Integrated Security Systems has completed the sale of substantially all of the assets of B&B ARMR, a wholly owned subsidiary of the company, and the company's only operating unit. The sale was made to an affiliate of Strait Lane Capital Partners, Texas. The sale was made pursuant to the Asset Purchase Agreement previously and was approved by company shareholders in a meeting.
The sale includes substantially all of the accounts receivable, inventory, fixed assets and intellectual property of B&B ARMR, plus its investment in the joint venture, B&B Roadway. The total proceeds from the sale were US$6 million, made up of cash, a promissory note for $450,000 and a $450,000 preferred equity investment in the buyer's parent company.
The company is no longer actively conducting any business, but retains the net proceeds of the asset sale. The company is actively seeking a merger, acquisition or similar business combination with another company to again be engaged in an active business. In the interim, the company's common stock will continue to be traded and the company intends on keeping all of its filing up-to-date.