Aegis NY Venture Fund Closes Growth Investment in Adirondack Optics
February 28, 2006 – (Keeseville , New York) – Aegis NY Venture Fund, LP, (“Aegis”) is pleased to announce the closing of its initial investment in Adirondack Digital Imaging Systems, Inc., ( d/b/a Adirondack Optics) . The investment was made in the form of a Senior Secured Loan with Warrants, and a follow-on investment in Convertible Preferred Stock to fully fund the Company's long-term development and marketing plans has been proposed by the Company for later this year.
Aegis believes that Adirondack Optics' patented methods for integrating firearms with digital video represent “inevitable technology” that will improve safety and training opportunities for responsible firearm use and will protect combat forces, law enforcement personnel, security guards and the public from controversy regarding deadly use of force, and improve situational awareness and target identification. Adirondack Optics is an upstate New York-based company located in the Essex County Empire Zone.
About Adirondack Optics
Adirondack Optics (www.ADKOptics.com) develops and markets weapons-mounted imaging systems for military, law enforcement and sporting markets. The Company's patented technologies have a broad range of applications that meet the growing need for safety and security at home and abroad. The Company's tactical products aid our men in uniform in the ongoing fight against terrorism as well local law enforcement fighting street crime and other criminal threats. Some of these patented technologies with military and law enforcement applications are also suitable for the consumer market and enable recreational sportsmen using the Company's SmartScope TM products to document and share their adventures in a way never before possible.
The Company's newest product, PistolCam TM , introduced in 2006, is a handgun attachment that automatically captures up to 15 minutes of digital video when the handgun is drawn from the holster. By encrypting the video stream, unauthorized manipulation is prevented and integrity is ensured. PistolCam TM also features a laser sight as well as an optional target illuminator, all contained in a familiar unobtrusive housing currently used for laser sighting handgun attachments.
Adirondack Optics, through its Legend Technologies subsidiary, is an approved military contractor and is a sole source provider of customized situational awareness and robotics weapons optical imaging technology for the Department of Defense.