True Product ID Signs Major Contract with China Federation of Industry and Commerce Auto & Motorbike Parts Articles for Use Chamber of Commerce
BEIJING & PHILADELPHIA, Oct 24, 2006 (BUSINESS WIRE) -- Richard A. Bendis, President and CEO of True Product ID, Inc. (TPID) (OTCBB:TPDI) announced that its Chinese joint venture, True Product ID Technology (Beijing) Limited, has signed a nationwide contract with the China Federation of Industry and Commerce Auto & Motorbike Parts Chamber Of Commerce (AMP) and Hainan Yayuan Anti-Counterfeiting Paper Industrial Ltd. With this contract, True Product ID is poised to enter the Chinese automobile and motorcycle, and automobile parts markets, both of which are constantly plagued by the ever-growing problem of counterfeiting. China is the fastest growing motor vehicle market and the fastest growing vehicle producer in the world. Likewise, the Chinese automobile parts industry is growing rapidly. With the U.S. having imported $5.4 billion in automobile parts from China in 2005, and with many of the world's leading auto manufacturers using more Chinese automobile parts, sources project that by 2007 approximately 70% of all car parts, including those used by the major world auto manufacturers, will come from China and that by 2009 the Chinese automobile parts industry will be over a $58 billion business. This multi-year contract involving the Chinese government represents a huge step forward for TPID, as its anti-counterfeiting technology will be used by Chinese government as an intellectual property protection tool on automobiles and motorcycles manufactured in China. TPID technology will be registered with the National Industrial and Commercial Bureau, and the Chinese government has initially mandated over one hundred automobile producing and marketing enterprises to use TPID's tagging technology to protect their intellectual property. Exclusively TPID's technology will be used, with TPID Beijing providing the technology and Hainan Yayuan printing the tags. The Chinese government has designated the Chinese automobile industry as a strategic "pillar industry" and thus has taken an active involvement in developing the industry (both domestically and internationally), TPID believes that this contract should pave the way for its technology to be similarly accepted in other key industries in China (both for domestic use and export), such as healthcare, electronics, and finance.
TPID CEO Richard Bendis stated, "TPID is excited to partner with AMP, recognized as the official body and regulator of the PRC Auto Market. This agreement confirms that TPID's anti-counterfeiting technology is recognized as one of the leading, comprehensive, integrated solutions, capable of addressing complex challenges for many diverse industries and product applications." Echoing Mr. Bendis's statements, TPID Beijing President Li Ning stated, "The AMP contract presents a significant opportunity for TPID and its technology. There are over 20 Chambers of Commerce in China. With this contract, TPID should have the opportunity to pursue several other industries in the future."
An official and ceremonial press conference and contract signing ceremony will be held at the Great Hall of the People in November 2006. This media event will be attended by 200-300 people including Chinese government officials, over one hundred automobile manufacturers, and more than 150 retail motor stores which deal in the sales, spare parts, services and surveys of particular brands of cars. Because its technology will be used by the Chinese government and has been registered with the National Industrial and Commercial Bureau, TPID anticipates that many of the automobile enterprises attending the Great Hall of the People ceremony could also sign contracts with TPID.
AMP was founded in 2002 by the China Federation of Industry and Commerce, a national organization, to regulate, standardize and overhaul the Chinese Auto & Motorbike Parts & Accessories Industry. It has partnered with the State Administration for Industry and Commerce Association, State Administration of Quality Supervision and other ministries, to launch a series of campaigns related to "Cracking down on Counterfeits", which have been widely recognized by many enterprises and industries. AMP has 300 global direct members and more than 16,000 primary members, amongst which include some of the most renowned automakers in the world, reputed domestic and foreign auto & motorbike parts & accessories production enterprises, professional bodies, guilds and trade associations. It has established product supply networks with over a thousand major domestic auto parts production factories, auto supplies production factories and auto maintenance equipment production factories. In addition, it has formed strong logistics networks with more than a hundred large and specialized auto & motorbike supplies wholesale markets, at least 5,000 retail motor stores, and tens of thousands of auto & motorbike parts suppliers. AMP has also established cordial relations with global Auto & Motorbike Supplies Organizations, including United States, Central Europe, Australia, Asia and the Greater China Area.
