||Alanco Investor Relations
Alanco Completes $2.0 Million Institutional Equity Financing
(Scottsdale, AZ - April 19, 2004) - Alanco Technologies, Inc. (NASDAQ: ALAN) announced today that institutional investors, including several who participated in the November, 2003 financing, have purchased 1,380,000 shares of the Company’s unregistered Class A Common Stock for $2,070,000.
Robert R. Kauffman, Alanco Chairman and CEO, commented, “This additional institutional equity investment in our company is particularly gratifying since it represents a second round of investment for the lead investors following their recent due diligence visit to observe the operation of our TSI PRISM technology at the Logan Correctional facility in Lincoln, Illinois.”
Alanco Technologies, Inc. (NASDAQ: ALAN), headquartered in Scottsdale, Arizona, is the developer of the TSI PRISM RFID continuous tracking system for the corrections industry, which tracks the location and movement of inmates and officers, resulting in significant prison operating cost reductions and dramatically enhanced officer safety and facility security. Utilizing RFID (Radio Frequency Identification) tracking technology with proprietary software and patented hardware components, TSI PRISM provides real-time inmate and officer identification, location and tracking capabilities both indoors and out. The TSI PRISMsystem is currently utilized in prisons in Michigan, California and Illinois.
Except for historical information, the statements contained in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are subject to, and are qualified by, risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. These risks and uncertainties include, but are not limited to, reduced demand for information technology equipment; competitive pricing and difficulty managing product costs; development of new technologies which make the Company’s products obsolete; rapid industry changes; failure of an acquired business to further the Company’s strategies; the ability to maintain satisfactory relationships with lenders and to remain in compliance with financial loan covenants and other requirements under current banking agreements; and the ability to secure and maintain key contracts and relationships.