TAMPA, Fla., Aug. 8 /PRNewswire-FirstCall/ -- Stinger Systems, Inc. (BULLETIN BOARD: STIY) , a leader in electro-stun technology, including its flagship S-200 projectile stun gun, announced today that Robert Gruder, Stinger Systems' Chief Executive Officer converted a $900,000 loan he made to the Company to equity.
Robert Gruder stated, "I am extremely excited about Stinger's new projectile stun gun and wanted to ensure that going forward that the Company did not have a significant debt obligation. I strongly believe in the Company and its prospects and wanted to demonstrate my confidence in Stinger and its products."
About Stinger Systems
Stinger Systems, Inc., a leading provider of stun technologies, develops and sells a broad array of products utilizing advanced electro sparc-pulsed technology to police, corrections, and security sectors worldwide. The Company's product lines include: the Stinger(TM) projectile stun gun loaded with NerveLok(TM) and Quantum Flyback Technology(TM); the Band-It(TM), a market leader in electronic prisoner transport and restraint system; and the Ice Shield(TM), for use in crowd control and officer protection. The Company has a worldwide user base of 12,000 and over 1,200 instructors certified to train users of Stinger Systems' product lines. Stinger Systems stun products are currently in use by hundreds of state and municipal agencies worldwide including the U.S. Dept. of Justice, Federal Bureau of Prisons, and the U.S. Marshals Service. For more information about Stinger Systems, please visit http://www.stingersystems.com/.
Forward-looking Statements
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on Stinger Systems' current intent, belief and expectations. These statements are not guarantees of future performance and are subject to certain risks and uncertainties that are difficult to predict. Actual results may differ materially from these forward-looking statements because of the risks described in Stinger Systems' filings with the Securities and Exchange Commission. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date. Stinger Systems undertakes no obligation to update or revise the information contained in this announcement whether as a result of new information, future events or circumstances, or otherwise.
