HOUSTON--October 10, 2006--Wavescribe International, Inc. ("Wavescribe") announced today that it has completed a reverse merger with SweetWater Security Systems, LLC, ("SweetWater") a Houston-based provider of wireless video security systems for Public Housing Projects throughout the Southeastern United States. The transaction gives SweetWater shareholders 63.95% of the outstanding commons shares of SFS which results in a change in control of SFS. The transaction included the disposition of all assets and liabilities of SFS by assignment to a new company formed by the former management of SFS; a name change; and a reverse stock split.
Pursuant to the terms of the merger agreement, the name of Wavescribe International, Inc. has been changed to Security Financing Services, Inc. ("SFS") (OTC Pink Sheets: SCFY). The 1:160 reverse split of Wavescribe's outstanding shares became effective September 29, 2006. The transaction details, including the reverse stock split, are included in the terms of the merger agreement. The transaction reduces the number of shares outstanding from 84,796,855 to 528,980 shares of common stock.
Through its wholly owned subsidiary, Sweetwater Security Systems, LLC, SFS 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.
SweetWater provides sophisticated wired and wireless video surveillance systems primarily to public housing systems in the Southeastern United States. Sweetwater targets housing authorities seeking to increase security in their multiple family housing properties. Sweetwater 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.
Donald Bresina
281 340-9700
dbresina@sweetwatersecurity.com