![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Infrax Systems Inc (PK) | USOTC:IFXY | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00055 | 0.0005 | 0.0006 | 0.00 | 13:04:17 |
ST. PETERSBURG, Fla., Dec. 6, 2011 /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 a dividend consisting of 70% of its holdings 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 determined shortly. Infrax Systems expects to file a Registration Statement on Form S1 with the SEC within a few weeks. This registration will outline the anticipated spin-off and distribution to Infrax's stockholders. We expect Lockwood Technology Corporation to trade under its own symbol on NASDAQ OTCBB with the effectiveness of the registration statement with Security and Exchange Commission (SEC). Infrax will hold exclusive rights to Lockwood intellectual property relating to the utility industry.
The reason for 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.
What you should expect on the Spin-Off
Paul Aiello, CEO of Infrax, said, "We are pleased to announce the spin-off, pro rata to all of our shareholders, of Lockwood Technology Corporation. The Board of Directors believes that the spin-off of Lockwood will allow us to maintain our focus on providing secure solutions to the utility industry. This action is a further indication of our commitment to both our core vision and our shareholders. Enabling Lockwood Technology to expand their core business, recruit an outstanding management team, will provide for greater liquidity, future acquisitions, and greater access to public or private capital."
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:
Infrax Systems, Inc.
investors@infraxinc.com
727-498-8514
SOURCE Infrax Systems, Inc.
Copyright 2011 PR Newswire
1 Year Infrax Systems (PK) Chart |
1 Month Infrax Systems (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions