MSGI Security Solutions (MSGI) Forms Strategic Relationship with Hyundai Syscomm
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MSGI Security Solutions, Inc. (Nasdaq: MSGI) announced that the company has formed a strategic relationship with Hyundai Syscomm Corp., designed to deploy MSGI video surveillance and perimeter security solutions throughout Asia.
Hyundai Syscomm has entered into a subscription agreement with MSGI whereby Hyundai Syscomm will own 900,000 common shares of MSGI stock in exchange for the purchase of an exclusive license for Asia and non-exclusive worldwide license for $500,000, and the immediate utilization of MSGI technologies. Because of a Nasdaq marketplace rule, only 865,000 shares will be issued at this time.
MSGI and Hyundai Syscomm are currently in the process of completing several agreements as part of this relationship, including a three year sub-contracting deal, with related performance-driven warrants, for utilization in Southeast Asia beginning next month. The preliminary emphasis of the new relationship will be focused on perimeter security for critical infrastructures and cross-border security in several countries.
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