Integrated Security Systems, Inc. (ISSI), has announced an agreement with Briar Capital, L.P. to provide an asset based lending facility to the Company's B&B ARMR subsidiary. This facility, which replaces a prior factoring arrangement, has a cap of US$3m and is secured by most of B&B ARMR's assets. The loan is at a lower rate than the prior arrangement and provides more borrowing capacity and flexibility.
"We regard this step as a significant one in building the kind of first-class company that can reward customers, employees and stockholders," said C. A. Rundell, Jr., chairman and CEO of ISSI.
Steve S. Rosencranz, president & COO of Briar Capital, L.P. said, "We believe in the professional management team at ISSI and B&B ARMR, and the programmes which are being implemented."
Source: Business Wire
