SEA GIRT, N.J., Dec. 22 /PRNewswire-FirstCall/ --
Digital Descriptor Systems, Inc. (Pink Sheets:
DDSI
-
News)
- an industry leader in the development of Homeland Security
and other commercial security-related products - today
announced that at a Special Meeting of stockholders held
December 19, 2006, the Company's stockholders approved a
one-for-500 reverse stock split and a change in the
Company's name to "Allied Security Innovations, Inc." In
addition, they ratified the adoption of the 2006 Incentive
Stock Option Plan.
"We are pleased with the majority
support for our plan as described in the proxy," stated
Anthony Shupin, CEO of DDSI. "An overwhelming majority of
shareholders are behind our plan to grow our company. By
adopting the Stock Incentive Plan, management is enabled to
reward employees for significant contribution and
outstanding performance. The name change, to 'Allied
Security Innovations, Inc.' will provide a better market
understanding for what we do. The approval for the reverse
split enables us to re-position the company in the stock
market, while allowing us to fulfill our obligations. The
key to our success in the long term remains with our ability
to increase our revenue, while controlling costs."
As reported, the total shares voted
were 13,650,152,352. For Proposition 1 (Stock Incentive)
votes "FOR" tallied 6,281,390,783; Votes "AGAINST":
1,121,419,104 with 219,680,918 abstaining. For Proposition 2
(Name change) votes "FOR" tallied 13,314,548,299; Votes
"AGAINST": 294,549,444; and for Proposition 3 (Reverse
Split) votes "FOR" equaled 11,542,081,354; Votes "AGAINST"
2,087,843,177 with 20,227,824 abstaining.
"We have had a clear indication
from our shareholders that they approve of the management of
our company, its objectives and our strategy," remarks
Michael Pellegrino, CFO. "We have taken a positive first
step toward a strong future."
About Digital Descriptor Systems,
Inc.
The company, based in Sea Girt, NJ,
develops and markets integrated enterprise-wide image
applications specifically designed for criminal justice
organizations. Customers include states, cities, counties,
corrections, justice, and public safety agencies. Additional
information is available online, at
http://www.ddsi-cpc.com.
Its subsidiary, CGM Applied
Security Technologies, Inc., based in Somerset, NJ, is a
leading manufacturer and distributor of Homeland Security
products, including indicative and barrier security seals,
security tapes and related packaging security systems,
protective security products for palletized cargo, physical
security systems for tractors, trailers and containers, as
well as a number of highly specialized authentication
products. Additional information is available online, at
http://www.cgmsecuritysolutions.com.
Safe Harbor Statement:
Safe Harbor Statement Under the
Private Securities Litigation Act of 1995 - With the
exception of historical information, the matters discussed
in this press release are forward-looking statements that
involve a number of risks and uncertainties. The actual
future results of the Company could differ significantly
from those statements. Factors that could cause actual
results to differ materially include risks and uncertainties
such as the inability to finance the company's operations or
expansion, inability to hire and retain qualified personnel,
changes in the general economic climate, including rising
interest rate and unanticipated events such as terrorist
activities. In some cases, you can identify forward-looking
statements by terminology such as "may," "will," "should,"
"expect," "plan," "anticipate," "believe," "estimate,"
"predict," "potential" or "continue," the negative of such
terms, or other comparable terminology. These statements are
only predictions. Although we believe that the expectations
reflected in the forward-looking statements are reasonable,
such statements should not be regarded as a representation
by the Company, or any other person, that such
forward-looking statements will be achieved. We undertake no
duty to update any of the forward-looking statements,
whether as a result of new information, future events or
otherwise. In light of the foregoing, readers are cautioned
not to place undue reliance on such forward-looking
statements. For further risk factors associated with our
Company, review our SEC filings.