HMSC signs a letter of intent to acquire a company manufacturing RFID-enabled security solutions:
Homeland Security Capital Corp. Signs Letter of Intent to Acquire SecurityInc
Wednesday March 8, 9:18 am ET
New Consolidation Deal Expected to Generate More Than $7M in First 12 Months
ARLINGTON, Va., March 7 /PRNewswire-FirstCall/ -- Homeland Security Capital Corp. (OTC Bulletin Board: HMSC - News), a company focused on acquiring, developing and consolidating homeland security-related businesses, announced today that it has signed a letter of intent to acquire Milwaukee-based SecurityInc, a single-source manufacturer of active radio frequency identification (RFID) enabled security solutions for commercial and government sectors. SecurityInc markets its products through an established network of system integrators.
The acquisition, which is subject to negotiation and execution of binding definitive documents, satisfaction of certain material conditions precedent and other ordinary and customary closing conditions for a transaction of this type, is anticipated to close before the end of Homeland Security Capital Corp.'s second quarter. Terms of the transaction were not disclosed.
C. Thomas McMillen, Homeland Security Capital chairman and CEO, said, "With its experienced management team, SecurityInc is particularly well positioned to capitalize on the fast-growing RFID solutions sector, which is expected to exceed $4.4 billion in sales by 2008. SecurityInc's three component companies generated approximately $3 million in revenues in 2005 serving a variety of industries. With over 1,000 installed systems, SecurityInc has one of the largest installed bases of active RFID product solutions in the U.S. We believe the company and its subsidiaries will be an outstanding platform to build a significant RFID-enabled security company in a highly fragmented industry. We expect this new consolidation deal will generate more than $7 million in the first 12 months."
About SecurityInc
SecurityInc, LLC, which is primarily focused on RFID-enabled security solutions, is a Milwaukee-based company that boasts a management and engineering team with more than combined 100 years of experience in the RFID, security and access control industries. The company offers full solutions for access control, asset protection and asset tracking for commercial, institutional and government clients. Many of the professionals on the SecurityInc team are originators of the security industry's leading systems and products. For more information, visit securityinc.com.
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