GE Public Finance to Provide Innovative Lease Financing for Alanco’s Prison Tracking Systems
Alanco Technologies Inc. (NASDAQ: ALAN) today announced that it has agreed to work with GE Public Finance Inc. to provide innovative lease financing solutions for its TSI PRISM(TM) wireless RFID (Radio Frequency Identification) tracking systems for prison security management. The TSI PRISM system incorporates miniature R.F. transmitters worn by both officers and inmates which signal every two seconds, identifying and tracking everyone within a prison facility through a computer network displaying real-time location of the entire prison population and recording this information in a permanent database. Installation of a TSI PRISM system results in demonstrated operating cost savings, enhanced officer security, and significantly reduced incidents of inmate violence and escape attempts. GE Public Finance provides innovative financing solutions to state and local governments including tax-exempt lease purchase financing and operating leases that are customized to meet their unique budgetary requirements. GE Public Finance is one of the largest providers of lease financing to state and local governments and has served this market since 1979.
Alanco CFO, John Carlson, stated, “At a time when most states are wrestling with serious budget shortfalls, TSI is fortunate to be able to offer the PRISM technology as a cost reduction tool enhanced by the lowest financing cost in decades. TSI PRISM technology combined with GE Public Finance’s innovative financing solutions will allow municipal prison administrators additional options when considering the purchase of the TSI PRISM system.”
Alanco Technologies Inc. is a provider of advanced information technology solutions with a strategic focus upon RFID (Radio Frequency Identification) tracking technology through the 2002 acquisition of Technology Systems International Inc. (TSI). TSI has developed a state-of-the-art wireless RFID tracking technology featuring proprietary software and patented hardware components, marketed as the TSI PRISM(TM) system. The TSI PRISM system is utilized for area security management and personnel monitoring with present market focus on the corrections industry, where the system provides continuous, real-time prison inmate and officer identification and tracking capabilities indoors and out. TSI PRISM enhances staff safety and facility security; deters inmate violence; and provides the correctional industry with operational cost reductions and unique inmate management capabilities. Alanco also participates in the data storage industry through two subsidiary companies: Arraid Inc., a manufacturer of proprietary storage products to upgrade older “legacy” computer systems; and Excel/Meridian Data Inc., a manufacturer of Network Attached Storage (NAS) systems.
Except for historical information, the statements contained in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are subject to, and are qualified by, risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. These risks and uncertainties include, but are not limited to, reduced demand for information technology equipment; competitive pricing and difficulty managing product costs; development of new technologies which make the company’s products obsolete; rapid industry changes; failure of an acquired business to further the company’s strategies; the ability to maintain satisfactory relationships with lenders and to remain in compliance with financial loan covenants and other requirements under current banking agreements; and the ability to secure and maintain key contracts and relationships. CONTACT: Alanco Technologies Inc., Scottsdale
Investor Relations, 480/607-1010
Ira Weingarten, 805/897-1880
Coffin Communications Group
Sean Collins, 818/789-0100 URL: http://www.businesswire.com