Airbee Acquires Leading Automotive Anti-Theft Device Company.ROCKVILLE, Md. -- Airbee Wireless, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :ABEW) today announced the acquisition of Rancho Cordova Rancho Cordova (răn`chō kôrdō`və), uninc. residential city (1990 pop. 48,731), Sacramento co., N Calif. A suburb of Sacramento, it experienced rapid growth in the late 20th cent. , California-based Identity, Inc., a leading distributor of automotive anti-theft devices to America's 22,000 new car dealerships. Using advanced short-range wireless technology, Identity's products provide total immobilization Immobilization Definition Immobilization refers to the process of holding a joint or bone in place with a splint, cast, or brace. This is done to prevent an injured area from moving while it heals. of a vehicle's ignition system ignition system In a gasoline engine, the means used for producing an electric spark to ignite the fuel-air mixture in the cylinders to produce the motive force. The ignition system consists of a storage battery recharged by a generator, an induction coil, a device to to prevent theft. Identity's current nationwide customer base includes dealerships representing General Motors, Ford, Daimler Chrysler, Dodge, Toyota, Lexus, Nissan, Honda, Acura, Suzuki, Hyundai, and Kia. The Identity(TM) products are endorsed by the International Association of Auto Theft Investigators. Among the business reasons for acquiring Identity in this $5 million all stock transaction is that it has proven itself to be successful with auto dealers as a value-added after-market sales product which can easily showcase Airbee's short-range wireless technology. Consumers regularly benefit from a reduction in their insurance premiums because of anti-theft devices like Identity(TM). Identity will deploy Airbee's ZigBee-ready wireless software into its existing product line. Other reasons for this strategic investment include assisting automotive dealers in tracking their inventory with Airbee's software, and increasing consumer awareness of products with Airbee's wireless software technology embedded inside. Airbee has agreed to pay 7.7 million restricted shares for Identity. Raj raj also Raj n. Dominion or rule, especially the British rule over India (1757-1947). [Hindi r Sundaresan, Airbee's President, remarked that, "we found a strategic opportunity with Identity, which implements an element of our long-term business plan, to sell into niche automotive applications that include Airbee's wireless software." With more than 30 years of automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. experience, Dan Nelson, founder and President of Identity, has been named President of the Airbee Automotive Group. Mr. Nelson said, "The strategic integration of Identity's hardware with Airbee's embedded software Instructions that permanently reside in a ROM or flash memory chip. Embedded software may be immediately available to the CPU or, for faster execution, may be transferred to RAM first and then executed. , plus our common business focus will give rise to shared objectives being achieved more quickly with this merger." The Identity(TM) brand, already widely regarded by the auto dealerships, will be powered with Airbee's wireless software technology inside. About 18 million new vehicles are expected to be sold in the US this year. More than 1.2 million vehicles valued at more than $8.4 billion are expected to be stolen, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Insurance Information Institute. About Airbee Airbee is an innovator of intelligent software solutions for unwired Unwired is an Australian public company dedicated to building a nationwide, fixed wireless telecommunications network offering carrier grade Internet services. They currently provide coverage in Sydney and Melbourne. voice, data and video networking. Products include embedded software, management platform, development tools and services and RF security devices for the auto industry. Airbee technology is licensed by OEMs, silicon providers and integrators. All products are designed and engineered to comply with ZigBee / IEEE (Institute of Electrical and Electronics Engineers, New York, www.ieee.org) A membership organization that includes engineers, scientists and students in electronics and allied fields. 802.15.4 global standards. We believe Airbee's technology offers affordability, greater flexibility and shorter time to market than other current software solutions. To learn more about Airbee's wireless software, please visit www.airbeewireless.com, or call 301-517-1860. Legal Notice Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : "Forward-looking statements" may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. Airbee Wireless, Inc. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions (including in the information technology and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, and/or changes in our business strategies. |
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