Canadian ISO raises $2.2M in private placement

Canadian ISO raises $2.2M in private placement
Tags: Distributors / ISO / IAD, Public Companies
June 17, 2003

MONTREAL -- Frisco Bay Industries Ltd. (NASDAQ: FBAY), a provider of integrated security systems and one of Canada's leading independent ATM operators, has concluded a private placement of 243,100 shares of common stock at U.S. $9 per share, worth $2.2 million.

Robert Gagnon, Frisco Bay's vice president of finance and IT, said the company would use the cash to repay some of the debt from its February purchase of the remaining 50 percent stake of Frisco/ATMS Limited Partnership that it did not already own, an acquisition valued at U.S. $4.7 million.

"We also intend to pursue other acquisition opportunities, both in the ATM arena and in the systems integration side of the business," Gagnon said.