New Issue: Secured Services settles $2.5 million convertible debentures

By Sheri Kasprzak

New York, March 1 - Secured Services, Inc. said it has concluded a $2.5 million private placement of convertible debentures.

The three-year debentures were purchased by Midsummer Investment, Ltd. and Islandia, LP.

The 7% debentures are convertible into common shares at $0.17 each.

The investors received warrants for 14,705,882 shares, exercisable at $0.17 each for four years.

Based in New York, Secured Services develops secured user management software.

Issuer:	Secured Services, Inc.
Issue:	Convertible debentures
Amount:	$2.5 million
Maturity:	Feb. 28, 2009
Coupon:	7%
Price:	Par
Yield:	7%
Conversion price:	$0.17
Warrants:	For 14,705,882 shares
Warrant expiration:	Four years
Warrant strike price:	$0.17
Investors:	Midsummer Investment, Ltd. and Islandia, LP
Settlement date:	Feb. 28
Stock symbol:	OTCBB: SSVC
Stock price:	$0.13 at close Feb. 28

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