SecureAlert, Inc., based in Sandy, Utah, announced today that they have completed their 100% acquisition of Court Programs, Inc. When SecureAlert originally purchased 49% of Court Programs in December of 2007, they were granted an option to purchase the remaining 51%. SecureAlert exercised this option on April 6th.
SecureAlert offers a wide array of products within their industry including marketing, monitoring, and selling the TrackerPAL device, which is used to monitor convicted offenders that are on probation or parole in the criminal justice system. Court Programs, Inc., leveraging over 25 years experience with case management and offender monitoring services, runs a series of programs through their 22 offices in Mississippi and Florida. Their programs cover the complete gambit, from drug testing to house arrest programs to defensive driving classes. The purchase of Court Programs was a logical fit to the SecureAlert business strategy.
President and Chief Operating Officer of SecureAlert, John Hastings was quoted as stating: “We are excited about the further integration between SecureAlert and Court Programs, bringing them together under one portfolio expands our offender management services and offerings capabilities.” Mr. Hastings also added, “We expect the acquisition will improve our bottom line once we have maximized the efficiencies between the two companies. Importantly, the acquisition gives us the full array of Court Program’s products and services, which we can now capitalize on.” The continued incremental recapitalization provides us with the opportunities to expand our business both through organic growth and acquisitions, as we strive to be the market leader of offender monitoring.”
The financial condition of SecureAlert was also addressed in the press release. Through the issuing of Series D Preferred Stock, SecureAlert has raised a total of $9,440,000 in cash, and has converted a total of $16,681,384 in debt and accrued interest. This procedure has been an ongoing process for SecureAlert in order to restructure debt recently as the company continues to develop and grow.
SecureAlert has approximately 211 million shares outstanding and a very high insider holdings rate of nearly 60%.