Monday, 04 May 2015 03:01 PM
SANTA MONICA, CA / ACCESSWIRE / May 4, 2015 / PearTrack Security Systems, Inc. (OTCQB: PTSS) ("PearTrack"), today announced it has completed the key acquisition of the patented container locking system, through an exclusive license of the intellectual property from PearLoxx Limited, a UK company. The exclusive license agreement, originally executed on January 21, 2015, was recently amended to include a license fee valued at over $1.7 million. The transaction was an all share transaction, and included an ongoing Sales, Marketing and Consulting Service and Fee Agreement.
This completes the Company's acquisition stage, and now allows PearTrack to develop pre-manufacturing units and move into marketing and sales, addressing a $14 billion dollar market growing 8% per year. Through this acquisition, PearTrack expects to position its products and services as industry-standard components in the shipping container security market, providing industry-leading battery life and advanced monitoring and tracking technology.
"We expect government regulations to increase dramatically in this market, and we are not only ahead of that curve, but positioned to profit from the inevitable tightening of cargo container shipping regulations as they relate to security. Our customers will now have the technology to not only track, monitor and report on their cargo container, but also provide a barrier to illegal entry into the container and access their cargo. The advantages of our integrated technology solutions will be compelling for PearTrack's target customers, and drive sales in a vast and growing market," said President and CEO, Bill Withrow.
The PearLoxx locking system (the "Product") integrates elements from a patented physical container locking system, with a proprietary electronic control and deadlock system, and the PearTrack tracking and communication system, with its proprietary battery management system. The PearLoxx system provides an electronically operated security lock for shipping containers that signals operation and location updates via the global PearTrack system.
Principal features include:
- Electronically operated secure locking system using patented mechanical design.
- Tamper and drill resistant design.
- Local 5-digit code emergency access and emergency power options.
- GPS global tracking with GSM 2G/3G communication using PearTrack tracking unit.
- Automatic notification of lock operation and unlocking / locking events.
- Local user one-touch re-locking.
- Approximate 90 day rechargeable (PL-90) or up to 10 year primary battery (PL-1000) versions.
The Intellectual Property incorporated in the PearLoxx System's Container Locking component is filed under USPTO Patent #8,245,546 and EP Patent #1 845 225 B1.
About PearTrack Security Systems, Inc.:
Headquartered in Santa Monica, CA, PearTrack Security Systems, Inc. (PTSS) is a holding company with wholly owned subsidiaries, including PearTrack Systems Group Limited ("PTSG"). This innovative company has developed, manufactured and commercialized a GPS tracking system, as well as devices that target non-powered assets with proprietary long life battery systems. The Company is currently enhancing its GPS tracking products, specifically assessing the areas of growth in M2M Telematics and Remote/Mobile Asset Tracking and Management, with particular emphasis on the intermodal container market. For more information: www.PearTrackSecuritySystems.com.
CONTACT:
Media Contact:
Rachel Jiang
PearTrack Security Systems, Inc.
[email protected]
310-899-3900
Investor Contact:
Email: [email protected]
Tel: 310-899-3900
SOURCE: PearTrack Security Systems, Inc.