GVI Security Solutions Inc., a provider of video security solutions that employ Samsung Electronics wares, announces the private placement of $4.75 million of its securities.
The purchasers in the private placement consisted of a group of accredited investors led by GVI Investment Co., a Nevada-based limited liability company formed for the purpose of participating in the private placement. David Weiner manages the investment company, which purchased $2.5 million of securities in the private placement, and has been appointed to GVI’s Board of Directors.
A substantial portion of the proceeds have been used to pay amounts previously owed to Samsung, and the remaining proceeds will be used primarily for working capital and general corporate purposes.
“We believe that our relationship with Samsung Electronics is strong, and that we are now well positioned to substantially grow our business together with them,” says CEO Steve Walin.
