SOURCE: Somerset International Group, Inc.

September 24, 2007 09:30 ET

Somerset International Group Announces Conversion of Preferred Shares to Common

BEDMINSTER, NJ--(Marketwire - September 24, 2007) - Somerset International Group, Inc. (OTCBB: SOSI), a security technology holding company, today announced that 75% of the holders of the company's Series A Redeemable Convertible Preferred Stock have elected to convert their preferred shares into common stock at a conversion price of $0.40 per share, effective September 28, 2007. In accordance with the terms of the Preferred Stock, this results in the mandatory conversion of the balance of the Series A Redeemable Convertible Preferred Stock at the same conversion price and effective date. These conversions will result in the issuance of approximately 9.9 million shares of Somerset Common Stock.

John X. Adiletta, President and Chief Executive Officer of Somerset, commented, "We appreciate the strong support of our preferred shareholders, who have elected to convert their shares into common stock at $0.40 per share. Not only does this transaction enhance and simplify our capital structure, but it significantly reduces our expenses by eliminating approximately $90,000 per quarter of dividends we would have otherwise paid on these shares. We remain focused on our strategy of acquiring and integrating complementary businesses with high growth rates, as well as an established customer base and products that would benefit from cross-selling across our portfolio companies."

About Somerset International Group, Inc.

Somerset International Group, Inc. finds undervalued technology investments aligned around the exponential growth in concern and demand for security and the acquisition of profitable and near-term profitable private small- and medium-sized businesses that provide proprietary security products and solutions for people and enterprises -- from personal safety to information security. Additional information about the company is available at: http://www.somersetinternational.com.

About Secure System, Inc.

Secure System, Inc. provides personal alarm systems, wireless transmitters and receivers, and personal alarm locators. The company currently serves colleges and universities and medical and mental health facilities. Its products are also easily adaptable for office campuses, residential facilities, and correctional facilities. The system works by providing an individual with a wireless personal alarm locater with which they can summon help and be located by the pressing of a button. Additional information about the company is available at: http://www.securesysteminc.com.

About Meadowlands Fire, Safety, and Electrical Supply Co., Inc./Vanwell Electronics, Inc.

Meadowlands and Vanwell specialize in the distribution, sale, installation and maintenance of fire and security equipment and systems that include fire detection, video surveillance, and burglar alarm equipment. Meadowlands and Vanwell have similar product availability from distinct manufacturers. This affords the opportunity to provide a wide array of specified equipment with the flexibility to offer cost effective alternates when appropriate. The products encompass complete lines of fire, CCTV (closed circuit TV), communications and PA systems; services include maintenance contracts, monitoring services and system engineering. Additional information about the company is available at: http://www.meadowlandselec.com

Statements about our future expectations are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business, including those set forth under the caption "Risk Factors" in our most recent Registration Statement on Form SB-2 dated December 6, 2006 filed with the SEC and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.

Contact Information

  • Investor Relations:
    David K. Waldman
    Klea K. Theoharis
    Crescendo Communications, LLC
    (212) 671-1020