China Joint Venture Meets With 2008 Chinese Olympic Officials; Sure Trace Completes Globe Staff Acquisition; Acquisition Restruc
July 12 2005 - 9:57AM
Business Wire
Sure Trace Security Corporation (OTC:SSTY) is pleased to announce
that it has completed the acquisition of Globe Staff Consulting
(GSC). Unlike the prior acquisition agreement, the main
consideration for the purchase was the issuance of restricted
stock. The restructured agreement reduced the cash requirements
contained in the earlier purchase document, which will free up
resources for the Company's China initiative and other endeavors.
Michael Cimino, the Company's President said, "Our Chairman, Jim
Mackay, was instrumental in this renegotiation of the acquisition
price. Not only did the Company drastically reduce the purchase
price, the Company was able to deliver another technology to the
Chinese market that it has been clamoring for and to further
enhance our overall perceived usefulness to the Joint Venture. We
recognized a market need and found the way to deliver what they
wanted." Recently, GSC has conducted successful demonstrations of
its Globe Track technology with two major international security
companies, within the past few weeks and both companies have
expressed a strong interest regarding GSC's products and services.
Additionally, the French Government has referred a major industry
representative to SSTY, via its GSC connections regarding a bold
anti-counterfeiting measure aimed at the worldwide retail goods
market. Additionally, our Chinese joint venture, Sure Trace
Technology (Beijing) Limited, has also met with the 2008 Chinese
Olympic Committee. Our partner Suneray had presented our
anti-counterfeit technology to the Committee for use in tickets,
merchandise and credentials as well as GSC's Geo Track technology
for use involving the participants in the games. Also, our Chinese
counterpart, Suneray has indicated to our management that several
companies will be positioned to begin exploiting the Joint
Venture's solutions involving tobacco, documents, to produce and
other retail items. About Sure Trace Security Corporation Sure
Trace is one of the premier systems integrators for
anti-counterfeiting and security surveillance applications and a
world-class provider of integrated tracking devices. The company
intends to deliver turnkey solutions, both onshore and offshore,
for governments, armed forces and industry, through its own
proprietary technology and through aggregating the technology,
products and services of third parties via licensing agreements and
or joint ventures. For more information go to: www.suretrace.com.
Safe Harbor: This press release contains forward-looking
information within the meaning of section 27A of the Securities Act
of 1933 and section 21E of the Securities Exchange Act of 1934 and
is subject to the Safe Harbor created by those sections. This
material contains statements about expected future events and/or
financial results that are forward-looking in nature and subject to
risks and uncertainties. Such forward-looking statements, by
definition, involve risks, uncertainties and other factors, which
may cause the actual results, performance or achievements of Sure
Trace to be materially different from the statements made herein.
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