INFRAX SYSTEMS, Inc. (OTCBB: IFXY), a global provider of unified
Smart Grid-related products and services for the Energy and Utility
industries, announced today that it has entered into an agreement
to acquire controlling interest in Lockwood Technology Corporation,
a leading integrator of RFID-based software and hardware solutions
for asset management, from Daedalus Capital, LLC.
Under the terms of the agreement, Infrax systems will acquire
70% interest in Lockwood Technology from Daedalus Capital in a
stock-based transaction valued at $1,650,000. As part of the
transaction, Daedalus Capital will also provide additional working
capital to Infrax and fund current development activities of
Lockwood. Infrax will continue to support Lockwood Technology's
customer base and utilize their expertise in future smart grid
deployment projects.
The Lockwood technical team has a 16-year track record of
developing and implementing comprehensive asset tracking,
information management and security solutions for public and
private organizations. Lockwood has deployed solutions for a
variety of government agencies, including the US Department for
Homeland Security, the Air Force Office of Scientific Research, the
US Army and the US House of Representatives.
"The addition of RFID and real-time location systems technology
to Infrax's Secure Intelligent Energy Platform will enhance our
security offerings to Utilities and Municipalities. Controlling
access to facilities and tracking materials in the warehouse or
maintenance vehicles is a critical component of securing the energy
grid," said Paul J. Aiello, CEO of Infrax. "The deployment of
Lockwood's solutions, especially its SmartTracker software for
mobile workforce applications and its EventManager software for
automatic event detection and incident reporting, will be of
significant benefit to our customers."
Infrax plans to incorporate Lockwood's RFID-based tracking
solutions into its complete product portfolio and to continue to
expand the company's integration partner and affiliate programs.
Lockwood's current integration partners include Microsoft,
Motorola, Lockheed Martin, General Dynamics and GovPlace.
"Lockwood Technology will also allow INFRAX to expand our
current GRID data collection to include a robust backend processing
component in a hosted environment," Mr. Aiello also states. "From
the beginning Infrax set out to become an end-to-end solution
particularly for the Utility industry. By adding BSI's installation
footprint and Lockwood's real time asset tracking and automation
software we are on track to achieve this goal."
The acquisition is expected to close within 60 days after the
completion of due diligence. Additional financial details of the
transaction will be disclosed with the completion of the
acquisition or when available.
How this acquisition affects Infrax Systems and
what it means to our shareholders
Shareholder Equity -- Lockwood's
acquisition will add an estimated $1.6M in shareholder equity to
our balance sheet at closing, subject to the final accounting
review.
Product Offerings -- RFID is the wave of
the future. It is an effective replacement technology for simple
barcodes because no line of sight is required and RFID tags can be
read both automatically and simultaneously with no manual labor
required. The potential implementation for this technology is
endless. The addition of RFID technology to Infrax's Secure
Intelligent Energy Platform will enhance our security offerings to
utilities and municipalities. Controlling access to facilities and
tracking materials in the warehouse or maintenance vehicles is a
critical component of securing the energy grid.
About Lockwood Technology Corporation
Since 1994 Lockwood Technology has focused on developing world
class asset tracking software and asset tracking services. Our
development teams have built efficient integrated systems for
clients worldwide. Our client base includes entities from many
vertical markets including finance, healthcare, hospitality,
manufacturing, transportation, law enforcement, education, federal
government, public sector, legal, telecommunications and insurance.
Fortune 500 companies throughout the world choose Lockwood as the
solution that fits their needs. Our affiliate program extends
throughout the United States, Canada, Europe, Asia and the Pacific
Rim. Our asset tracking and management software easily tracks
assets using barcoding, RFID, imaging and wireless technologies.
Our Large Enterprise Edition is a client/server, multi-user,
menu-driven asset database manager that runs on MS Windows XP,
Vista and Windows 7 operating system, utilize SQL Server 2005 and
2008 and can track virtually anything.
Lockwood also offers a complete line of mobile information
systems products that are compatible with Windows Mobile and
feature barcoding, RFID, biometric, imaging and wireless
technologies. Lockwood products are offered for licensed in-house
use or as a hosted (SaaS) solution.
For Lockwood Technology information, visit
www.lockwoodtechnology.com.
About INFRAX Systems
Infrax Systems offers a series of interrelated operational
management, communications, and grid security related products and
services known as Secure Intelligent Energy Platform (SIEP). Our
products enable a comprehensive and unified solution for
communications and applications management of the Smart Grid. SIEP™
incorporates a wide array of communications, security, device and
data management tools for Smart Grid applications such as advanced
metering solutions and grid optimization. SIEP platform creates a
unified solution to securely manage Advanced Metering
Infrastructure (AMI) and distribution automation. Infrax's secure
smart grid platform incorporates a communications transport and
management system, (Grid Mesh™), device and data security
management, and ultimately secures intelligent endpoint devices
(SIED). The secure management of the "last mile" backhaul will be
necessary for utilities to implement Smart Grid applications
including AMI, real-time pricing, Demand Side Management (DSM),
Distribution Monitoring and Automation. When combined, these
applications can offer economic, operational and environmental
benefits for utilities, and ultimately the utility's customers.
For INFRAX Systems information, contact Investors@Infraxinc.com
or visit www.infraxinc.com.
Forward-Looking Statements This press release may contain
forward-looking statements covered within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements relate to, among other things, plans and
timing for the introduction or enhancement of our services and
products, statements about future market conditions, supply and
demand conditions, and other expectations, intentions and plans
contained in this press release that are not historical fact and
involve risks and uncertainties. Our expectations regarding future
revenues depend upon our ability to develop and supply products and
services that we may not produce today and that meet defined
specifications. When used in this press release, the words "plan,"
"expect," "believe," and similar expressions generally identify
forward-looking statements. These statements reflect our current
expectations. They are subject to a number of risks and
uncertainties, including, but not limited to, changes in technology
and changes in pervasive markets.
Contact: Media Contact: Infrax Systems, Inc.
investors@infraxinc.com 727-498-8514