IST (TM) For Immediate Release
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ISECURETRAC ENTERS INTO COMMON STOCK
PURCHASE AGREEMENT WITH FUSION CAPITAL
Equity Will Propel Growth and Expand iSECUREtrac's National Footprint
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OMAHA, Neb., Mar.13, 2003 -- iSECUREtracTM Corp. (OTCBB: ISRE - News), an
industry leader in the development of global positioning systems (GPS) for
tracking and monitoring, announced today that it has entered into a common stock
purchase agreement with Fusion Capital Fund II, LLC, a Chicago based
institutional investor. Under the agreement Fusion Capital shall buy up to $6.0
million of iSECUREtrac's common stock over a period of time up to 30 months,
subject to iSECUREtrac's right to extend the agreement for six months.
iSECUREtrac has the right to control the timing and the amount of stock sold to
Fusion Capital with the purchase price based upon the market price of the
Company's common stock at the time of sale without any discount.
Under the common stock purchase agreement, funding of the $6.0 million shall
occur from time to time after the Securities & Exchange Commission has declared
effective a registration statement covering the shares of common stock to be
purchased by Fusion Capital. A more detailed description of the transaction will
be available in the Company's Report on Form 8-K, which it plans to file with
the Securities & Exchange Commission in the near future.
"This capital commitment demonstrates significant confidence in the future of
iSECUREtrac, and its current management team," commented Xxx Xxxxx president of
iSECUREtrac Corp. "This financing gives us tremendous flexibility in expanding
our market presence in the criminal justice marketplace with our state of the
art tracNET24TM system," Xx. Xxxxx added. "Further, we are excited about adding
Fusion Capital to our team, as we expect Fusion to be a valuable and long-term
financial and business partner."
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Xxxxxx X. Xxxxxx, a managing member of Fusion Capital stated "This financing
will help provide iSECUREtrac with the funding it needs to ramp up production to
meet the expanding demand for their GPS tracking solution. We believe that
iSECUREtrac Corp has a strong position in the criminal justice market for
tracking and monitoring the whereabouts of offenders and we are excited to enter
into this long-term relationship with them."
About iSECUREtrac Corp
iSECUREtrac is an information services and technology company providing advanced
solutions for the mobile tracking of individuals and assets, including real time
data collection, secure remote reporting, and data warehousing. iSECUREtrac's
products are designed to improve security, enhance overall management
information, and provide faster analysis and response for targeted government
and commercial applications. Further information on iSECUREtrac Corp can be
found on the company's Web site at xxx.xxxxxxxxxxx.xxx .
About Fusion Capital
Fusion Capital Fund II, LLC is a broad based investment fund, based in Chicago,
Illinois. Fusion Capital makes a wide range of investments ranging from special
situation financing to long-term strategic capital.
Safe Harbor
This press release contains forward-looking statements that, if not verifiable
historical fact, may be viewed as forward-looking statements that could predict
future events or outcomes with respect to iSECUREtrac Corp. and its business.
The predictions embodied in these statements will involve risks and
uncertainties and accordingly, iSECUREtrac's actual results may differ
significantly from the results discussed or implied in such forward-looking
statements.
Investor Information Contact:
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American Financial Communications Salzwedel Financial Communications
Xxxxx XxXxxxxx/Xxxxxxx Xxxxxxxxx Xxxx Xxxxxxxxx/Xxxx Xxxxx
xxxxx0@xxx.xxx (000) 000-0000
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(000) 000-0000
Corporate Communications:
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Xxxxx Xxxxx, iSECUREtrac
xxxxxx@xxxxxxxxxxx.xxx
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(000) 000-0000
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