ST. PETERSBURG, Fla.,
March 19, 2012 /PRNewswire/
-- 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 final "record date" and the adjusted "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 changed
to April 19th, 2012. The dividend
rate has been changed to 1 (one) share of Lockwood for every 10
(ten) shares of Infrax Systems. The change in the dividend rate was
based on the completed internal valuation of Lockwood Technology
and an estimated IPO price range of $1 to
$3 per share (price not guaranteed; it is based on market
condition, Lockwood's revenue, and investor demand). The change in
the "record date" is due to the pending acquisition of SPC. As
previously mentioned, 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. The actual distribution date of the dividend
will be announced when Lockwood Technology gets clearance from SEC
and FINRA.
Please find below the associated terms in relations to the
Spin-Off;
- Record Date - The date established by an issuer of a security
for the purpose of determining the holders who are entitled to
receive a dividend or distribution (if you sell your shares after
the Record Date and before the distribution Date, you will lose
your eligibility to receive your dividend)
- Dividend Rate - The total expected dividend payments from an
investment (Spin-Off)
- Distribution Date – The date the dividend is paid out (after
the completion of the Spin-off)
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.
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
Acorn Management Partners
Lance Beckham
678-368-4012
SOURCE Infrax Systems, Inc.