Shares (Millions) 47.444
Market Cap (Millions) 4.270
Float (Millions) 20.276
52-Week High 0.36
I am not telling anyone to buy just dd it and make a decision i am in at .09 and going long!!
-------------------- Trading is a blast!! Posts: 4921 | From: Rhode Island | Registered: May 2005
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Hey matto, I was thinking about you today and wondered where you had gone? This is some nice news for TPDI indeed....
Posts: 942 | From: Wisconsin | Registered: Jan 2006
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I'm in with restricted shares from SSTY, This is an article in the TPDI website
CHINESE-MADE AUTO COMPONENTS CONSUMPTION TO REACH $58 BILLION BY 2009 During the period from 1995 to 2003, China's automotive components industry made great progress. The average annual growth rate (AAGR) was 23.7%. Given anticipated growth of the Chinese market, the country's low labor costs, and expected improvements in quality, there have been numerous press announcements regarding plans for greatly increased Chinese automotive components purchasing by vehicle manufacturers and suppliers. These claims, along with China's growing competitiveness, are generating rising concerns by worldwide suppliers and manufacturers.
According to a recently published report China's Role in World Auto Components Market (MFG018A) from BCC Research (www.bccresearch.com), the Chinese auto components consumption was $28.8 billion in 2004. Expected to grow at an AAGR of 15%, this market will reach $58 billion by 2009. According to classifications of the China Association of Automotive Manufacturers, auto components are placed into five categories, namely, engine parts, chassis parts, automotive body, electrical systems and general parts.
In the engine parts sector, China's local production cannot meet domestic demand due to a lack of competition. In terms of value, the import of engine parts has been a major category within the importing of all auto components. Based on the introduced technologies and cooperation with foreign companies, China is gradually strengthening its capacity. Expected to grow at an AAGR of 15%, this sector will reach $8.7 billion by 2009.
In the chassis parts sector, the manual transmission and automatic transmission are the largest of all chassis parts being brought into the country, in term of value. Except for these two parts, China's competition is strong with regard to other parts, due to their low technology requirements. In the future, China's export will grow rapidly due to its labor cost advantage. This sector is expected to reach $27.6 billion by 2009 as it grows at an AAGR of 14.3%.
In general, China's production of body parts can meet domestic demand except for some high-end markets. For example, the safety airbag has been a large import item. At present, China has not formed a large-scale export capacity. In 2003, its total exports of body parts represented only 15% of all imports. Expected to grow at an AAGR of 13.4%, this sector will reach $4.9 billion by 2009.
Except for high-end products, China's local production of electrical systems can meet domestic demands. Imports of automotive electrical systems are not large, and are only about 50% of total exports in 2003. In the worldwide market, the proportion of electrical parts in a whole automobile is increasing. In China, this sector will grow at the fastest rate, with an AAGR of 20%reaching $9.3 billion by 2009.
China's domestic production can meet in-country demand except for certain high-end products in the general parts sector. Imports of general parts are small when compared with the large domestic demand, and are smaller than the exports. Expected to grow at an AAGR of 13.4%, this sector will reach $7.6 billion by 2009.
As foreign vehicle makers stake their claims in China, so, too, have international components suppliers such as Delphi, Bridgestone and Bosch. Strong demand for vehicles in China has led to a corresponding increase in the level of auto components. American and European components suppliers have been leading the charge, but with Japanese and South Korean car makers setting up recent joint ventures in China, more components players are expected.
