WEST CHESTER, Pa., Nov. 3, 2009 — ComCam International, Inc. (Pink Sheets: CMCJ) announced today that it has entered into a letter of intent to acquire all of the issued and outstanding shares of Pinnacle Integrated Systems, Inc. ("P2"), a leading security systems integrator focused on correctional facilities.
P2 has integrated security systems across the United States, providing a complete range of services up to turnkey system design and installation, maintenance contracts including "24/7" help desk, and field support technicians. P2 maintains a website at .
ComCam Chairman Don Gilbreath stated that "we are enthusiastic about the market opportunity that exists for the combination of talents and resources offered by both firms. I have known Bob Betty over ten years as a friend, a vendor, a supplier, a ComCam board member and one of the best operators in the system integration business. The timing is right for us to maximize current opportunities. P2 is cash flow positive on revenues of over $5m this year alone. Together we see growth in 2010 and beyond."
The letter of intent provides that ComCam will pay $1,000,000 in cash over six months, with a promissory note secured by P2's business, and 300,000 shares of ComCam common stock with performance options available for P2's management. Further, the letter of intent anticipates that ComCam will use its best efforts to complete an equity financing and secure letters of credit for system-level surety bonding which is required by state and federal agencies. The transaction is expected to close before the end of this year with P2 becoming a wholly owned subsidiary of ComCam.
ComCam is actively working on returning to full compliance with all SEC reporting requirements and will make application to move quotation of its common stock to the Over the Counter Bulletin Board as soon as is practicable.
ComCam develops and distributes computing remote network video devices, location aware analytics and services that are used, shared, managed and re-deployed throughout numerous divergent industries. More can be learned about our business by visiting our website at – http://twitter.com/ComCam_CMCJ
Forward Looking Statements
A number of statements contained in this press release are forward-looking statements. A safe-harbor provision may not be applicable to the forward-looking statements made in this press release. These forward-looking statements involve a number of risks and uncertainties, including timely development, market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results that ComCam may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. ComCam encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-K and Form 10-Q. ComCam's public filings may be viewed at http://www.sec.gov.
Contact
Pete Ianace
President
ComCam International, Inc.
Telephone: (972) 365.4848
Email: Email
Robert Betty
President
Pinnacle Integrated Systems, Inc.
Telephone: (610) 524-7810
Email: Email
# # #