CANYON LAKE, Texas, Oct. 20, 2009 (GLOBE NEWSWIRE) -- COPsync, Inc. (OTCBB:COYN), a software technology provider to law enforcement and emergency service professionals, announced today that the Company has successfully completed an equity private placement of its convertible preferred stock, receiving approximately $1.5 million in gross proceeds and commitments. The preferred stock carries a 7% coupon and is convertible into common stock at $0.10 per share. The investors also received 20% warrant coverage at a strike price of $0.20.
The private placement was completed pursuant to a Securities Purchase Agreement, dated October 14, 2009. Under the terms of the purchase agreement, the Company agreed to sell to the investors an aggregate of 375,000 shares of the Company's newly designated Series B Convertible Preferred Stock, which is convertible in an aggregate of 15,000,000 shares of the Company's common stock, and warrants to purchase an aggregate of 3,000,000 shares of Common Stock. The Warrants have an exercise price of $0.20 per share of Common Stock, and expire on October 14, 2011.
Commenting on the successful financing, CEO Russell Chaney, stated, "We want to express our sincere gratitude to these investors for the confidence they have demonstrated through their investment in COPsync. This capital infusion will allow the Company to begin the implementation of many pending contracts and marks an important milestone for our Company as we strive to bring real-time mobile information sharing to every law enforcement officer in the country."
About COPsync, Inc.
COPsync Inc. (OTCBB:COYN) is positioned to become one of the fastest growing software technology providers to law enforcement and emergency service professionals worldwide. COPsync, Inc. is the only Law Enforcement software provider to provide full data collection and information sharing capabilities to all subscribing agencies in real-time at the point of incident directly to the patrol officer. For more information please visit www.COPsync.com.
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Forward-Looking Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, product market trends, variations in the company's cash flow, market acceptance risks, technical development risks, seasonality and other risk factors detailed in the company's Securities and Exchange Commission filings. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.