Unican Security Systems Ltd. Announces the Acquisition of Lodging Technology Corporation-LTC

Aaron Fish, Chairman and Chief Executive Officer of Unican stated "The acquisition of LTC will provide Unican with a platform to provide total system solutions and a broader range of products to the hospitality industry. The technology will also be leveraged and migrated to commercial applications."

According to William Fizer, President and Chief Executive Officer of Lodging Technology Corporation, "the synergy between our GEM System® energy and time management products and Unican's innovative guestroom lock products will solve many problems facing hotel owners in the areas of energy cost reduction, staff efficiency, guest service and safety."

Terms of the transaction were not disclosed and part of the consideration was paid in Unican shares.

Unican Security Systems Ltd., with sales in fiscal 1999 surpassing Cdn. $475 million, is a leading global supplier of access control products for both the hospitality and commercial sectors, as well as mechanical and electronic security products for the safe and vault industry. Unican is also the world's leading supplier of key blanks, key cutting equipment and mechanical pushbutton locks.

Unican Security Systems Ltd. is traded on both the Montreal and Toronto stock exchanges under the UCS symbol.