Integrated Security System Plans to Sell B&B ARMR
Integrated Security Systems, Inc., (ISSI) has entered into an asset purchase agreement for the sale of substantially all of the assets of B&B ARMR to an affiliate of Strait Lane Capital Partners, LLC of Dallas, Texas, according to a Dec. 20 press release.
The sale includes substantially all of the accounts receivable, inventory, fixed assets and intellectual property of B&B ARMR, plus its investment in the joint venture, B&B Roadway.
The purchase price to be paid to the company is $6 million, subject to certain potential adjustments. In addition, the buyer agreed to assume certain of B&B ARMR's liabilities. Employees of B&B ARMR will be offered employment by the buyer.
Following the asset sale, the company will retain the net proceeds, but will not be actively conducting any business. It will actively seek a merger, acquisition or similar business combination with another company to again be engaged in an active business.
A stockholder meeting will be held on Jan. 31, 2011 at the company's principal executive offices for the purpose of considering and voting upon this business.
Headquartered in Carrollton, Texas, ISSI designs, develops and markets security and traffic control products to the commercial, industrial and governmental sectors. The company provides anti-terrorist barriers, security gates and gate operators for perimeter security applications through its subsidiary, B&B ARMR. The company also designs, manufactures and distributes warning gates, lane changers, airport and navigational lighting through its subsidiary, B&B Roadway.