Business
Cycurion, Inc. Provides Update on Revised Memorandum of Understanding to Acquire Kustom Entertainment’s Legacy Video Solutions Segment
Both Parties Agree to Accelerate Closing Target Date to Beginning of June 2026MCLEAN, Va., April 21, 2026 (GLOBE NEWSWIRE) -- Cycurion, Inc. (NASDAQ: CYCU) (“Cycurion” or the “Company”), a leading provider of AI-driven cybersecurity, IT security solutions, and managed services, today provided an update on the revised non-binding Memorandum of Understanding (“MOU”) with Kustom Entertainment, Inc. (NASDAQ: KUST) (“Kustom”) for the acquisition of Kustom’s legacy video solutions segment (the “Busine
About this update from Kustom Entertainment, Inc.
[{"type":"text","content":"Both Parties Agree to Accelerate Closing Target Date to Beginning of June 2026","length":78,"tagName":"p"},{"type":"text","content":"MCLEAN, Va., April 21, 2026 (GLOBE NEWSWIRE) -- Cycurion, Inc. (NASDAQ: CYCU) (“Cycurion” or the “Company”), a leading provider of AI-driven cybersecurity, IT security solutions, and managed services, today provided an update on the revised non-binding Memorandum of Understanding (“MOU”) with Kustom Entertainment, Inc. (NASDAQ: KUST) (“Kustom”) for the acquisition of Kustom’s legacy video solutions segment (the “Business”). The transaction is expected to contribute approximately $5.1 million in annual revenue and an estimated $8.0 million backlog comprised of established contracts and recurring subscription revenue. These figures are based on the pro forma financials jointly prepared by both parties and are consistent with the segment’s historical performance.","length":770,"tagName":"p"},{"type":"text","content":"Both parties plan to work diligently to close the transaction as quickly as possible, targeting completion by the beginning of June 2026, subject to final due diligence, execution of a definitive agreement, and satisfaction of customary closing conditions.","length":256,"tagName":"p"},{"type":"text","content":"“The accelerated timeline reflects the strong alignment between our teams,” said L. Kevin Kelly, Chairman and Chief Executive Officer of Cycurion. “We look forward to integrating these video surveillance and digital evidence management capabilities with our ARx cybersecurity platform to deliver enhanced public safety and security solutions to our customers.”","length":360,"tagName":"p"},{"type":"text","content":"The MOU remains non-binding, except with respect to certain customary provisions, including exclusivity (no-shop), confidentiality, and expense allocation, and supersedes the prior memorandum of understanding dated January 22, 2026, as amended. As previously disclosed, the agreed purchase price of $5.5 million includes a $1.25 million cash payment at closing and a $4.25 million secured promissory note, together with additional warrants and performance-based earn-out and clawback provisions, as further described in the MOU.","length":528,"tagName":"p"},{"type":"text","content":"About Cycurion, Inc.","length":20,"tagName":"p"},{"type":"text","content":"Based in McLean, Virgini...