OMAHA, Neb.-iSecuretrac Corp., which offers global positioning system tracking solutions, announced private equity company Sponsor Investments L.L.C. has pledged to make an $11 million equity investment in the company.
The preferred stock transaction is expected to close in mid-June and is subject to approval by iSecuretrac shareholders and other requirements.
“This transaction will complete our financial restructuring, which is the fourth and final step of the strategic corporate initiative we undertook a year ago,” said David Vana, chief financial officer of iSecuretrac Corp. “This infusion of equity, along with the significant elimination of debt and preferred stock we have negotiated, will noticeably strengthen our balance sheet and provide the necessary funding to satisfy the company’s working capital, research and development, and inventory requirements for the foreseeable future.”
