UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
August 5, 2004
Date of Report
(Date of earliest reported event)
Sentry Technology Corporation
(Exact name of registrant as specified in its chapter)
Delaware 1-12727 96-11-3349733
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) number)
1881 Lakeland Avenue, Ronkonkoma, New York 11779
(Address of principal executive offices) (Zip Code)
631-232-2100
Registrant's telephone number, including area code
None
(Former name or former address, if changed since last report )
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
A copy of each of the Company's News Releases issued on August 5, and
August 9, 2004 are filed as exhibits to this report and are incorporated in this
report by reference.
Item 7. Financial Statements and Exhibits.
Exhibit 99.1 Company News Release dated August 5, 2004
Exhibit 99.2 Company News Release dated August 9, 2004
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Sentry Technology Corporation
Date: August __, 2004 /s/ Peter J. Mundy
-------------------------------------
Peter J. Mundy, VP and CFO
EXHIBIT INDEX
Exhibit 99.1 -- Company News Release dated August 5, 2004.
Exhibit 99.2 -- Company News Release dated August 9, 2004
Exhibit 99.1
NEWS RELEASE CONTACT: Peter L. Murdoch
ID Security Systems
(416) 674-4788 x107
peterm@idsystems.ca
-------------------
CHECKPOINT SYSTEMS & ID SYSTEMS SETTLE ANTITRUST LITIGATION
TORONTO, August 5, 2004 -- ID Security Systems Canada Inc. (ID Systems), a
wholly owned subsidiary of Sentry Technology Corporation (OTC Bulletin Board:
SKVY), announced today the settlement of its antitrust lawsuit against
Checkpoint Systems Inc. (Checkpoint). Checkpoint will pay ID Systems $19,950,000
to settle all issues related to the suit. As provided when Sentry purchased ID
Systems, the proceeds of the settlement will be distributed to former
shareholders of ID Systems, after payment of litigation fees and expenses. The
agreement includes mutual releases between the parties for complaints arising
from activities prior to the date of the agreement, except for any contractual
obligations and any future claims for patent, copyright or trademark
infringement. The agreement is not an acknowledgement of any wrongdoing or
liability by either party. A Stipulation of Dismissal will be filed with the
Third Circuit Court of Appeals to finally conclude the legal proceedings.
ID Systems' lead counsel is Rudolph Garcia, Esquire. Mr. Garcia, a partner at
the Philadelphia office of Saul Ewing LLP, has extensive experience in cases
involving large commercial claims.
Sentry Technology Corporation designs, manufactures, sells and installs a
complete line of Radio Frequency (RF) and Electro-Magnetic (EM) EAS systems and
Closed Circuit Television (CCTV) solutions. The CCTV product line features the
proprietary SentryVision SmartTrack patented traveling Surveillance System. The
Company's products are used by retailers to deter shoplifting and internal theft
and by industrial and institutional customers to protect assets and people. The
Company's acquisition of ID Systems expands the Company's product offering to
include proximity Access Control and Radio Frequency Identification (RFID)
solutions. For further information, please visit our website at
www.sentrytechnology.com.
Checkpoint Systems Inc. is a provider of EAS and RFID systems, source tagging,
barcode labeling systems, hand-held labeling systems and retail merchandise
systems.
###
This press release may include information that could constitute forward-looking
statements made pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. Any such forward-looking statements may involve
risk and uncertainties that could cause actual results to differ materially from
any future results encompassed within the forward-looking statements. Factors
that could cause or contribute to such differences include those matters
disclosed in the Company's Securities and Exchange Commission filings.
SOURCE: ID Security Systems Canada Inc.
- -------------------------------------------------------------------------------
Exhibit 99.2
[GRAPHIC OMITED]
[GRAPHIC OMITED]
News Release
FOR IMMEDIATE RELEASE CONTACT: Peter Murdoch
- ----------------------- President & CEO
(631) 739-2000
SENTRY TECHNOLOGY TO RECEIVE $1,400,000 CASH INJECTION
RONKONKOMA, New York, August 9, 2004, -- Sentry Technology Corporation
(OTC Bulletin Board: SKVY) announced today that its wholly owned subsidiary, ID
Security Systems Canada Inc. (ID Systems), is the beneficiary of funds resulting
from contractual relations entered into prior to the purchase of ID Systems by
Sentry. Approximately $1,400,000 will flow to the benefit of Sentry and its
subsidiaries through the repayment of debt incurred by Dialoc ID Holdings B.V.
prior to the ID Systems acquisition, reimbursement of litigation expenses and
the sale of common stock to Saburah Investments Inc. The stock sale represents
approximately $640,000 of the total amount received by Sentry and is a result of
a previous agreement between Sentry and Saburah Investments Inc. as part of
Sentry's recent acquisition of ID Systems. Sentry will issue approximately 4.8
million common shares to Saburah Investments Inc. The price per share is equal
to 80% of the average closing price for Sentry stock for the 20 days prior to
August 5, 2004.
"Sentry is pleased to be receiving this additional cash infusion,"
said Peter L. Murdoch, President and CEO of Sentry Technology Corporation. "Our
Company is now well positioned to execute its business plan as this additional
capital will help grow the business and meet the operational needs of the
Company for the foreseeable future."
Sentry Technology Corporation designs, manufactures, sells and
installs a complete line of Radio Frequency (RF) and Electro-Magnetic (EM) EAS
systems and Closed Circuit Television (CCTV) solutions. The CCTV product line
features the SentryVision SmartTrack system, a proprietary, patented traveling
Surveillance System. The Company's products are used by retailers to deter
shoplifting and internal theft and by industrial and institutional customers to
protect assets and people. The Company's acquisition of ID Systems expands the
Company's product offering to include library security and management tools,
proximity Access Control and Radio Frequency Identification (RFID) solutions.
For further information, please visit our website at www.sentrytechnology.com.
# # #
This press release may include information that could constitute forward-looking
statements made pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. Any such forward-looking statements may involve
risk and uncertainties that could cause actual results to differ materially from
any future results encompassed within the forward-looking statements. Factors
that could cause or contribute to such differences include those matters
disclosed in the Company's Securities and Exchange Commission filings.