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.
Don 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."
Hardy 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."
SFS 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.
Under the terms of the agreement, which has been approved by both boards of directors, S3 will receive 100,000,000 shares of SFS common stock. The account rights will become an asset of Sweetwater Security Systems a subsidiary of SFS.
Mike Hardy, President of SFS stated, "this transaction represents a cornerstone in our efforts to assemble operations and assets to allow us to offer a full range of services to our security customers. Residential and commercial alarm customers represented in this portfolio are huge addition to our potential to cross sell our other solutions. This transaction represents another step by SFS to bring together assets and operations which are synergistic toward the goal of becoming a fully integrated solutions provider of sophisticated physical security applications. Wired and wireless network infrastructure for the movement of data, video, and voice communications represents the most significant development in business management today."
About Security Financing Services, Inc.
Security Financing Services, Inc. (a Nevada Corporation) was formed through the acquisition of Wavescribe International Corporation. Wavescribe has been the producer of WaveScribe, a web-enabled transcription process for medical providers. As a result of the merger and name change, through its wholly owned subsidiary Sweetwater Security Systems, LLC, Security Financing Services, Inc. will continue to offer sophisticated network solutions for commercial and public enterprises. SFS plans to increase its investment and operating portfolio by acquiring other synergistic businesses.
About Sweetwater Security Systems, LLC.
SweetWater is a provider of sophisticated wired and wireless video security systems primarily to public housing systems in the Southeastern United States. Sweetwater's services are offered to public housing authorities seeking to increase security in their multiple family housing properties., the business of offering complex security solutions to commercial and public users and is in the process of expanding solutions offerings to include other enterprise level network solutions focusing on network security, convergent technologies such as voice over IP, disaster recovery, regulatory security compliance and mass data storage.
For more information, see http://www.sweetwatersecurity.com.
Safe Harbor Statement:
This press release contains statements that may constitute forward-looking statements, including the company's ability to realize the projected revenues from the newly announced project orders and the future strength of the company's business and industry. These statements are based on current expectations and assumptions and involve a number of uncertainties and risks that could cause actual results to differ materially from those currently expected. Security Financing Services undertakes no obligation to update any forward-looking statement that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.
Contact:
Security Financing Services, Inc.
Don Bresina
281 340-9700
dbresina@sweetwatersecurity.com