PUBLIC NOTICE
FARMINGDALE, NJ – July 27, 2011 - Allied Security Innovations, Inc. (ASII) reports that its subsidiary, CGM-Applied Security Technologies, Inc., has ceased manufacturing security devices for certain products.
We wish to caution our shareholders and the general public to read comments of Erik Hoffer, the former owner of CGM, with great care. Many of the published statements are not only libelous, as confirmed by our attorneys, they are misleading, particularly those comments alleging violations of the law.
Pursuant to agreements between Hoffer and ASII, Hoffer was entitled to reacquire the Company, if periodic payments were not made. All payments were current until this year, when business conditions materially changed, some even initiated by Hoffer himself, causing payments to be missed.
During this period the Company has significantly scaled back all operations while considering all of its options, including legal action, corporate restructuring and possible reorganization.
About Allied Security Innovations, Inc.
The company, based in Farmingdale, NJ, (Symbol: ADSV.pk) develops and markets integrated enterprise-wide image applications specifically designed for criminal justice organizations. Customers include states, cities, counties, corrections, justice, and public safety agencies. Additional information is available online, at www.ddsi-cpc.com.
Safe Harbor Statement:
Safe Harbor Statement Under the Private Securities Litigation Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward-looking statements that
involve a number of risks and uncertainties. The actual future results of the Company could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company’s operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rate and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors associated with our Company, review our SEC filings.