Third Quarter 2008 Adjusted Pro Forma Financial Highlights vs.
Third Quarter 2007 SAN ANTONIO, Nov. 14 /PRNewswire-FirstCall/ --
Argyle Security, Inc. (OTC Bulletin Board: ARGL), ("Argyle") a
service and solutions provider in the physical electronic security
industry, today announced financial results for the three and nine
months ended September 30, 2008. Revenues and gross profit for the
third quarter of 2008 were $31.7 million and $3.5 million,
respectively, compared to $17.1 million of revenues and $3.7
million of gross profit in the third quarter of 2007, which
reflected two months of operations. The operating loss was ($20.3)
million for the three months ended September 30, 2008 (including
the $16.9 million non-cash goodwill impairment charge), compared to
an operating income of $46,000 for the three months ended September
30, 2007. Argyle's net loss for the three months ended September
30, 2008 was ($18.4) million, or ($3.19) per share (basic and
diluted) (including the $16.9 million non-cash goodwill impairment
charge), compared to a net loss of ($116,000), or ($0.02) per share
(basic and diluted), in the third quarter of 2007. Revenues and
gross profit for the nine months ended September 30, 2008 were
$105.8 million and $16.0 million, respectively, compared to $17.1
million of revenues and $3.7 million of gross profit in the third
quarter of 2007, which reflected two months of operations. The
operating loss was ($21.4) million for the nine months ended
September 30, 2008, compared to an operating loss of ($0.5) million
for the nine months ended September 30, 2007. Argyle's net loss for
the nine months ended September 30, 2008 was ($20.1) million, or
($3.51) per share (basic and diluted), compared to a net loss of
($15,000), or ($0.00) per share, for the nine months ended
September 30, 2007. Adjusted Pro Forma Results For the three months
ended September 30, 2008, Argyle's adjusted pro forma revenues
increased by 13%, to $31.7 million, compared to $28.0 million for
the same period last year. Adjusted pro forma revenues in Argyle
Corrections Group rose by 14.3% to $22.6 million, driven largely by
favorable industry trends, retention and expansion of business with
existing customers, as well as new customers. Adjusted pro forma
revenues in Argyle Commercial Security increased by 10.2% to $9.1
million. Argyle Commercial Security has continued to make
investments in its sales force, which are expected to drive both
contract and service revenues. Adjusted pro forma gross profit
decreased by 27% to $4.7 million, or 15% of sales, compared to $6.5
million, or 23% of sales, in the comparable period of 2007. The
gross margin percentage in the third quarter of 2008 was adversely
impacted by higher than expected project cost overruns and an
increase in the price of raw materials within the Corrections
segment. Commercial margins were unaffected and were up slightly
quarter over quarter. Third-quarter gross margins in Argyle
Corrections were negatively impacted by significant cost overruns
on several very large correctional jobs within its detention
contracting and security electronics businesses, as well as
material cost increases at its prison furniture business. The cost
overruns are primarily attributable to the Company's failure to
adequately scale its project management infrastructure and
management, as necessary, due to the significant revenue growth in
2008. The additional costs were primarily incurred because of our
need to provide unanticipated additional training to a large number
of new employees, as well as training to expand the skills of our
existing employees, and the unexpected overtime required on certain
jobs. These issues first became apparent in the first quarter of
2008, and were thought to largely to have been corrected in the
second quarter of 2008. Argyle believes that margins will likely
begin to improve during the fourth quarter, primarily due to the
operational improvements that have been implemented and the cost
reduction initiative undertaken during the fourth quarter. Adjusted
pro forma operating expenses were $23.4 million, up 388% from $4.8
million in the third quarter of 2007. In the third quarter of 2008,
Argyle recognized a $16.9 million non-cash goodwill impairment
charge related to its previous acquisitions. The Company also
incurred higher-than-expected legal and accounting fees related to
being a public company. Adjusted operating income in the third
quarter of 2008 was ($18.7) million, or (59%) of sales, compared to
$1.7 million, or 6% of sales, in the third quarter of 2007. Pro
forma adjusted EBITDA was ($18.1) million, or (57%) of adjusted pro
forma revenues, which includes $16.9 million of non-cash goodwill
write-down, compared to the third quarter 2007 pro forma adjusted
EBITDA of $2.1 million, or 8% of revenues. In the third quarter of
2008, adjusted pro forma net income was ($17.3) million, or ($3.01)
per diluted share, compared to adjusted pro forma net income of
$2.2 million, or $0.33 per diluted share, in the prior- year
period. For the nine months ended September 30, 2008, Argyle's pro
forma revenues increased by 47% to $107.5 million, compared to
$73.1 million in the same period of 2007. Gross profit increased by
15% to $20.1 million, or 19% of sales, compared to $17.4 million,
or 24% of sales, in the nine-month period of 2007. EBITDA decreased
397% to ($14.6) million for the nine months ended September 30,
2008, compared to $4.9 million for the same period last year. The
comparable EBITDA margin was (14%), compared to 7% last year. Net
income for the nine months ended September 30, 2008 was ($17.0)
million, or ($2.96) per diluted share, compared to net income of
$2.4 million, or $0.38 per diluted share in the comparable period
last year. Backlog As of September 30, 2008, net backlog for the
Company was $56.1 million, which included Argyle Corrections'
backlog of $41.5 million and Argyle Commercial Security's backlog
of $14.6 million. New project bookings for ISI Detention, the
Company's largest business unit, exceeded $22 million in October,
which was more than its bookings year to date through September.
