GICE Security Launches its Privately Issued Warrants

GICE Security is issuing privately placed warrants in its working capital raise prgoram for GBP Sterling 10 million.

Singapore (PRWEB) May 28, 2006 -- GICE Security Ltd. announced today the launch of its Privately Issued Warrants to its institutional and private registered shareholders the first take up offering. At a reception cum workshop held at a major hotel for private investors comprising of private hedge funds managers, financial institutions, pension funds and a select group of private investors, GICE announced that this offering is for the raising of working capital to finance its current expansion program to build a design, manufacturing and support center in Singapore and Thailand.

There are 5,000 blocks of which 4,000 have been offered to institutional investors and various international funds managers. This edition of warrants will be used to raise GBP 10 million Sterling for its projected expansion programs and working capital requirements.

This facility will allow the Company to build its own design center and have a small scale manufacturing facility for its electronic circuit board assemblies for use on its GICE Track GPS asset tracking system. It will reduce the cost involved in having OEM and outsourcing arrangements with third party suppliers. The center will cost the Company GBP 3 million Sterling to build and the balance will be utilized for working capital.

GICE Security Ltd’s, President Dr. Leonard Fernando (PhD), said that this long awaited facility will boost its global position to make it a market leader in advanced tracking and monitoring system applications and solutions.

For details contact: GICE Investor Relations at +65. 6280 8770

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