Consumption of Chinese-made Auto Components by Category, through 2009 ($ Millions) Product 2004 2009 AAGR% 2004-2009
Engine parts 4,320 8,688 15.0
Chassis parts 14,112 27,567 14.3
Body parts 2,592 4,854 13.4
Electrical systems 3,744 9,316 20.0
General parts 4,032 7,575 13.4
Auto components 28,800 58,000 15.0
Source: BCC Research
Consumption of Chinese-made Auto Components by Category, 2004 and 2009 ($ Millions)
Source: BCC Research
China's Role in World Auto Components Market (MFG018A) Published: May 2005 Price: $3950
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Hi, I'm Rich Bendis, President and CEO of TPid US. A lot of the shareholders why, at this stage of my career, take on a new challenge of building a new emerging entrepreneurial business. I believe that TPid is uniquely positioned to be the global leader in anti-counterfeiting, based on the foundation that has been built by Jim MacKay, Michael Cimino and the rest of the TPid team, over the last two years. What excites me about the opportunity, is: We are dealing with the largest evolving market in the world, which is China, where we have the greatest challenge in counterfeiting and we have assembled a world class Chinese operation throughout the country, who we think will be able to capture the leading market share in product authentication and counterfeiting of anybody who has attempted to enter this challenging market. In order to build a global entrepreneurial company, it takes world class leadership. I believe that we have assembled the best team, within this industry, that will help us achieve that goal of being a leader.
First of all, we've attracted John Vellers, our Chief Technology Officer. Lets talk about John Veller, our CTO, who has been recognized as one of the top 100 CIO's, CTO's and CKO's in the United States. John and I have a 25 year working experience. He has been recognized as one of the leading resources in technology and innovation in the World; he has been on load to the White House and the Office of Science and Technology Policy for the last 2 years, specifically working on the department of Homeland Security and identifying technologies that can help the US war against terrorism, piracy and anti-counterfeiting. He is a great compliment to the TPid team, to take us to the next generation technologies we're going to need, to maintain our leadership position within this industry.
In addition, we've attracted Fred Young. Fred Young is a multi-talented individual who has most recently worked for the Committee of One Hundred. which represents the 136 most influential Asian-American's, trying to strengthen the SCINO??? and American relationships, in the United States. Fred, prior to that, worked for the Harvard Business School, working on case studies in China for six years, studying some of the most successful Chinese companies, including Alibaba.com, Costco and the Shenzhen Stock Exchange. Also, Fred was an entrepreneur in his own right, managing a Hong Kong based technology company for eight years, before taking on the assignment with Harvard Business School.
In addition, we have JT Koffennberger, one of the longest term employees of TPid, who has spend over seven months in China in the development of our proprietary software technology, our KMAC system and is working on the enhancing the development of our taggant technology and our scanning technologies. As a matter of fact, JT is over in China, this week, working with our key vendors, to improve our vendor relationships and making key customer support calls on the initial customers for TPid. Complementing our management team is Richard Miller, our Chief Marketing Officer, who has over 25 years in global marketing, public relations and investor relations with multi-national companies. Richard and I have worked together over the last five years in my most recent start up, which was Innovation Philadelphia, which has become best-practices in technology based economic development, around the world.
One of the reasons I’m also excited about TPid: I'm going to get the opportunity to use a lot of the international experience, I've developed over the last 20 years. I've been a consultant to the United Nations, NATO, the European Commission, METI in Japan, and specifically in China, I've worked on intellectual property rights, technology commercialization and how to build entrepreneurial ventures over the last 5 years, with the Chinese government and the key Ministries of China. Within the last week, I have just recently returned from China to visit our TPid Beijing offices. I didn't know what to expect before going but, let me tell you, I was pleasantly surprised. I've seen seventy, dedicated, knowledgeable employees working for TPid Beijing, who are committed to making this technology with TPid, the national standard in chine. And I believe, a strong foundation has been built with the additional resources and tools that we are going to give them in financing and upgraded technology, plus enhanced intellectual property protection. I believe that we are now poised to be the leader, within China, and that would be our door step to the rest of the world.
I believe that TPid, not just in the US, but also in China and other places around the world, is a threshold company. Threshold companies are those defined where they started out entrepreneurial, and they are now ready to progress, into professionally run Organizations, with world class resources. I believe we have most of those resources in place in Beijing right now. The facilities are fist class, our laboratories, who are mixing our taggants and chemicals are first class. And, while I was there, we had a chance to retain the largest intellectual property law firm in China, and we are also engaging now one of the big four accounting firms, which we hope to engage within the next 30 days. In addition, I believe there are other professional resources that will compliment the TPid team, where initial introductions have been made, and we hope to build strong partnerships with these professional resources and service firms, that will be complimentary to our full time staff. As you know, TPid US is only three months old. Our fiscal year begins July 1st 2006. I think that's an appropriate time for our fiscal year to begin. Basically, that's going to be the launch of TPid on a global basis, and I believe that's when revenues will begin to flow into the TPid global enterprise. We have two years of work in working with key Ministries, industrial partners, governmental agencies in China. The fruits of that labor are going to come into fruition within the first quarter of our new fiscal year.
