EXHIBIT 22
FOR IMMEDIATE RELEASE
CONTACT:
Sentry Technology Corporation or ID Systems U.S.A. Inc.,
an affiliate of Dutch A&A Holding, B.V.
Peter J. Mundy Peter Murdoch
Vice President & Chief Financial President
Officer 631-232-2100
631-232-2100
SENTRY TECHNOLOGY ANNOUNCES INVESTMENT BY DUTCH A&A HOLDING, B.V.
August 8, 2000, Hauppauge, New York -- Sentry Technology Corporation
(OTCBB -- SKVY.OB) and Dutch A&A Holding, B.V, jointly announced today the
execution of an agreement pursuant to which Dutch A&A Holding, B.V. will invest
$3 million in newly issued Common Stock of Sentry. For this investment, Dutch
A&A Holding, B.V. will receive 37.5% of the outstanding Common Stock of Sentry
on a fully-diluted basis, after giving effect to the exchange of Sentry's
Preferred Stock into Common Stock. In addition, Dutch A&A Holding, B.V. will
have the right to acquire additional shares during the two year period following
the closing, up to an aggregate holding of 60% of the Common Stock then
outstanding. The transaction is conditioned upon Sentry shareholder approval,
including approval by the Preferred and Common Stockholders, each voting as a
class, of a reclassification of the Preferred Stock into Common Stock on the
basis of 5 shares of Common for every Preferred share, as well as a number of
other conditions.
Peter Murdoch, the President of ID Systems U.S.A., Inc., an affiliate
of Dutch A&A Holding, B.V., stated, "With this investment, the Dutch A&A family
of companies is pleased to expand its presence in the U.S. market. Sentry, with
a customer base exceeding 5,000 active customers, is extremely well positioned
to expand and develop the penetration of Dutch A&A technology through its North
American direct sales force."
Anthony H.N. Schnelling, interim President of Sentry Technology
Corporation and a principal of Bridge Associates LLC, said, "This injection of
capital and the related access to technology developed by Dutch A&A and its
various affiliates will make Sentry more competitive in its current markets for
electronic security and allow Sentry to expand into identification markets while
continuing to develop and extend the potential shown by its current family of
products."
Dutch A&A, headquartered in the Netherlands, is a group of companies
developing, manufacturing and marketing RFID, Access Control, RF/EM
antishoplifting systems, security labels and software in 50 countries.
Sentry Technology Corporation was formed on February 12, 1997 through
the merger of Knogo North America Inc. and Video Sentry Corporation. Through its
subsidiaries, Sentry designs, manufactures, sells, installs and services a
complete line of electronic article surveillance (EAS) and closed circuit
television (CCTV) surveillance systems, including its patented traveling
SentryVision(R) system. The Company's products are used by retailers to deter
shoplifting and employee theft, and by commercial, manufacturing and
governmental customers to protect people and assets.
For further information about our companies, please visit our web
sites at www.sentrytechnology.com and www.idsystems-dialoc.com.
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