Beginning in 2008, Argyle had opted to disclose net backlog only
for Argyle Corrections (and after the elimination of intercompany
revenues), and following long standing practice, such backlog had
contained verbal commitments in addition to signed contracts and
letters of intent. To more consistently follow industry practice
whereby companies disclose contract revenue backlog for
percentage-of-completion contracts, the Company has changed its
policy to include backlog related to its Argyle Commercial segment
and to exclude PDI's backlog because, unlike the other business
units in Argyle Corrections, it does not account for its contracts
on a percentage-of- completion basis. Additionally, the Company
will include only those projects for which it has executed
contracts and letters of intent. As a result of this new policy, a
comparison of current backlog information to historical backlog
information may not be useful. Argyle Reports Material Weakness and
Impairment to Goodwill Management announced that it has identified
several internal control deficiencies that resulted in a material
weakness in its revenue recognition processes. The deficiency
consists of inadequate levels of review of complex and judgmental
accounting issues. To address the deficiency, among other things,
Argyle is in the process of implementing its remediation plan for
the deficiencies and material weakness, including making personnel
changes, implementing additional oversight and approval processes
to ensure updating of expenses and the accuracy of its results.
Management does not anticipate that it will be necessary to restate
any of its previously reported financial statements. It was also
reported that, based on a combination of factors, including the
current economic environment, Argyle's operating results and a
sustained decline in Argyle's market capitalization, management has
concluded that there were sufficient indicators which required us
to perform a goodwill impairment analysis as of September 30, 2008.
We have not completed this analysis due to the complexities
involved in determining the implied fair value of the goodwill of
each of Argyle Security USA's business units. However, based on the
work performed to date, we have concluded that an impairment loss
is probable and can be reasonably estimated. Accordingly, Argyle
has taken a $16.9 million non-cash goodwill impairment charge
during the third quarter of fiscal 2008, representing our best
estimate of the impairment loss. Management expects to finalize our
goodwill impairment analysis during the fourth quarter of fiscal
2008. It is possible that adjustments to the goodwill impairment
charge would need to be made when the goodwill impairment test is
completed. Any adjustments to the preliminary estimates as a result
of completing this evaluation will be recorded in Argyle's
financial statements for the quarter and fiscal year ended December
31, 2008, which are expected to be included in its Annual Report on
Form 10-K to be filed with the SEC on or about March 31, 2009.
Management Overview Bob Marbut, Chairman and Co-CEO of Argyle,
stated, "In light of the unpredictable and uncertain economic times
facing us, we are very pleased with our continued revenue growth
during the quarter, with overall revenues increasing 13% and
revenues in the Argyle Corrections Group up 15%. However, we've
also continued to encounter some substantial internal challenges in
the quarter, resulting in project cost overruns and an EBITDA
margin that was well below our expectations. Over the past two
months, we've taken a number of steps to strengthen our
infrastructure in order to deal with both operational- management
and financial-control issues that have been identified as causes of
the problems. Management has put a heavy emphasis on the
development of people, systems and structure. In conjunction with
these endeavors, our top three priorities are 1) the generation of
profitable sales, 2) the conversion of revenues into cash and 3)
the prudent management of cash. We believe that these efforts,
combined with our healthy cash condition, will position us well to
take advantage of market opportunities when the economy improves."