When I joined TPid, just over three months ago, it was overwhelming. It was hard to comprehend why we have four separate entities; TPid Beijing, TPid US, SureTrace and GlobeStaff. I know understand James MacKay's vision, that all of these ingredients were necessary, to build a differentiated global leader in anti-counterfeiting, and product authentication. We now have a unique ability to go through a global supply chain, from raw material to finished goods, and track products anywhere in the world. We can also use this same technology to trace people in any place of the world, with the unique, proprietary GlobeStaff technology.
I look forward to communicating, with you, our shareholders and also our key stakeholders on a regular basis, as key developments emerge. In the meantime, please continue to check, on a regular basis, our web site, which is currently under construction, at www.tpid.net. I'd like to thank all the shareholders of TPid and the related affiliates. I think now, your patience and perseverance will start to pay dividends in fiscal '07 for all of us.
Richard Bendis President & CEO True Product ID, USA
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Intellectual Property TPID (Beijing) has applied for a PRC patent and has retained the leading IP law firm in China, CCPIT Patent & Trademark Law Office, the largest full-service intellectual property law firm in China. CCPIT has over 330 staff including more than150 patent and trademark attorneys with proven success in patent, trademark, copyright, unfair competition litigation as well as other intellectual property related matters. TPID US has retained Mr. Joshua R. Slavitt of Synnestvedt & Lechner LLP – a Philadelphia intellectual property law firm, to protect all of TPID’s and its affiliates’ intellectual property globally.
THE PRODUCTS:
Synthetic DNA (S-DNA) TPID’s marking process involves the application of a combination of inorganic elements. These elements penetrate the surface of an object and a molecular bond is formed. The method of application can vary depending on the item to be tagged. Coded elements can be placed on an object using a colorless carrier rendering them invisible to the human eye, or can include a fluorescent element so that they glow under UV light. The specific ratios of elements that comprise the synthetic DNA create a unique identity code for a given client, or a specific product, division, or product run within the client’s area of concern. The number of potential mix ratios or identity codes is in the billions.
Depending on the surface structure, a high percentage of the chemical penetrates and bonds with the item’s molecular structure. Once the synthetic DNA (S-DNA) has entered the item, its removal, whether by chemical solvent or abrasion, is extremely difficult. Total removal of the S-DNA that has penetrated the item is extremely difficult. TPID has tested and proven our capability to introduce a synthetic DNA into a product during the manufacturing process. This enables us to invisibly attach a “fingerprint to the product via synthetic DNA which can be applied to industrial parts, apparel, consumer electronics, jewelry, CD-ROMs, sporting goods, as well as currency.
Handheld Scanners/ Analyzers Like the common commercial bar code scanner, TPID’s wireless hand-held analyzer is used to identify synthetic DNA codes. This analysis when combined with the KMACK system can identify, for example, the legitimate owner of the marked item, the production run from which it originated and whether the product is genuine or a counterfeit.
- Product identification & authentication is based on two types of distinct technologies: taggant and detection device technology.
- This turnkey system enables brand owners (OEM’s) the ability to reduce liability, protect brand integrity, increase profitability and protect customer confidentiality.
- TPID taggant includes tags that can be (optionally) read by a number of different reader types including:
- XRF as well as Infa-Red (IR), scanners can read individual items for on the spot verification of a product’s authenticity.
- Marker Systems uses microscopic particles< Optical/Audible System uses multi-functional additives Elemental System – Elemental Additive Particle Pattern – Standard 2D bar code scanner
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I think that this news is great. I am hoping that we see a huge result soon. Once they actually get the contract signed and show us what numbers are going to be in play then I think that it will take off. But I guess that we will see.
