Sentry Technology Corp., a designer, manufacturer and installer of radio frequency (RF) and electromagnetic (EM) EAS systems and CCTV solutions, announces it has signed a lease for its new corporate headquarters located in Ronkonkoma, N.Y. The company expects to move by the end of September. This change was made possible following an agreement with its current landlord to terminate the remaining 13 years on the lease for the building it occupies in Hauppauge, N.Y. Sentry will pay a portion of the back rent owing on the Hauppauge building over three years. In addition, the landlord has been paid one million Sentry common shares.
This transaction will result in a one time pretax gain for Sentry of approximately $353,000 arising from the forgiveness by the landlord of certain amounts owing and the accounting treatment related to the termination of the lease. According to the company, the move is part of a comprehensive plan to restructure Sentry and will contribute approximately $200,000 annually in reduced operating expenses.
