Security Associates Int’l Inc. (SAI), announces that, effective Aug. 15, Raymond Gross, formerly president and CEO of Alert Centre Inc. and senior vice president of ADT Security Services Inc., will join the company as its CEO and a director. Stephen Ruzika, formerly president of ADT, will also join SAI as vice chairman and chairman of the executive committee. Additionally, Thomas Salvatore, managing general partner of TJS Partners L.P., SAI’s largest shareholder, will assume the role of chairman of the board. James Brannen, president and CEO, will retire Aug. 15, and Ron Davis, chairman of the board, will remain on the board of directors and become chairman emeritus. Steve Rubin, a founder of SAI, will continue as senior vice president of marketing. SAI also announces the execution of a stock purchase agreement with an affiliate of Equity Group Investments LLC, a Chicago-based private investment firm headed by Sam Zell. EGI has agreed, subject to completion of its due diligence and satisfaction of other conditions, to invest $5 million in SAI for preferred shares of the company convertible into 2,000,000 shares of SAI’s common stock and warrants to purchase an additional 2,500,000 shares of common stock at $2.50 per share. In addition, a representative of EGI will join SAI’s board. SAI is one of the largest wholesale security alarm-monitoring companies.

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