ATLANTA, March 31 /PRNewswire-FirstCall/ -- Tri-S Security Corp. , a provider of security services for government and private entities, today announced further details of the proposed sale of The Cornwall Group, Inc., a wholly-owned subsidiary of Tri-S.
Tri-S has entered into a Letter of Intent to sell the business of The Cornwall Group, subject to the execution of definitive transaction documents and the satisfaction or waiver of customary conditions.
The Cornwall Group is based in Miami, Florida and provides physical security for clients in Miami, Fort Lauderdale, and West Palm Beach, Florida. The prospective buyer already has operations in these markets.
"We believe that the sale of The Cornwall Group will permit us to reduce our senior debt by approximately $8.0 million, improve our balance sheet ratios and save approximately $2.0 million of interest expense on a full year basis," stated Ronald G. Farrell, Chairman and CEO of Tri-S Security.
Tri-S anticipates closing the sale of The Cornwall Group towards the middle of the second quarter of 2009.
About Tri-S Security Corp.
Based in Atlanta, GA, Tri-S Security Corp. is a provider of security services for government and private entities. Security services include uniformed guards, personnel protection, access control, crowd control and the prevention of sabotage, terrorist and criminal activities. Tri-S Security is designed to build a strong enterprise in which to service a unique customer base that ensures America's safety at home and work. Tri-S Security assumes responsibility for the marketing, infrastructure and overall operational performance for its subsidiaries. Tri-S Security's management leverages highly trained government officers, experienced industry leaders, proven financial executives and infrastructure experts to consolidate the fragmented security industry into one efficient and effective security force.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Federal securities laws. Forward-looking statements are commonly identified by such terms and phrases as "should", "expects", "plans", "anticipates", "believes", "estimates", "projects" and other terms with similar meaning indicating potential impact on our business. Although we believe that the assumptions upon which such forward looking statements are based are reasonable, we can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from our projections and expectations are disclosed in our filings with the Securities and Exchange Commission, including the "Risk Factors" section set forth in our Annual Report on Form 10-K for the year ended December 31, 2007 and in our Quarterly Reports on Form 10-Q filed subsequent thereto. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to their underlying assumptions. We do not undertake to publicly update the forward-looking statements contained herein to conform to actual results or changes in our expectations, whether as a result of new information, future events or otherwise. You may obtain and review our filings with the Securities and Exchange Commissions by visiting http://www.sec.gov/.
Tri-S Security Corp.
CONTACT: Ronald Farrell, Chairman and Chief Executive Officer, Tri-S
Security Corporation, +1-678-808-1540, ronfarrell@trissecurity.com; or
Investor Relations Counsel, Booke and Company, Inc., +1-212-490-9095
Web Site: http://www.trissecurity.com/