Sam Youngblood, President of Argyle Security USA, said, "We believe
that we are now in position to improve our EBITDA because of the
phase-out or elimination of three significant factors which have
contributed to margin erosion. First, the task of hiring and
training our workers to meeting the changing demands of our
customers was greater and more costly than expected; however, we
believe that such investment will benefit us and our customers
going forward. Second, we are still seeing the lasting negative
cost effects resulting from a new venture which was ultimately more
costly and riskier than anticipated. Finally, during the last six
months, PDI was dramatically affected by the rising cost of raw
materials from a single-source supplier, and such costs were not
able to be passed on to its customers. We now purchase our raw
materials from multiple vendors and have been able to implement new
pricing procedures to allow greater flexibility for dealing with
the volatility in the commodities market." he stated. Ron
Chaimovski, Vice-Chairman and Co-CEO of Argyle, added, "These are
uncertain economic times, and Argyle's team is working to navigate
through this downturn while remaining focused on maintaining and
further strengthening our business model. We are very aware of the
challenges ahead, but are cautiously optimistic that our plan will
allow us to continue our growth. There has been continued growth in
the corrections market and we believe that this trend will continue
despite greater attention by local, state and federal governments
on spending commitments. The amount of new bookings received in
October is encouraging. We also believe that a slower pace of
acquisitive growth during 2009 will enable us to concentrate on
fixing the operational issues discovered during the past six
months." Argyle Updates Provides Final Guidance for 2008 Argyle
expects full-year 2008 revenues to be at the mid-range of the
previously forecasted range of $128 to $142 million. Argyle now
expects an EBITDA margin of approximately (10%) for the full-year
2008, which is significantly below previous guidance of
approximately 7%, and is attributable to the $16.9 million in
non-cash goodwill impairment charge, eroded gross margins in the
Corrections segment, and higher-than-expected legal and accounting
fees. Excluding the non-cash goodwill impairment charge and non-
cash compensation expense, our expected EBITDA margin is
approximately 3.5% for the 2008. Conference Call Information Argyle
Security will host an investor conference call at 10:00 a.m. ET, on
November 18, 2008 to discuss its results. Interested parties should
call 888- 713-4213 (domestic) or 617-213-4865 (international) at
least five minutes before the scheduled start time; the passcode is
89962604. This call may also be accessed via the Internet at:
http://www.argylesecurity.com/ For those who are unavailable to
listen to the live broadcast, a replay will be available through
December 5, 2008 and can be accessed by dialing 888- 286-8010
(domestic), and 617-801-6888 (international). The pass code is
84546898. About Argyle Security, Inc. Formed in 2005 and
headquartered in San Antonio, TX, Argyle's goal is to become a
leading global provider of services and solutions in the physical
electronic security industry through an integrated buildup
strategy. In July 2007, Argyle acquired ISI Security Group, Inc. In
February 2008, Argyle created Argyle Security USA, which
encompasses ISI Security Group's operations in both the corrections
and commercial sectors, also including the assets and operations
acquired as a result of the PDI, Com-Tec and Fire Quest
acquisitions during 2008. Argyle's channel focus is Video
Surveillance, Access Control, Perimeter Protection, Intrusion
Protection, Fire Detection and Threat Analysis, serving selected
commercial, governmental and residential markets. Argyle currently
has two reporting segments: "Argyle Corrections" and "Argyle
Commercial Security". Argyle Corrections is the controlling entity
for business units consisting of ISI, PDI, Com-Tec and MCS and is
one of the nation's largest providers of detention equipment
products and service solutions, as well as turnkey, electronic
security systems. These systems include unique engineering
competencies and proprietary software products. Currently,
MCS-Commercial Fire & Security is the only business unit
comprising Argyle Commercial Security. Argyle Commercial Security
focuses on the commercial security sector and provides turnkey,
electronic security systems to the commercial market. Please visit
http://www.argylesecurity.com/ or http://www.argylesecurityusa.com/
for additional information on Argyle and Argyle Security USA.
