News & Media
Visonic Settlement Re Credit Suisse
Visonic (LSE: VSC.L; TASE: VSC.TA), the international developer and manufacturer of electronic security systems (alarms) and home management systems, is pleased to announce it will shortly have returned to it 100% of the Visonic monies previously invested by Credit Suisse Securities (USA) LLC (“Credit Suisse”), being $3.2 million in cash, that subsequently became the subject of a dispute between Visonic and Credit Suisse.
To date Visonic has already received $2.6 million and was advised by credit Suisse that it will
receive the balance of $600,000 on 5 November 2008.
The financial effects of Visonic receiving the $3.2 million back will be to increase Visonic’s cash balances by $3.2 million and to increase Visonic’s pre tax profit by $1.5 million in the year ending 31 December 2008.
The complete return of Visonic’s money follows the announcement by the North American Securities Administration Association on September 16, 2008 of a settlement between Credit Suisse and various state securities regulators, including the Attorney general of the State of New York, relating to auction rate securities.
