News Releases

Waterside increases investment to $3.4 million in Indiana company

NORFOLK, VA, August 30, 2007 -- Waterside Capital Corporation, a Norfolk company that invests in small businesses, announced today that it has increased its investment to $3.4 million into long-term client FireKing Security Group based in New Albany, Ind.

FireKing is a leading security and loss prevention company that has manufactured fireproof files since 1951.

In 1999, Waterside initially invested $2 million in preferred stock and warrants in the privately-held company. The investment helped FireKing acquire NKL (Norfolk Key and Lock), which Waterside was invested in.

FireKing bought the warrants back in 2003.

Waterside recently increased its investment to $3.4 million into FireKing as it begins a top-to-bottom debt restructuring. 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 says the investment will be used for working capital.

Leaders from both companies are available for comment at:
     Lin Earley, CEO, Waterside Capital Corporation
     (757) 626-1111 ext. 307 or david@rourkpr.com

     Douglas Voet, CFO, FireKing
     (812) 542-3500 or david@rourkpr.com

Waterside Capital Corporation (www.watersidecapital.com) is a Small Business Investment Company (SBIC), headquartered in Norfolk, Virginia with a portfolio of approximately $28.3 million of loans and investments in 19 companies located primarily in the Mid-Atlantic region. Waterside Capital’s individual investments range from $500,000 to over $3 million.

FireKing Security Group (www.FireKing.com) is a privately-held company headquartered in New Albany, Ind. Since 1951 they've been a leading security and loss prevention company by manufacturing high-quality fireproof files. FireKing’s member brands include FireKing, McGunn Safe, EXL Safe, Adesco Safe, Meilink Safes, Gary Safes, NKL Cash Handling, and Image Vault Digital Video Recorders.

David Rourk contact
(757) 478-0150, david@rourkpr.com