PlasmaTech said that it has 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 services.
Terms of the transaction provide for payment by PlasmaTech of a total of $485,000 cash and 4m shares of PlasmaTech common stock over a three-year period.
With the acquisition, PlasmaTech owns radio frequency (RF) wireless technologies, devices and related equipment backed by over 80 copyrights. RF Wireless’s Diamond Sentry Platform, an integrated equipment, combines 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, the company said.
According to PlasmaTech, the products included in the acquisition are designed to equip security service providers, automation specialists, and data and IP service providers with the tools to build networks that offer data transmission, card access control and video surveillance services utilising RF instead of wires. The acquired portfolio of technologies is adaptable to both legacy systems and emerging IP protocols.
Marvin Williams, president of PlasmaTech, said: “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 $120bn wireless access card reader market. 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.”