Disclosure Regarding Non-GAAP Financial Measures Since Argyle
acquired ISI Security Group, Inc. (which is now a part of Argyle
Security USA) in July 2007 and Fire Quest, PDI and Com-Tec during
January 2008, the Company does not believe a comparison of the
results of operations and cash flows for the three months ended
September 30, 2008 versus September 30, 2007 is beneficial to
stockholders. In order to assist investors in better understanding
the changes in its business between the three months ended
September 30, 2007 and September 30, 2008, Argyle has provided
adjusted pro forma results as if the acquisitions occurred on
January 1, 2008 and January 1, 2007, respectively. Argyle derived
the adjusted pro forma results of operations from (i) the unaudited
consolidated financial statements of Com- Tec for the three months
ended September 30, 2007, (ii) the unaudited financial statements
of Peterson for the three months ended September 30, 2007, (iii)
the unaudited financial statements of Fire Quest for the three
months ended September 30, 2007 and (iv) the unaudited consolidated
financial statements of Argyle for the three months ended September
30, 2008 and 2007. Adjusted pro forma net income is an alternative
view of performance used by management, and we believe that
investors' understanding of our performance is enhanced by
disclosing this performance measure. We report adjusted pro forma
net income in order to present the results of our major operations
-- the construction, installation, marketing and sale of various
electronic security systems for commercial accounts and detention
hardware (including security doors and frames, jail furniture,
security glazing, and other security-based systems) and electronic
control systems for correctional facilities -- prior to considering
certain income statement elements, principally amortization of
intangible assets. We have defined adjusted pro forma net income as
net income before the impact of purchase accounting for
acquisitions, acquisition-related costs, discontinued operations
and one-time expenses associated with stock appreciation rights.
The adjusted pro forma net income measure is not, and should not be
viewed as, a substitute for U.S. GAAP net income. EBITDA (earnings
before interest, taxes, depreciation and amortization) is used by
management as a performance measure for benchmarking against the
Company's peers and competitors. The Company believes EBITDA is
useful to investors, because it is frequently used by securities
analysts, investors and other interested parties to evaluate
companies in the security industry. EBITDA is not a recognized term
under GAAP. Argyle computes EBITDA using the same consistent method
from quarter to quarter. Following the attached financial
statements is a reconciliation of EBITDA to net loss. The
presentation of Adjusted Pro Forma Results and EBITDA is not
intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with
GAAP. Safe Harbor Certain statements in this press release
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, as amended. When
used in this press release, words such as "will," "believe,"
"expect," "anticipate," "encouraged," "foresees," "forecasts,"
"estimates" and similar expressions, as they relate to the company
or its management, as well as assumptions made by and information
currently available to the company's management identify
forward-looking statements. Such forward- looking statements
include statements regarding Argyle's expectation regarding
revenue, profit and income results for the fiscal year ended
December 31, 2008 and the timing of filing of the company's Form
10-K for the fiscal year ended December 31, 2008. Actual results
could differ materially from those contained in the forward-looking
statements and are based on current expectations that involve a
number of risks and uncertainties, including, but not limited to,
the timing of closing our books and issuing final financial
results. These forward-looking statements are based on current
expectations or beliefs, including, but not limited to, statements
concerning the company's operations and financial performance and
condition, including, without limitation, statements regarding
Argyle's expected fiscal year 2008 revenues, profit and income
