Tri-S Security Corp., a security services and equipment
provider, announces the sale of the firm’s home monitoring
contracts originally belonging to International Monitoring
Inc. (IMI), one of the companies included in Tri-S
Security’s acquisition of The Cornwall Group in October
2005, to Security Alarm Financing Enterprises (SAFE).
Tri-S sold both wholesale and retail accounts belongingto IMI to SAFE for the sum of $680,000. Proceeds from thesale will be used to increase Tri-S’ cash availabilityunder its credit agreement.
“As we’ve stated throughout 2006, our goals are tostreamline Tri-S Security’s acquired assets in order forthem to more efficiently fit into our strategic growthplans,” says Ronald Farrell, CEO of Tri-S Security.“Completing the sale of the IMI contracts, which do notmatch our targeted customer base, will continue to helpTri-S Security align itself with the focused growth planwe have developed.”
According to Tri-S, the remaining IMI accounts willeventually be sold to SAFE as those accounts achievecertain provisions set forth in the agreement.
