Xumanii (OTCQB:XUII) announced that it has acquired RFID business,
Trakkers LLC, for 2 million preferred shares of Xumanii. The
effective date of the transaction is October 1, 2013. The preferred
shares have a face value of $1, valuing Trakkers at $2 million.
Trakkers has developed its own proprietary RFID scanners (named
"Mi"). The "Mi" has some unique features including the ability to
scan RFID, 1 & 2 dimensional bar codes and mag stripes - all
from one device approximately the size of a smart phone. The Mi
also has a touch screen and a GPRS capability (scanned data can be
sent over mobile phone networks to any location). Trakkers is
currently generating revenue by providing the scanners to major
trade shows where they are used as lead retrieval devices. Trakkers
devices have been used at many of the biggest trade shows in the
United States including CES, Comicon and many more.
Revenue for Trakkers for the fiscal year ending April 2013 and
2012 was $1,573,473 and $1,200,142 respectively. Adjusted EBITDA
for the fiscal year ending April 2013 and 2012 was $383,110 and
$228,270 respectively. More financial and other information will be
provided in a super 8K. More information about Trakkers can be
found at www.Trakkers.com.
Xumanii acquired Trakkers from Tesselon LLC, a subsidiary of
Inova Technology, Inc. ("Inova"). Inova CEO, Adam Radly, said, "We
decided to break Inova into two parts so that our network solutions
business and the RFID business can pursue their own business plans
without being constrained by each other and also to enable our
shareholders to invest in one or the other or both as opposed to
being forced to invest in both."
Upon completion of the transaction Mr. Adam Radly will
temporarily hold the position of CEO of both Inova and Xumanii
concurrently while the board and senior management of Inova and
Xumanii are adjusted to reflect their new business plans. Mr.
Frigon has resigned from the board of Xumanii and is no longer
playing a role in Xumanii.
Mr. Radly said, "The primary strategy going forward for Xumanii
will be to build a company around mobile solutions. Although we
have a great platform business in Trakkers, we do not intend to
only focus on trade show solutions. It will be more accurate to say
that we will focus on mobile and wireless solutions and that the
current lead retrieval solution is just one application of our
wireless, mobile technology. We plan to build a mobile solutions
business that will include the use of RFID in mobile solutions for
asset tracking among other mobile solutions. I look forward to
providing more detail about our strategy over the next several days
and weeks".
The assets acquired by Xumanii include the following:
- Trakkers LLC along with all of the intellectual property
associated with its current and future products and solutions.
- The business and assets of Right Tag, Inc.
- Trakkers LLC has approximately $4 million of debt that will
remain with Trakkers.
Xumanii plans to file an S1 registration Statement in order to
raise capital to fund its business plan and allow Inova
shareholders to become Xumanii shareholders. Upon being deemed
effective by the SEC, the registration statement will allow Inova
shareholders to acquire one Xumanii share for each Inova share that
they owned as at the Effective Date (October 1, 2013). However,
shareholders should be aware that there can be no assurance that
the SEC will deem the S1 Registration Statement effective. As at
September 30, 2013 the shareholders of Inova held shares valued at
approximately $400,000 so dilution as a result of this share issue
is not expected to be significant given Xumanii's current market
cap of approximately $8 million.
Upon completion of the transaction and after giving effect to
the issue of shares owed to certain people and entities that were
previously involved with Xumanii the number of shares outstanding
will increase from the current number of approximately 341 million
to approximately 550 million shares. The increase in authorized
will required a shareholder meeting.
The new Xumanii management will assess the ongoing viability of
the existing streaming business in Xumanii. Among the opportunities
that may be pursued is using the Xumanii technology to stream live
events at trade shows in addition to live concerts.
Contact: Adam Radly, info@inovatechnology.com.
About Xumanii
Xumanii broadcasts live events in HD from multiple cameras,
wirelessly, with an extremely low production cost. Xumanii will
allow content to be broadcasted as a Pay-Per-View model, generating
revenues from consumers directly or as a "FREE" content model,
generating revenues from advertisement, product placements and
sponsorship.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995: Except for historical
information, the forward-looking matters discussed in this news
release are subject to certain risks and uncertainties which could
cause the Company's actual results and financial condition to
differ materially from those anticipated by the forward-looking
statements including, but not limited to, the Company's liquidity
and the ability to obtain financing, the timing of regulatory
approvals, uncertainties related to corporate partners or
third-parties, product liability, the dependence on third parties
for manufacturing and marketing, patent risk, copyright risk,
competition, and the early stage of products being marketed or
under development, as well as other risks indicated from time to
time in the Company's filings with the Securities and Exchange
Commission. The Company assumes no obligation to update or
supplement forward-looking statements that become untrue because of
subsequent events.
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