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NEWSWIRE
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COE lands new funding, announces new CEO |
23.07.2008 
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LEEDS, UK--COE, a developer and supplier of integrated IP video surveillance systems, based here, has completed an agreement for further financing with its major shareholder, IP Group.
The new funding, which comes in the form of a GBP 350,000 secured debt facility, will be used to fund working capital as the company "continues to execute its growth plan," COE said in a statement.
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COE said the funding is not regarded as a long-term source of finance and company directors expect to "need additional finance in the medium to in order to more fully capitalize the company."
In concert with the new funding, COE has announced plans to streamline its management and operational structure. In line with that, the company's CEO, Andrew Wallace, has agreed to leave the company as of July 31, to be replaced by Ian Jefferson, currently COE's finance director.
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