VANCOUVER, June 5, 2012 /CNW/ - ESI Entertainment Systems Inc. ("ESI")
(CNSX:ESY), is pleased to announce that it has entered into and closed
an Agreement to sell substantially all of the assets and undertaking of
its ESI Integrity Systems Inc. subsidiary to Spectra Systems
Corporation for USD$1.425 million in an all cash transaction.
Under terms of the agreement Spectra Systems Corporation of Providence,
Rhode Island has acquired substantially all of the assets of ESI
Integrity, including the name "ESI Integrity", contracts and resources
for USD$1.425 million, of which USD$1.225M was paid in cash upon
closing; the balance of USD$200K will be held in escrow for three
months pending any post-closing adjustments. Spectra has also hired
all of the former ESI Integrity employees.
As the ESI group is operating profitably it will use the funds from the
divestiture to reduce its outstanding liabilities.
Michael Meeks, CEO of ESI stated, "The divestiture of ESI Integrity will
allow ESI to focus more tightly on the significant growth we have seen
with the Internet Banking payment service provided by our Citadel
Commerce subsidiaries. We believe that this strategy is in the best
interest of our shareholders, and management has been working hard for
a number of years to find a suitable buyer for ESI Integrity. Spectra
Systems Corporation is uniquely positioned as an international banknote
security company and we believe their acquisition of ESI Integrity will
allow them to immediately establish themselves as a world leader as a
provider of real time secure Internal Control Systems to the government
regulated gaming and banking industries."
Dr. Nabil Lawandy, CEO of Spectra Systems Corporation stated that: "We
are excited about the acquisition of ESI Integrity's technology to
expand our security product offerings. We believe that ESI Integrity
ICS product adoption will be accelerated by Spectra's decade long
reputation and security practices with leading world central banks."
About ESI Entertainment Systems Inc.
ESI Entertainment Systems Inc, (CNSX: ESY) is an idea generation and
software development company that develops concepts, creates
prototypes, establishes partnerships and validates potential markets.
Since formation in 1999 ESI Entertainment Systems Inc. has created
three independently operated and controlled subsidiaries based on
validated and proven products: Citadel Commerce Corp., ESI Integrity
Inc., and PlayLine Inc.
About Spectra Systems
Spectra Systems Corporation, headquartered in Providence, Rhode Island,
is a leading provider of machine-readable banknote authentication technology, and has manufacturing and
engineering facilities in East Providence, RI. Spectra Systems is a
traded company on the London Stock exchange since July of 2011.
SOURCE ESI Entertainment Systems Inc.
For further information:
ESI Entertainment Systems Inc.
Michael Meeks, Chief Executive Officer
Tel: +1 (604) 299-6922 ext 228
Spectra Systems Corporation
Dr. Nabil Lawandy, Chief Executive Officer
Tel: +1 (401) 274 4700