March 21, 2010 (FinancialWire) — MSGI Security Solutions Inc. (OTCBB: MSGI) said it has retired $2.6 million in debt directly related to equipment financing, which originated in December 2007. The three note holders represented $1.9 million in principal and approximately $700,000 in accrued interest.

According to MSGI, the former note holders agreed to convert their debt into unregistered common stock of MSGI based on a $.20 conversion price and further agreed not to sell any of their shares held until 2011.

Jeremy Barbera, chairman and CEO of MSGI said that MSGI had retired around $15 million in debt this month.

New York-based MSGI Security Solutions is a provider of proprietary solutions to private sector and government organizations. MSGI is developing a combination of emerging businesses that commercialize technology.

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