Cycomm signs agreement to acquire M3i Technologies Inc.MCLEAN, Va.--(BUSINESS WIRE)--June 17, 1996--Cycomm International Inc. (AMEX AMEX See: American Stock Exchange :CYI CYI Can You Imagine ) announced Monday that it has signed a letter of intent to acquire substantially all of the assets of M3i Technologies Inc. ("PCMobile"), a Montreal, Canada-based company that designs and sells mobile computing Using a computing device while in transit. Mobile computing implies wireless transmission, but wireless transmission does not necessarily imply mobile computing. Fixed wireless applications use satellites, radio systems and lasers to transmit between permanent objects such as buildings and communication systems which it currently sells to the public safety and utility markets. Albert I Albert I, king of the Belgians Albert I, 1875–1934, king of the Belgians (1909–34), nephew and successor of Leopold II. He married (1900) Elizabeth, a Bavarian princess. . Hawk, president and chief executive officer of Cycomm stated that "this acquisition represents a strategic move to broaden our market share in the growing field of integrated secure mobile computing and communication. "The products and markets represent an ideal merger with the core technologies of our subsidiaries XL Computing in Sebastian, Florida Sebastian is a city in Indian River County, Florida, United States. The population was 16,181 at the 2000 census. As of 2004, the population recorded by the U.S. Census Bureau is 18,671 [1]. and Cycomm Corporation in Portland, Oregon. "The acquisition of PCMobile further broadens XL Computing's historical government oriented customer base into commercial markets and provides a platform for Cycomm's privacy, scrambling and encryption The reversible transformation of data from the original (the plaintext) to a difficult-to-interpret format (the ciphertext) as a mechanism for protecting its confidentiality, integrity and sometimes its authenticity. Encryption uses an encryption algorithm and one or more encryption keys. technology into the data and mobile computing markets." Hawk further stated that "it is the intent to manage this business as a subsidiary of XL Computing and to maintain a presence in Canada." M3i Technologies had revenues for the fiscal year ended March 31, 1996 of Cdn$2,348,178 and total assets of Cdn$11,094,769. The closing will occur on or before June 28, 1996 and the purchase price will consist of a combination of cash and common stock paid on an earn out basis, not to exceed $5 million. M3i is principally owned by Hydro Quebec and Midlands Electricity The Midlands Electricity Board was formed in 1947, under the Electricity Act of that year. The counterpart of the East Midlands board, it served southern, and western parts of Warwickshire, as well as the counties of Worcestershire, Herefordshire, Shropshire, and Staffordshire, as plc of the United Kingdom. Pierre Guilbault, chief financial officer of M3i Systems Inc. stated "M3i Systems Inc., the parent company, is refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus its activities to its core business, real time, image-based software information systems. "Cycomm is well equipped to take PCMobile to is customers in the government and commercial markets. Accordingly, the purchase price incorporates a significant equity component to realize the appreciation of M3i Technologies as well as Cycomm." Cycomm International Inc., headquartered in McLean with subsidiaries in Sebastian, Fla., Portland, Ore., Boston, and Albuquerque, N.M., develops, provides and manufactures a variety of information technology products, including computers and computing systems, wireless and cellular devices, and secure communications products and other telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. . For further information, contact Albert I. Hawk, president and chief executive officer, at 800/884-8544 or Alan Bishop, president of XL Computing Corp., at 800/225-5874. For product information, contact Rick Mandrell at 800/367-7748 or visit the company's web site at www.privafone.com. CONTACT: Cycomm International Inc., McLean Albert I. Hawk, 800/884-8544 or Rick Mandrell, 800/367-7748 or XL Computing Corp. Alan Bishop, 800/225-5874 |
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