Posts: 180 | From: North Carolina | Registered: Nov 2005
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FNew from there Website: PR out this week I'm told
TPID Update,
The following is a list of signed contracts and agreements that TPID has entered into. We have included a brief description of the contract or agreement and the basic description of TPID’s role. We have not included quantities or pricing, as it will be reflected in our future financial statements. The majority of these contracts will begin being fulfilled in TPID’s third quarter which begins in January, 2007. We will continue to update this list on a regular basis and issue press releases on significant TPID orders and events as they occur. I am encouraged by the acceptance of TPID’s technology by many diverse industries and companies. A partial list of agreements and contracts is as follows:
THE PRODUCTS:
Signed Contracts / Agreements: Company: China Federation of Industry and Commerce Auto & Motorbike Parts Chamber Of Commerce (AMP) Type of Contract: Partnership Contract Specifications: S-DNA Elemental Taggant Technology and products will be used by the Chinese government as an intellectual property protection tool on automobiles and motorcycles manufactured in China.
Company: Harbin Dazhong Pharmaceutical Manufacturing Co., Ltd. Type of Contract: Agent Order Contract Specifications: TPID’s S-DNA Elemental Taggant Technology and products will be used on Harbin’s pharmaceuticals and medical products. Harbin is a client of Jilin Health Island Medicine Science & Technology Development Co., Ltd, who is a sales agent of TPID.
Company: Beijing Hesky Technology Co.,Ltd Type of Contract: Order Contract Specifications: TPID’s S-DNA Elemental Taggant Technology and products will be used on Beijing Hesky’s invisible earphone detector products and their packagings.
Company: Jilin Health Island Medicine Science & Technology Development Co., Ltd Type of Contract: Sales Agency Contract Specifications: Jilin will act as a sales agent of TPID to jointly popularize and distribute TPID’s S-DNA Elemental Taggant Technology and products in the fields of pharmacy and building materials in the Three Northeastern Provinces.
Company: Hainan Yayuan Anti-Counterfeiting Co., Ltd Type of Contract: Technical Services Contract Specifications: Both TPID and Hainan will provide China Federation of Industry and Commerce Auto & Motorbike Parts Articles for Use Chamber Of Commerce (AMP) with anti-counterfeiting tags for its motorbikes and automobiles. Hainan will be responsible for the production and printing of anti-counterfeiting tags for AMP. TPID will be responsible for the application of its S-DNA Elemental Taggant Technology for AMP.
Company: Helida (Xinyang) Pharmaceuticals Co., Ltd Type of Contract: Technical Services Contract Specifications: TPID will provide Helida with its S-DNA Elemental Taggant Technology products and services for use on Helida’s pharmaceutical products.
Company: Beijing Consumer Alliance Consulting Center Type of Contract: Technical Services Contract Specifications: TPID’s S-DNA Elemental Taggant Technology is used on one of Beijing Consumer Alliance Consulting Center’s members – Zheng An Medical Treatment Co., Ltd.
Company: Sichuan Province Prevention Technology Extending Committee, affiliated with Sichuan Agriculture University Technology Co., Ltd Type of Contract: Partnering Contract Specifications: Sichuan is an agricultural company and it will engage TPID’s technology to tag its seed packages.
Company: China Technology Intelligence Monitoring Association Type of Contract: Partnering Contract Specifications: China Technology Intelligence Monitoring Association agrees to list TPID’s S-DNA Elemental Taggant Technology as one of the recognized anti-counterfeiting technology, and help to promote and publicize TPID’s technology.
Company: Hainan Yayuan Anti-Counterfeiting Co., Ltd Type of Agreement: Strategic Cooperation Agreement Specifications: Both parties agree to promote each other’s technology and products - TPID’s S-DNA Elemental Taggant Technology and Hainan’s digitalized anti-counterfeiting security paper Technology. Hainan can apply TPID’s S-DNA Elemental Taggant Technology and products for its clients in its digitalized anti-counterfeiting security paper products. On the other hand, TPID can apply Hainan’s digitalized anti-counterfeiting security products and technology when using its S-DNA Elemental Taggant Technology. Both parties should also exclusively cooperate in producing the anti-counterfeiting tags pertaining to China Federation of Industry and Commerce Auto & Motorbike Parts Articles for Use Chamber Of Commerce, health care products associations, clothing trade associations and foreign asset enterprises associations.
