Electronic Control Security cancels $10 million equity sale agreement

Five-year drawdown equity financing with Auctus was negotiated Feb. 8

By Devika Patel

Knoxville, Tenn., Dec. 19 - Electronic Control Security Inc. terminated a $10 million drawdown equity financing agreement with Auctus Private Equity Fund, LLC on Dec. 13, according to an 8-K filed Monday with the Securities and Exchange Commission. The five-year deal had been negotiated on Feb. 8.

The company did not sell any shares under the agreement and said it has determined that it would not be in its best interest to retain the equity line.

Based in Clifton, N.J., Electronic Control manufactures perimeter security systems used by defense and homeland security programs.

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