Press Release – New York, NY – March 7, 2017 – Nationally recognized securities and corporate law firm Sichenzia Ross Ference Kesner LLP announced today that it has represented Brekford Corporation (“Brekford”) in the sale of 80.1% of its vehicle service business.
Pursuant to a Contribution and Unit Purchase Agreement, Brekford contributed substantially all assets and certain liabilities related to its law enforcement vehicle upfitting business to Global Public Safety, LLC (“GPS”) and sold 80.1% of the units of GPS for approximately $4 million in cash and a $2 million promissory note that will be secured by the purchaser’s GPS units. Brekford retains ownership of 19.9% of the units of GPS as a minority member.
The Sichenzia Ross Ference Kesner LLP team was led by partners Thomas Rose and David Manno.
Brekford provides state-of-the art automated traffic enforcement solutions to municipalities and other public safety agencies throughout the United States. Its services include automated speed, red light, and distracted driving camera enforcement programs. Brekford’s combination of automated traffic enforcement services with a longstanding background and foundation in public safety solutions offers a unique 360-degree solution for law enforcement agencies and municipalities.
