BSM Technologies Inc. Purchases HGI Wireless Inc.Business Editors/High-Tech Writers VAUGHAN, Ontario
Vaughan (IPA: /'vɔn/) (2006 population 247,464)[1] is a city in York Region north of Toronto, Ontario, Canada. , Canada--(BUSINESS WIRE)--Jan. 14, 2003 BSM BSM Business Service Management BSM Basic Security Module BSM Best Stations Memory (Pioneer car stereos) BSM Business Systems Modernization BSM Bronze Star Medal BSM Black Student Movement BSM Benilde-St. Technologies Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BSM) today announced that it has received conditional approval from The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. to complete the purchase of HGI HGI Home Gateway Initiative HGI hydroGEOPHYSICS, Inc (Tucson, Arizona) HGI Harris Group Inc HGI Heliographic Inertial HGI Horn Group Inc (San Francisco, CA) HGI Honda Granturismo Italia Wireless Inc. ("HGI") on January 2, 2003. Through this acquisition BSM has now established itself as one of the premium manufacturers of innovative wireless asset tracking and management solutions. HGI's premier product the "Stinger", developed in cooperation with the Minneapolis Police Department The Minneapolis Police Department also known as MPD is the police department for the city of Minneapolis, in the state of Minnesota, United States. The city has 5 precincts.[1] Notes 1. ^ Precincts. City of Minneapolis. and Minneapolis Auto Theft Prevention Task Force, is an integrated hardware/software wireless solution designed for surveillance and tracking of vehicles and mobile assets in high-risk operations such as Law Enforcement Bait and Covert Operations. BSM will now actively market its follow-on products in the, Corporate and Executive Security, Loss Prevention, Tractor-Trailer, Hazardous Material Transport and Armored Vehicle Fleets markets. The acquisition of HGI is conditional upon BSM Technologies Inc. obtaining retroactive minority shareholder approval for the acquisition at the next meeting of BSM shareholders to be held in March of 2003. In the event minority shareholder approval is not obtained, the shares offered as consideration pursuant to the acquisition will be cancelled and all incoming and outgoing monies and/or assets resulting from the business of HGI will be accounted for by HGI and will not appear in the financial statements of BSM. That is, the acquisition will be unwound un·wound v. Past tense and past participle of unwind. unwound unwind ." BSM Technologies Inc. will acquire 100 percent ownership of HGI from Applied Innovations Group Inc. in exchange for 17.1 million shares of BSM and the assumption by BSM of an outstanding shareholder loan in the amount of $1.3 million dollars. The 17.1 million common shares to be issued pursuant to the acquisition of HGI will be subject to a surplus escrow, the term of which will begin on the day minority approval is obtained, and will be released in equal installments every six months for the next six years. About BSM Technologies Inc. (TSX VENTURE:BSM) BSM Technologies Inc. and its subsidiary's BSM Wireless and Encore Asset Services Inc. provide customers with a wide range of asset management, asset tracking and asset monitoring solutions through traditional and wireless technology. BSM also provides key business functionality and defined solutions, such as secure credit card transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. , as well as the development of custom e-business solutions for corporations seeking to serve their customers better and more cost effectively using an Internet business model. http://www.bsmtechnologies.com About HGI Wireless Inc. HGI Wireless Inc. is a provider of innovative wireless solutions to law enforcement. Using sophisticated technologies such as, digital mapping, GPS and wireless communications, HGI Wireless designs, develops and integrates AVL (Automatic Vehicle Location) See mobile positioning. systems that enable its customers to monitor assets and/or exchange mission-critical information with mobile units in real-time. Its proprietary software and customizable hardware product, offers seamless, wireless communications over radio, cellular or satellite networks, geo-fencing and self-monitoring. HGI Wireless is headquartered in Vaughan, Ontario, with offices in the U.S. in Florida, Washington and Redmond and Budapest, Hungary. Learn more at http://www.hgiwireless.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion