Business
Security Financing Services Announces CEO; Acquisition of Alarm Monitoring Assets
Security Financing Services Announces CEO; Acquisition of Alarm Monitoring Assets.
About this update from General European Strategic Invts Inc.
[{"type":"text","content":"HOUSTON - - October 10, 2006-- Security Financing Services, Inc., (OTC Pink Sheets: SCFY) (\"SFS\") announced today the hiring of Phillip Michael Hardy as its Chief Executive Officer. Additionally, Hardy has been elected to the Board of Directors. Don Bresina relinquishes his position as CEO and will retain his position of Chairman of the Board of Directors. Prior to joining SFS, Mr. Hardy served as CEO of eLinear, Inc., a network solutions company. Hardy also owned and operated a private investment company, Phillip M. Hardy Consultants, Inc. were he was involved in organizing, funding and managing approximately 20 businesses in the areas of physical security software, real estate development, real estate investment, security consulting and communications systems distribution (Security Communications Systems). Hardy also served as Chief Financial Officer and Treasurer of Cullen/Frost Bankers, Inc.\r\n\r\nDon Bresina, Chairman of the Board of Sweetwater, stated, \"Mike Hardy brings a wide variety of experience in operations and finance to Security Financing Services. Hardy's appointment represents the commitment that we have to become the leading provider of sophisticated network solutions relating to the convergence of communications, physical security and network operations.\" \r\n\r\nHardy added \"I am very pleased to join SFS at a time when we can build from this solid foundation to offer a range of network related solutions to commercial and public entities. One of today's most profound business revolutions is the use of Internet Protocol (IP) technology to integrate and transport voice, fax, video and data traffic on single, IP-based network. The move away from separate voice and data networks is transforming how companies interact with customers, employees and suppliers, creating new opportunities to reduce costs, improve service and increase revenue. At SFS we know that building and operating a network involves an assessment of the current infrastructure and understanding the customer's unique requirements.\"\r\n\r\nSFS also announced today the acquisition of rights to over 2,500 alarm monitoring contracts from S3 Video Systems, LLC, a private Texas investment company. The transaction is valued at approximately $3 million and includes the assumption of the related debt certificates secured by the contracts.\r\n \r\nUnder ...