will offer insurance coverage in all 50...
ImageWare seeks private placement to raise capital
November 20, 2003SSN Staff
November 20, 2003
SAN DIEGO - ImageWare Systems Inc. expects to raise $7 million through a private placement of common stock and warrants to purchase common stock, the company announced last week.
The company has entered into placement agreements with institutional investors, which comprise both new and existing shareholders, and expects the sale to be close by Nov. 24.
The transaction will involve the sale of units consisting of one share of common stock and a warrant to purchase 0.20 units...
NVT moves to larger digs
November 20, 2003SSN Staff
November 20, 2003
MENLO PARK, Calif. - Transmission company Network Video Technologies has relocated its corporate headquarters to a new facility here, a former IBM building.
"This well appointed former IBM building will allow NVT to continue its growth unencumbered by facility limitations," said NVT President Dan Nitzan.
NVT has been recently involved in upgrading security at schools, prisons and casinos, including the Atlanta School District, Aladdin Casino in as Vegas, Sam's Town Casino in...
Local residential firm expands with partnership
November 20, 2003Andrea Gura
November 20, 2003
BYFIELD, Mass. - With a recent acquisition and a new location opening up in an adjoining state, a local security firm here is well on its way to its goal of blanketing Massachusetts with its services.
In the last few months, Security Team, a company based here that was founded by Arthur and Linda Allen in 1980 as one of the first Dynamark Security franchise dealers, has increased its number of locations to three. The company hopes to open a fourth location by making an acquisition...
Pacom ends exclusivity, builds reseller network
November 13, 2003Chelsie Woods
November 11, 2003
SARASOTA, Fla. - Integrated security system provider Pacom Systems is building its list of approved resellers of its products, two years after Mosler Inc. went out of business holding an exclusive agreement to provide Pacom products to the financial market in North America.
Twenty companies are now part of the reseller network, including Canton, Ohio-based Diebold, which had an exclusive agreement with Pacom for the first 18 months after Mosler closed up shop.
While that agreement...
L-3 lands Virginia port contract
November 13, 2003SSN Staff
November 11, 2003
NORWALK, Conn. - L-3 Communications announced that its IMC division which provides integrated surveillance systems, has been awarded a $2.8 million contract to improve security for the Virginia Port Authority.
As part of the project, L-3 IMC will install CCTV cameras, supplemental lighting and other security measures to three ports, the Norfolk International Terminal, Portsmouth Marine Terminal and the Newport News Marine Terminal. L-3 IMC will be the lead contractor and systems...