Infrax Systems (IFXY) Announces Record Date and Dividend Rate for Lockwood Technology Spin-Off
21 December 2011 - 12:01AM
Marketwired
Infrax Systems, Inc. (OTCBB: IFXY), a global provider of unified
Smart Grid-related products and services for the Energy and Utility
industries, announced today that its Board of Directors has
approved the "record date" and the "dividend rate" of the stock of
Lockwood Technology Corporation to its shareholders. The record
date for determining the holders of Infrax's common stock who will
receive the dividend will be March 19th, 2012. The dividend rate
will be 1 (one) share of Lockwood for every 3 (three) shares of
Infrax Systems. The record date and the dividend rate may change
subject to completion of the IPO process. A valuation of Lockwood
business will be completed before the registration is filed with
SEC to validate the IPO share pricing. Infrax will continue to hold
exclusive rights to Lockwood intellectual property relating to the
utility industry. Upon the completion of the transaction, Infrax
Systems will maintain a 30% ownership position in Lockwood
Technology, further enhancing its asset base and allowing for
continued shared development of new utility focused technology
solutions.
How will Infrax shareholders benefit from the Spin-Off
1- Every Infrax shareholder will receive free shares as a
dividend of another innovative technology based public company 2-
Participation of Infrax shareholders in Lockwood's present and
future business success 3- Additional liquidity for Infrax
shareholders 4- Risk diversification for Infrax shareholders in
ownership of another public company at no cost
How will Infrax benefit from the Spin-Off
1- Enhanced focus in its core business 2- 30% ownership in
Lockwood would represent marketable securities which would
contribute to Infrax's balance sheet
According to IDTechEX, the Global market for RFID technology in
2010 was $5.63 billion, up from $5.03 billion in 2009. This
includes tags, readers and software, services for RFID cards,
labels, fobs and all other form factors. ABI Research has
forecasted that the overall market will pass the $6 billion mark in
2011.The primary drivers for growth will be "modernizing"
applications including asset management, cargo tracking and
security, corporate employee identification I.D. cards, networks
and facility access control, transport passes, as well as supply
chain management.
Sam Talari, Co-Chairman of Infrax, said, "We continue to be
focused on adding value to our shareholders and the dividend
represented by the shares of Lockwood Technology Corporation is
another way for us to accomplish this goal. The Board of Directors
believes that the spin-off of Lockwood will benefit both our
shareholders and Infrax Systems. The core vision and mission of
Infrax is to provide robust security and communications solutions
to the utility industry, at a time of ever increasing threats to
the global energy grid. Furthermore, this action will enable
Lockwood Technology to continue to expand their core business and
deliver on their vision to continue to develop world class asset
management solutions."
The Lockwood technical team has a 16 year track record of
developing and implementing comprehensive asset tracking, asset
management and security solutions for public and private
organizations. Lockwood has deployed solutions for a variety of
government agencies including the US Department for Homeland
Security, the Air Force Office of Scientific Research, the US Army
and the US House of Representatives.
A Note on the SEC Registration
While Infrax intends to file such registration statement with
the SEC, there is no assurance that such statement will be declared
effective for the class of stock being registered of Lockwood.
While Infrax will make best efforts toward the effective
registration of such a class of stock, there can and will be no
guarantee of the effectiveness of such registration for purposes of
this dividend.
About Infrax Systems
Infrax Systems offers a series of interrelated operational
management, communications, and grid security related products and
services known as Secure Intelligent Energy Platform (SIEP). Our
products enable a comprehensive and unified solution for
communications and applications management of the Smart Grid. SIEP™
incorporates a wide array of communications, security, device and
data management tools for Smart Grid applications such as advanced
metering solutions and grid optimization. SIEP platform creates a
unified solution to securely manage Advanced Metering
Infrastructure (AMI) and distribution automation. Infrax's secure
smart grid platform, incorporates a communications transport and
management system, (Grid Mesh™), device and data security
management, and ultimately secures intelligent endpoint devices
(SIED). The secure management of the "last mile" backhaul will be
necessary for utilities to implement Smart Grid applications
including AMI, real-time pricing, Demand Side Management (DSM),
Distribution Monitoring and Automation. When combined, these
applications can offer economic, operational and environmental
benefits for utilities, and ultimately the utility's customers.
For INFRAX Systems information, contact Investors@Infraxinc.com
or visit www.infraxinc.com.
Forward-Looking Statements
This press release may contain forward-looking statements
covered within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements relate to,
among other things, plans and timing for the introduction or
enhancement of our services and products, statements about future
market conditions, supply and demand conditions, and other
expectations, intentions and plans contained in this press release
that are not historical fact and involve risks and uncertainties.
Our expectations regarding future revenues depend upon our ability
to develop and supply products and services that we may not produce
today and that meet defined specifications. When used in this press
release, the words "plan," "expect," "believe," and similar
expressions generally identify forward-looking statements. These
statements reflect our current expectations. They are subject to a
number of risks and uncertainties, including, but not limited to,
changes in technology and changes in pervasive markets.
Contact: Media Contact: Infrax Systems, Inc.
investors@infraxinc.com 727-498-8514
Infrax Systems (PK) (USOTC:IFXY)
Historical Stock Chart
From Jul 2024 to Jul 2024
Infrax Systems (PK) (USOTC:IFXY)
Historical Stock Chart
From Jul 2023 to Jul 2024