Dafoe Corp. Signs Letter of Intent to Acquire Cutting-Edge RFID Solutions Company
Dafoe Corp. today announced the signing of a letter of intent to acquire 100 percent of Agkha Intelli-Tec, a dynamic, rapidly growing Dubai-based Radio-Frequency Identification (RFID) and digital security solutions provider in exchange for approximately 59 percent ownership of Dafoe Corp. Agkha's technologies assist in fraud prevention, check security, electronic airline boarding passes, RFID technology, intelligent parking solutions, SMART video broadcasting and integrated consulting solutions.
"We are extremely pleased with the progress we have made so far in our negotiations with Agkha Intelli-Tec as we believe this acquisition will improve our position in high-growth segments of the RFID market," said Kyle Beddome, President and Chief Executive Officer of Dafoe Corp. "We hope to finalize our internal due diligence and complete the acquisition during the third quarter of 2010."
Closing of the transaction is subject to certain conditions precedent, including the execution a delivery of definitive transaction documents mutually satisfactory to the parties, and completion of due diligence by Dafoe Corp. Closing is expected to occur during the third quarter of 2010, subject to extension for completion of due diligence. There can be no assurances that the closing will occur, or if it does occur, what the final terms of the transaction will be.
Agkha Intelli-Tec utilizes patented SMART solutions that include fraud prevention, document security and protection, secure passenger travel, parking payment solutions, bespoke consulting solutions and other cutting-edge solutions that help governments speed up their transition towards e-government.
According to ABI Research, the RFID market could reach $4.47 billion by the end of 2010, 15 percent higher than the adjusted 2009 figures. RFID market segments with the greatest growth will be found in many of the areas Agkha Intelli-Tec's SMART solutions target including baggage handling and RFID-enabled ID/e-government documents.
Agkha Intelli-Tec's Smart Boarding Pass significantly improves the airline passenger travel experience. By encoding the printed boarding pass data onto the built in RFID chip, it is protected from being tampered with and prevents fraudulent usage of the boarding pass. The company's highly innovative Unified ID solution is designed to aid governments in their transition towards full e-government. It does this by speeding up and simplifying vertical and horizontal integration, and sharing the transfer of information between heterogeneous IT environments.
Closing of the transaction is subject to certain conditions precedent, including the execution a delivery of definitive transaction documents mutually satisfactory to the parties, and completion of due diligence by Dafoe Corp. Closing is expected to occur during the third quarter of 2010, subject to extension for completion of due diligence. There can be no assurances that the closing will occur, or if it does occur, what the final terms of the transaction will be.
Agkha Intelli-Tec utilizes patented SMART solutions that include fraud prevention, document security and protection, secure passenger travel, parking payment solutions, bespoke consulting solutions and other cutting-edge solutions that help governments speed up their transition towards e-government.
According to ABI Research, the RFID market could reach $4.47 billion by the end of 2010, 15 percent higher than the adjusted 2009 figures. RFID market segments with the greatest growth will be found in many of the areas Agkha Intelli-Tec's SMART solutions target including baggage handling and RFID-enabled ID/e-government documents.
Agkha Intelli-Tec's Smart Boarding Pass significantly improves the airline passenger travel experience. By encoding the printed boarding pass data onto the built in RFID chip, it is protected from being tampered with and prevents fraudulent usage of the boarding pass. The company's highly innovative Unified ID solution is designed to aid governments in their transition towards full e-government. It does this by speeding up and simplifying vertical and horizontal integration, and sharing the transfer of information between heterogeneous IT environments.
Comments
There are no comments yet for this item
Join the discussion