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 completed the acquisition
of controlling interest in Lockwood Technology Corporation, a
leading RFID software and hardware solutions provider, from
Daedalus Capital, LLC.
As previously disclosed, Infrax Systems acquired 70% interest in
Lockwood Technologies from Daedalus Capital in a stock based
transaction valued at $1,650,000. As part of the transaction,
Daedalus Capital provided additional working capital to Infrax to
fund current development activities of Infrax Systems and Lockwood.
Lockwood's revenues are anticipated to exceed $1,000,000 over the
next 12 months from their current opportunities and Infrax also
plans to 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, asset
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.
"We are pleased to welcome the Lockwood team to Infrax. We have
been extremely impressed by the robustness of their platform and
are looking forward to adding RFID technology and Asset Management
to Infrax's Secure Intelligent Energy Platform. Lockwood's unique
solutions for controlling access to Utility facilities, including
power generation, energy control centers and substations will play
a crucial role in securing the energy grid," said Paul J. Aiello,
CEO of Infrax. "Our goal is to expand the reach of Lockwood
Technology into the energy sector, while introducing Infrax
Network's product offering into Lockwood's customer base of public
safety, government and defense clients."
According to IDTechEX, the Global market for RFID technology in
2010 was $5.63 billion, up from $5.03 billion in 2009. This
includes tags, readers and software, services for RFID cards,
labels, fobs and all other form factors. ABI Research has
forecasted that the overall market will pass the $6 Billion mark in
2011.
The primary drivers for growth will be "modernizing"
applications including asset management, cargo tracking and
security, corporate employee identification I.D. cards, networks
and facility access control, transport passes, as well as supply
chain management. Future applications of Lockwood's technologies
may include near field communication (NFC) RFID stickers, banking,
Electronic money and Mobile commerce.
Infrax plans to incorporate Lockwood's RFID tracking solutions
into its complete product portfolio and to continue to expand their
Integration Partner and affiliate programs. Lockwood's current
integration partners include Microsoft, Motorola, Lockheed Martin,
General Dynamics and GovPlace.
"The combination of Lockwood Technology and Infrax Systems will
benefit our shareholders, customers and employees by offering
additional opportunities for revenue growth and technology
development," Mr. Aiello also states, "As we begin the integration
process, we are also focused on completing the due diligence phase
for our other pending acquisitions."
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 need. Our affiliate program extends
throughout the United States, Canada, Europe, Asia and the Pacific
Rim. Our Asset Tracking & Management Software easily tracks
assets using bar coding, radio frequency (RFID), imaging, and
wireless technologies. Our Large Enterprise Edition is a
client/server, multi-user, menu-driven asset database manager which
runs on MS Windows XP, Vista and Windows 7 operating system,
utilize SQL Server 2005 & 2008 and can track virtually
anything!
Lockwood also offers a complete line of Mobile Information
Systems products, which are compatible with Windows Mobile and that
feature; bar coding, 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