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Inside Business - Hampton Roads, September 3, 2007

Norfolk-based Waterside Capital Corp. announced last week that it increased its investment to $3.4 million in its long-term client FireKing Security Group based in New Albany, Ind.

Waterside, a publicly traded SBA-licensed small business investment company, initially invested $2 million in preferred stock and warrants in the privately held FireKing in 1999. The investment allowed FireKing to acquire Norfolk Key and Lock, which Waterside had previously invested in. FireKing is a security and loss prevention company that has manufactured fireproof files since 1951.

FireKing bought the round of warrants back from Waterside in 2003.

The latest investments come as FireKing begins what it called “a top-to-bottom debt restructuring.”

According to a press release, the investment involves rolling a note of about $2.1 million and $1.3 million in new cash into a preferred stock investment. FireKing CFO Douglas Voet said in the release the investment will be used for working capital. IB