IASG Taking a Hard Look at Its Financial Health
Integrated Alarm Services Group Inc. (IASG), the parent firm of alarm monitoring company Criticom Int’l, says its board of directors will be doing a thorough review of its strategic operations that includes the divestiture of some of its properties. The move comes in the wake of a letter by IASG stockholders filed with the Securities and Exchange Commission (SEC) that criticized a more-than 70-percent drop in IASG’s share price during the past two years.
In its announcement of a board review, IASG said it would have an investment bank “assist the board in exploring strategic options that may enhance shareholder value” with such strategies including “acquisitions, strategic joint ventures, recapitalizations, mergers, divestitures and/or share repurchases.”
IASG’s head of investor relations, Joseph Reinhart, told SSI that the move addresses many of the concerns expressed in the letter to the SEC, which included a call for IASG to be sold to a new owner.
“We wanted the world to know that the letter isn’t a revelation to us. The leadership of the company is taking its fiduciary duties very seriously, just as we take the protection of our customers very seriously,” Reinhart says. “The leadership of the company is taking a complete look at the business, but that’s what good businesses do all the time.”
Reinhart gave no indication as to what moves IASG may make, saying only that there may be areas “de-emphasized” at IASG. When asked whether employees of IASG should be worried about any downsizing, Reinhart said, “Employees should also be heartened that leadership of company is taking a good look at the company’s finances.”
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