PROVIDENCE – Rhode Island business owners have a new resource to access information about the state’s new fire safety law, including an online form for applying for low interest loans through the Small Business Administration if the new law requires them to renovate their facilities.
The new Web site of the Joint Commission on Fire Safety provides information on the new law and how it was crafted, as well as other useful links. Included on the site are the minutes of every meeting and written testimony received by the commission. The text of the resulting law, the Comprehensive Fire Safety Act of 2003, as well as the full final report of the commission, can be viewed on the site: http://www.rilin.state.ri.us/ gen_assembly/firecommission/fire.htm.
Nestor completes $2 million financing
PROVIDENCE – Nestor Inc. has announced that it has placed a $2 million fixed price convertible note in a transaction with Laurus Family of Funds, a fund that specializes in providing financing solutions to emerging small- and mid-capitalization companies.
With the financing, Nestor will continue to fulfill the existing order backlog of its patented CrossingGuard traffic safety system. William B. Danzell, president and CEO of Nestor, said in a press release: “As the demand for our CrossingGuard system has accelerated, we realized a need for additional capital to fulfill the expanding order backlog. The Laurus Funds investment will allow us to continue with installations and to keep our growing list of municipal customers satisfied with timely deliveries of the CrossingGuard system.”
Nestor Traffic Systems has deployed the CrossingGuard System in the California municipalities of Costa Mesa, Cerritos, Fullerton, Pasadena, Long Beach, Rancho Cucamonga, Montclair and Fresno. Outside of California, municipalities in Virginia, Iowa, Tennessee and Kansas have utilized this traffic safety product. Nestor Inc., through its wholly owned subsidiary, Nestor Traffic Systems, provides innovative, video-based solutions and services for traffic safety.
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