announced it executed an Intellectual Property Purchase Agreement relating to its acquisition of substantially all of the intellectual property of RF Wireless Solutions, a privately-held developer, designer and manufacturer of wireless equipment and solutions.
With this acquisition, PlasmaTech owns fully-developed, advanced radio frequency (RF) wireless technologies, devices and related equipment backed by more than 80 copyrights. These integrated solutions deliver some of the fastest, most secure and reliable transmission of wireless data communications available in the industry. Since 2005, RF Wireless's products have demonstrated success in applications for international and domestic industrial, government and commercial customers. RF Wireless's Diamond Sentry Platform is the first fully integrated equipment to combine various technologies such as ZigBee/802.15.4, cellular, Wi-Fi and Ethernet and Satellite connectivity into a single unified system for WAN, LAN and PAN Security.
PlasmaTech President Marvin Williams said the acquired portfolio of technologies is highly adaptable to both legacy systems and the most sophisticated emerging IP protocols. Company management foresees potential for future growth in a variety of vertical industries. Williams called the transaction “a major turning point” for the company, indicating that the acquisition will equip PlasmaTech with valuable core competencies and intellectual properties.
“By combining existing product lines with OEM relationships, access to capital markets and management resources, PlasmaTech will be in a prime position to exploit market opportunities in the global US$120 billion wireless access card reader market,” Wiliams said. “We have devoted substantial effort in seeking out the acquisition of a business to enhance shareholder value and believe this acquisition to be an unparalleled opportunity for PlasmaTech.”
The products included in the acquisition are designed to equip security solution service providers, automation specialists, and data and IP service providers with the tools to build previously limited and unimaginable, multirevenue producing networks that deliver high-speed, state-of-the-art data transmission, card access control and video surveillance services offering maximum reliability utilizing RF instead of wires.
Terms of the transaction provide for payment by PlasmaTech of a total of $485,000 cash and 4 million shares of PlasmaTech common stock over a three-year period.