results. Similarly, statements herein that describe the Argyle's
business strategy, outlook, objectives, plans, intentions or goals
also are forward-looking statements. All such forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those in
forward-looking statements. Additional information concerning
forward-looking statements is contained under the heading of risk
factors listed from time to time in the company's filings with the
U.S. Securities and Exchange Commission. The forward-looking
statements included in this press release are made only as of the
date of this press release and Argyle undertakes no obligation to
update the forward-looking statements to reflect subsequent events
or circumstances. Company Contacts: Investor Relations: Bob Marbut,
Chairman & Co-CEO Kevin McGrath Roni Chaimovski, Vice-Chairman
& Co-CEO Cameron Associates Don Neville, EVP and CFO Phone:
(212) 245-8800 Argyle Security, Inc. Phone: (212) 245-2700 (NY)
Phone: (210) 828-1700 (TX) Phone: 001-972-545-212-911 (Tel Aviv)
Media Relations: Deanne Eagle Cameron Associates Phone: (212)
554-5463 Argyle Security, Inc Reconciliation of GAAP Net Income to
Adjusted Net Income (in thousands) Three Months Ended Nine Months
Ended September September September September 30, 30, 30, 30, 2008
2007 2008 2007 GAAP net income (loss) $(18,367) $(116) $(20,121)
$(15) Pro forma adjustments - addbacks (reductions) Argyle salary
expense (increase) for management team in 2007 - (74) - (518) SARS
expense reduction for 2007 - 1,363 - 1,363 Non-cash compensation
expense (increase) for 2007 - (141) - (424) Depreciation expense
(increase) on revalued assets in 2007 - (56) - (214) Amortization
of intangible expense (increase) in cost of goods sold for 2008 and
2007 - (721) (37) (3,285) Amortization of intangible expense
(increase) in operating expenses for 2008 and 2007 - (211) (20)
(1,079) Reduction in rent expense for 2008 and 2007 - 34 6 104
Interest income increase / (reduction) for 2008 and 2007 - (109) -
(763) Interest expense (increase) / reduction for 2008 and 2007 -
56 (39) 1,454 Income / (loss) from predecessor - Argyle Security
USA for 2007 - 946 - 450 Income / (loss) from predecessor -
Firequest for 2007 - 79 - 239 Income / (loss) from predecessor -
PDI for 2007 - 112 - 425 Income / (loss) from predecessor - Com-Tec
for January 2008 and 2007 - 136 44 288 Provision (benefit) for
income taxes on pro forma adjustments for 2008 and 2007 - (430) 33
902 Pro forma net income (loss) $(18,367) $868 $(20,134) $(1,073)
Amortization of intangible expense in cost of goods sold for 2008
and 2007 1,218 1,282 3,784 3,846 Amortization of intangible expense
in operating expenses for 2008 and 2007 434 434 1,301 1,301
Provision (benefit) for income taxes on pro forma adjustments for
2008 and 2007 (628) (354) (1,933) (1,658) Adjusted pro forma net
income (loss) $(17,343) $2,230 $(16,982) $2,416 Interest, net 939
419 2,559 2,064 Depreciation expense 543 384 1,659 1,064 Taxes, net
(2,260) (936) (1,867) (610) Pro forma EBITDA $(18,121) $2,097
$(14,631) $4,934 GAAP weighted average common shares outstanding -
basic 5,799,342 5,436,200 5,796,605 5,002,003 Restricted stock -
30,000 - - Pro forma and adjusted pro forma weighted average common
shares outstanding - basic 5,799,342 5,466,200 5,796,605 5,002,003
GAAP weighted average common shares outstanding - diluted 5,799,342
5,436,200 5,796,605 5,002,003 Restricted stock - 125,000 - 95,000
Stock warrants - 1,089,946 - 1,068,504 Convertible debt - 192,500 -
192,500 Pro forma and adjusted pro forma weighted average common
shares outstanding - diluted 5,799,342 6,843,646 5,796,605
6,358,007 Argyle Security, Inc Adjusted Pro Forma Consolidated
Statements of Operations (unaudited) (in thousands except share
data) Three Months Ended September September 30, 30, $ % 2008 2007
Change Change Revenues: Contract revenues $22,583 $15,383 $7,200
47% Contract revenues - related party 2,906 8,132 (5,226) -64%
Service and other revenues 6,211 4,520 1,691 37% Total revenues
31,700 28,035 3,665 13% Cost of revenues: Contract costs 21,951
18,311 3,640 20% Service and other costs, excluding amortization of
intangibles 5,013 3,219 1,794 56% Total cost of revenues 26,964
21,530 5,434 25% Gross profit 4,736 6,505 (1,769) -27% Operating
