Aegis NY Venture Fund Completes Growth Investment In Polar Industries.
April 7, 2006 – (New Windsor , New York) – Aegis NY Venture Fund, LP, (“Aegis”) is pleased to announce the closing of its initial investment in Polar Industries, Inc. The investment was made in the form of a senior secured loan with warrants.
Polar Industries is a leading manufacturer of next-generation security products using IP technology and 360° digital imagery to provide state-of-the-art systems with advanced remote monitoring, smart sensor and wireless network capabilities. “The changes from analog to digital, and from narrow view to full 360° view cameras will be revolutionary and inevitable in our industry – just as they were in other analog voice, wireless and video markets over the past decade. We are proud to be leading that wave of change with the help and support of our employees and local community leaders in New Windsor, New York”, Polar's COO, Geoffrey Anderson, said. “With the third generation technologies we are building into our products, we can reduce costs for our customers while dramatically improving performance and functionality over traditional closed-circuit systems.”
Aegis believes Polar will triple revenues over the next 12 months and firmly establish a leadership position in the third generation video surveillance equipment market. “We were attracted by Polar's product innovations and the wide-open opportunity to scale this business within a rapidly growing market segment,” Todd Roberts, Chairman of Aegis, said, “and we believe Polar has the high-caliber, experienced management team required to execute the business plan. They have a proven track record of sales, engineering and entrepreneurial successes, and a real passion for this business and the needs of their customers, suppliers and other business constituents.”
About Polar Industries
Polar Industries (www.PolarGlobal.com) develops and manufactures products and technology for the video surveillance market. The Company's most important product is a 360° digital panoramic video camera under the brand ZPAN, which it brought to market in late 2005. In addition, the Company manufactures state-of-the-art Internet Protocol (IP) network recording systems that allow for the archival recording of video streams from up to 64 cameras. Within milliseconds, these archived digital images can be accessed from anywhere in the world via both wired and wireless IP networks.
Total situational awareness is achieved by combining the Company's two technologies into a single system, thus breaking new ground in the surveillance and security markets. In the future, the Company believes its panoramic imaging technology will dominate the industry as this technology replaces the narrow-field-of-view cameras.