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QuadTech International Acquires MTech and Patent-Pending Next Generation RFID Technology QuadTech Terminates Earlier Sales & Marketing Contract With iPackets International QuadTech International, Inc. (OTCBB: QTII) (FRANKFURT: QI9), a global provider of leading-edge Internet and IP-based technology solutions, announced today that it has acquired a 100 percent ownership stake in MRID Technologies ("MTech"). This acquisition includes the rights to MTech's patent-pending Multiple Range Identification ("MRID") asset tracking technology, the next generation in Radio Frequency Identification ("RFID").
As part of the agreement, MTech's management team will join QuadTech to continue to oversee sales, manufacturing, research and development, systems installation and deployment.
First developed in the early 1970s, RFID technology uses radio frequency waves to determine simply if an object is or is not present. Consequently, current RFID systems do not allow users to pinpoint the location of tagged items. Nevertheless, Datamonitor predicts that RFID will be a US$6.1 billion industry by 2010 -- triple what it was in 2005 -- with overall RFID industry revenues projected to exceed US$1 trillion also by 2010.
MTech's innovative MRID systems transmit multiple radio frequency codes, which offer the added functionality of determining direction and proximity of the tagged item or person in relation to the reader receiving its signal. As a result, an MRID receiver is able to accurately determine the location of a tagged item, making the new MRID systems invaluable in emergency situations or for organizations with large numbers of mobile assets to protect.
Possible applications and target markets for MRID systems include law enforcement, military, fire rescue, livestock, motion picture, sports, homeland security, as well as other first response operations.
Given the industry's dramatic growth projections, QuadTech believes it will generate substantial revenue from the sale of MRID systems over the next several years, particularly if the company is successful in achieving rapid market penetration and creating brand loyalty in any or all of these target markets.
QuadTech concurrently announced today that it has terminated an earlier sales and marketing agreement with iPackets International and has relinquished the licensing rights to iPackets' iPMine mine safety product.
"QuadTech's agreement with iPackets simply was not creating value for our shareholders, and our management team felt it was time to consider other alternatives to expand our presence in the asset tracking space. We have parted ways with iPackets amicably, and we wish the company well as it continues to develop and deploy its iPMine technology," said QuadTech CEO John Meier.
"In our acquisition of MTech, we believe we have a better, more versatile asset tracking solution to monitor both people and mobile assets," Mr. Meier added. "We look forward to the exciting revenue opportunity represented by MRID as the next generation in RFID technology."
About QuadTech International, Inc.
QuadTech International, Inc. is a global provider of leading-edge Internet and IP-based technology solutions. It owns a majority position in MRID Technologies that has a full line of MRID technology solutions. QuadTech also develops partnerships and/or acquires control in high-growth, small to medium sized companies and solutions that support its technology-driven business focus. For more information, please visit www.quadtechint.com.
Safe Harbor -- This press release includes forward-looking statements that involve risks and uncertainties, including but not limited to, product delivery, the management of growth, market acceptance of certain products and other risks. These forward-looking statements are made in reliance on the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect QuadTech International, Inc. future results, please contact the Company directly. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially from management expectations.
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