expenses: Salaries and related expense, including stock-based
compensation of $226 in 2008 and $142 in 2007 3,068 2,185 883 40%
Consulting fees and outside services 916 445 471 106% Depreciation
523 340 183 54% Other general and administrative expenses 1,965
1,822 143 8% Goodwill impairment 16,928 - 16,928 0% Amortization of
intangible assets - - - 0% Total operating expenses 23,400 4,792
18,608 388% Operating income (18,664) 1,713 (20,377) -1190% Other
income (expense): Interest income 58 60 (2) -3% Interest expense
(997) (479) (518) 108% Total other income (expense) (939) (419)
(520) 124% Income (loss) before provision for income taxes (19,603)
1,294 (20,897) -1615% Provision (benefit) for income taxes (2,260)
(936) (1,324) 141% Net income (loss) $(17,343) $2,230 $(19,573)
-878% Deferred interest, net of taxes, subject to possible
redemption - - - 0% Dividends on convertible preferred stockholders
115 - - 0% Net income (loss) allocable to holders of non-redeemable
common stock $(17,458) $2,230 $(19,573) -878% EBITDA Calculation:
Interest, net $939 $419 $520 124% Depreciation 543 384 159 41%
Taxes, net (2,260) (936) (1,324) 141% EBITDA $(18,121) $2,097
$(20,218) -964% Weighted-average number of shares of common stock
outstanding exclusive of shares subject to possible redemption:
Basic 5,799,342 5,466,200 333,142 6% Diluted 5,799,342 6,843,646
(1,044,304) -15% Net income (loss) per share allocable to holders
of non-redeemable common stock: Basic $(3.01) $0.41 $(3.42) -834%
Diluted $(3.01) $0.33 $(3.34) -1012% Argyle Security, Inc Adjusted
Pro Forma Consolidated Statements of Operations (unaudited) (in
thousands except share data) Nine Months Ended September September
30, 30, $ % 2008 2007 Change Change Revenues: Contract revenues
$74,200 $37,919 $36,281 96% Contract revenues - related party
15,131 21,299 (6,168) -29% Service and other revenues 18,191 13,923
4,268 31% Total revenues 107,522 73,141 34,381 47% Cost of
revenues: Contract costs 73,415 45,589 27,826 61% Service and other
costs, excluding amortization of intangibles 14,025 10,162 3,863
38% Total cost of revenues 87,440 55,751 31,689 57% Gross profit
20,082 17,390 2,692 15% Operating expenses: Salaries and related
expense, including stock-based compensation of $975 in 2008 and
$425 in 2007 10,056 6,968 3,088 44% Consulting fees and outside
services 2,501 1,052 1,449 138% Depreciation 1,583 932 651 70%
Other general and administrative expenses 5,304 4,568 736 16%
Goodwill impairment 16,928 - 16,928 0% Amortization of intangible
assets - - - 0% Total operating expenses 36,372 13,520 22,852 169%
Operating income (16,290) 3,870 (20,160) -521% Other income
(expense): Interest income 136 171 (35) -20% Interest expense
(2,695) (2,235) (460) 21% Total other income (expense) (2,559)
(2,064) (495) 24% Income (loss) before provision for income taxes
(18,849) 1,806 (20,655) -1144% Provision (benefit) for income taxes
(1,867) (610) (1,257) 206% Net income (loss) $(16,982) $2,416
$(19,398) -803% Deferred interest, net of taxes, subject to
possible redemption - - - 0% Dividends on convertible preferred
stockholders 201 - - 0% Net income (loss) allocable to holders of
non-redeemable common stock $(17,183) $2,416 $- 0% EBITDA
Calculation: Interest, net $2,559 $2,064 $495 24% Depreciation
1,659 1,064 595 56% Taxes, net (1,867) (610) (1,257) 206% EBITDA
$(14,631) $4,934 $(19,565) -397% Weighted-average number of shares
of common stock outstanding exclusive of shares subject to possible
redemption: Basic 5,796,605 5,002,003 794,602 16% Diluted 5,796,605
6,358,007 (561,402) -9% Net income (loss) per share allocable to
holders of non-redeemable common stock: Basic $(2.96) $0.48 $(3.44)
-718% Diluted $(2.96) $0.38 $(3.34) -880% DATASOURCE: Argyle
Security, Inc. CONTACT: Bob Marbut, Chairman & Co-CEO, Roni
Chaimovski, Vice-Chairman & Co-CEO, or Don Neville, EVP and
CFO, all of Argyle Security, Inc., +1-212-245- 2700 NY,
+1-210-828-1700 TX, +001-972-545-212-911 Tel Aviv; Investor
Relations: Kevin McGrath, +1-212-245-8800, , Media Relations:
Deanne Eagle, +1-212-554-5463, , both of Cameron Associates Web
site: http://www.argylesecurity.com/
http://www.argylesecurityusa.com/
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