|By Marketwired .||
|May 15, 2014 12:30 PM EDT||
OMAHA, NE -- (Marketwired) -- 05/15/14 -- Technology Monitoring Solutions, Inc., formerly known as iSECUREtrac, Corp., (PINKSHEETS: TMSG), announced today that its Board of Directors and shareholders have adopted a plan to dissolve the company and carry out an orderly liquidation of its assets.
Joe Schwaller, the President and CEO of the Company stated that, "Following the sale of our core electronic monitoring equipment business to Corrisoft, LLC in 2013 the Company has been working to implement a new business model focused on providing monitoring services to third party technology platforms. Although our management team and employees devoted substantial time and effort to identifying and pursuing opportunities to develop this business, we have regrettably concluded that we have exhausted all reasonable options to successfully evolve into this pure service provider model as we had hoped. As a result, our Board of Directors determined that dissolution and orderly liquidation of the Company was in the best interest of our shareholders. Management and the Board appreciate the efforts of our employees, as well as the support of our shareholders, throughout this process."
The Company plans to file a Certificate of Dissolution with the Delaware Secretary of State on or about May 19, 2014 and to promptly implement a plan to liquidate its remaining assets, pay its outstanding obligations and complete an orderly wind down of its business and operations. Any cash remaining after satisfaction of its other legal obligations will be available for distribution to shareholders. Additional information will be sent to shareholders at a future date if and when a distribution can occur.