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
January 24, 2005
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 number)
incorporation)
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 1.02 Termination of a Material Definitive Agreement
(a)(1) Lowe's Home Centers, the Company's largest customer, terminated its
CCTV equipment maintenance agreement with the Company on January 21, 2005.
(a)(2) The Lowe's maintenance agreement was approximately $850,000 of
Sentry's total revenue in 2004.
(a)(3) Lowe's Home Centers has selected one of the Company's competitors as
the single vendor to service CCTV equipment installed in its stores. Sentry
expects to continue as a Lowe's supplier, selling its SentryVision SmartTrack
traveling camera system.
(a)(4) No material early termination penalties were incurred by the
registrant.
A copy of the Company's News Release issued on January 24, 2005 is filed as an
exhibit to this report and is incorporated in this report by reference.
Item 7. Financial Statements and Exhibits.
Exhibit 99.1 Company News Release dated January 24, 2005.
Item 8.01 Other Items.
On January 24, 2005, the Company issued a News release announcing a change in
the name of three of its wholly owned subsidiaries. A copy of the News release
is attached hereto as Exhibit 99.1.
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: 1/24/05 /s/ Peter J. Mundy
- -------------- -----------------------------------
Peter J. Mundy, VP and CFO
EXHIBIT INDEX
99.1 Company News Release dated January 24, 2005.
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[GRAPHIC OMITED]
News Release
FOR IMMEDIATE RELEASE CONTACT: Peter Murdoch
- ----------------------- President & CEO
(631) 739-2000
ID SYSTEMS & KNOGO NORTH AMERICA CHANGE NAMES TO SENTRY TECHNOLOGY
RONKONKOMA, January 24, 2005 -- Sentry Technology Corporation (OTC Bulletin
Board: SKVY) announced today the change in the name of three of its wholly owned
subsidiaries, ID Systems USA Inc., ID Security Systems Canada Inc. and Knogo
North America Inc., to Sentry Technology USA Inc., Sentry Technology Canada Inc.
and Sentry Technology Corporation, respectively. As part of an ongoing effort to
consolidate operations and to better focus market presence, all ID Systems,
Knogo and Sentry product lines will be sold under the Sentry Technology name and
corporate logo.
"Following the acquisition of the ID Systems group by Sentry Technology
Corporation in 2004, sales representatives have been trained on the product
lines of all companies," said Peter L. Murdoch, President and CEO of Sentry
Technology Corporation. "We have chosen Sentry Technology as the single trade
name to grow the combined businesses and believe we can build better market
recognition by concentrating on a single brand strategy."
In other business, Lowe's Home Centers, Sentry's largest customer, has selected
one of the Company's competitors as the single vendor to service CCTV equipment
installed in its stores. Sentry expects to continue as a Lowe's supplier,
selling its SentryVision SmartTrack traveling camera system. The Lowe's
maintenance agreement was approximately $850,000 of Sentry's total revenue in
2004.
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.
# # #
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.