Satellite Security Corp. raised $2.9 million in a debt offering, the company announced July 18. The company, which provides GPS-based asset tracking systems and products, will use the proceeds to repay a $540,000 obligation due Aug. 31 to Double U Master Fund LP as well as other general working capital purposes.

Satellite Security also named Aidan Shields CFO effective July 14. Shields, most recently CFO at a startup merchant bank, has been working as an independent contractor for Satellite Security since June.