December 19, 2001
LiteWave Corporation (OTCBB:LTWV) said today that it has signed a Memorandum of Understanding to acquire the businesses and assets of privately held Andromeda Leasing Inc. headquartered in Los Angeles.
Andromeda installs equipment designed to track industrial containers, monitor transmissions of sensor readings, and send command signals. The intended acquisition is subject to customary conditions, including satisfactory completion of due diligence and the approval of the companies' boards of directors. Terms were not disclosed.
Andromeda is currently focused on the installation of ten units employing the Company's new technology process in a live test with one of the world's largest container companies. This version of the system has been specifically modified to meet the requested specifications required by that company. Subject to the successful results expected from the initial installation, Andromeda expects to install the new process units on most of the refrigerated containers worldwide.
"We are optimistic about Andromeda's potential to capture a significant share of the market for the tracking and controlling of refrigerated containers. Andromeda's control system, integrated with today's wireless technologies, provides a unique monitoring solution," said Ian Lambert, LiteWave's COO. "Litewave plans to focus its initial marketing effort on wireless systems for refrigerated containers".
Management is of the opinion that wireless tracking of all types of containers will become more prevalent in the foreseeable future, to identify the origin of a shipment, and provide handling data such as when the container has last been opened and confirmation of contents. This will become particularly important for in-bound containers arriving at an entry port into the USA, in order to meet expected new security requirements as new and improved Homeland Security measures are implemented.
The acquisition of Andromeda will augment LiteWave's marketing of GPS fleet tracking and messaging services from WebTech Wireless. On September 21, 2001, WebTech Wireless granted LiteWave exclusive marketing rights for all it's products and services throughout North America and Europe to affinity groups involved with emergency service departments (Police, Fire, Ambulance, Security) and public safety agencies.
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