Homeland Integrated Security Systems Inc.'s Board of Directors Authorizes Share Exchange
Source PRNOTW
ARDEN, N.C. , Oct. 10 /PRNewswire-FirstCall/ -- Homeland Integrated
Security Systems, Inc. (Pink Sheets: HISU) is pleased to announce that the
Company's Board of Directors has approved a plan to offer shareholders the
opportunity to exchange their common stock for shares of the new Series E
Convertible Preferred stock. For each 1,000 shares of the Company's common
stock tendered during the exchange, shareholders will receive one share of the
Company's preferred stock, valued at
A shareholder must tender at least one million shares of Common Stock to qualify and take part in this exchange offer. The deadline for accepting the exchange offer and delivery of physical certificates to the Company is the close of business on November 21, 2008 . No conversion of the Preferred Stock back into Common Stock can occur until after a holding period of six months from the date of the preferred certificate. Thereafter, shareholders may convert the Preferred Stock into Common Stock. If certificate holders decide to hold their stock for a full 12 months, the conversion would be at a 20% discount to the market.
For further details on this exchange offer, visit the Company's Web site: http://www.hissusa.com .
"The Board's opinion is that our current share price is not representative of the true value of the Company. This exchange is being pursued to help reduce our float and is the first step in restructuring the Company's common shares. We feel that this exchange is in the best interests of the Company and its shareholders," stated Brian Riley , Chairman of Board of Homeland Integrated Security Systems.
About Homeland Integrated Security Systems, Inc.:
Homeland Integrated Security Systems owns proprietary technology in conjunction with its Cyber Tracker product line. Cyber Tracker technology has applications for data and tracking functions across a variety of industries, utilizing CDMA, IDEN, and GSM technologies. In addition, the use of satellite technology in conjunction with the Cyber Tracker is under development.
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
Contact: Homeland Integrated Security Systems, Inc. http://www.hissusa.com or Call Investor Relations +1-866-THE-APPL(E)SOURCE Homeland Integrated Security Systems, Inc.