Company: Chinese Consumers Newspaper Office (CCN) Type of Agreement: Strategic Cooperation Agreement Specifications: CCN agrees to use TPID’s S-DNA Elemental Taggant Technology as the designated anti-forgery technology application providers for its “3.15 anti-counterfeiting inquiry system”.
Company: Hangzhou COFCO-MC Packaging Co., Ltd Type of Agreement: Agreement of Cooperation Development Specifications: Hangzhou agrees to the application development and promotion of TPID’s S-DNA Elemental Taggant Technology and products applied in the printing-iron plastic packaging industry. Hangzhou is in the metal packaging products (drink tin, Spray tins, rectangle tins, color metal printing) industry.
Pending Contracts: Company: China Welfare Lottery Administration Type of Contract: Order Contract Specifications: China Welfare Lottery Administration is the top institution for the entire lottery issue business in China. TPID’s technology would be used on its lottery memento notebooks. Initial batch of notebooks will be given to top leaders of the Chinese Government such as the President, Premier and all the other leaders. If the initial batch strikes a good note, TPID’s technology will be used on more batches of notebooks.
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Anyone know what's up with this? Up 26% today and starting to gain some volume.
Posts: 942 | From: Wisconsin | Registered: Jan 2006
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When we sell our restricted shares in June this thing is going to plunge faster than the titanic.
Posts: 806 | From: CT | Registered: Dec 2005
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Well I think that this thing will fall like a rock once we get ahold of the shares.
Posts: 180 | From: North Carolina | Registered: Nov 2005
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True Product ID Acquires 40% of Chinese Joint Venture Company, True Product ID Technology (Beijing) Limited Friday January 5, 8:45 am ET
BEIJING & PHILADELPHIA--(BUSINESS WIRE)--True Product ID, Inc. (TPID) (OTCBB:TPDI - News) announced that pursuant to a Restructuring Agreement dated January 4, 2007, TPID has acquired 40% of Chinese joint venture company, True Product ID Technology (Beijing) Limited. ADVERTISEMENT
The acquisition of the 40% interest in the Chinese Joint Venture and other transactions in the Restructuring Agreement are part of the ongoing efforts of TPID's new management which started with the May 2006 dividend by Sure Trace Security Corporation ("SSTY") of all of its shares in TPID and TPID's separation from SSTY.
Richard Bendis, TPID's president, said: "As a result of these ongoing restructuring efforts, TPID's new management hopes to strengthen the corporate structure, management, and technical teams in both the U.S. and China needed to best perform contracts in China and elsewhere. TPID's new management believes that its ongoing restructuring efforts will help maximize shareholder value."
In addition to other contracts listed on the Chinese JV website, in October 2006, the Chinese JV entered into a nationwide contract with the China Federation of Industry and Commerce Auto & Motorbike Parts Chamber Of Commerce (AMP), a Chinese national organization founded to regulate, standardize and overhaul the Chinese Auto & Motorbike Parts & Accessories Industry. AMP will use TPID's anti-counterfeiting technology (now registered with the Chinese National Industrial and Commercial Bureau) as an intellectual property protection tool on automobiles and motorcycles manufactured in China.
Li Ning, the Chinese JV's CEO, remarked: "We believe that these developments bring together the best that the U.S. and China can offer to create the partnership needed to deliver China."
SSTY's president, Michael Cimino, added: "This restructuring completes the process where SSTY envisioned TPID as a totally independent concern controlling all aspects of the anti-counterfeiting business. With the acquisition of an interest in the JV, TPID is better positioned to deliver as envisioned, and SSTY, in addition to the royalties it may receive, will be able to shift its primary focus to Globe Staff Consulting and its tagging and tracking business and related companies."
Pursuant to the Restructuring Agreement, TPID acquired the 40% ownership interests in a Chinese JV held by Sure Trace Security Corporation (SSTY), Sure Trace Asia Limited (STA), and William Chan. The remaining 60% ownership interest in the Chinese JV is held by unrelated Chinese entities.
Under the Restructuring Agreement, SSTY agreed to: (1) terminate in its entirety the March 16, 2006 licensing agreement between SSTY and TPID, wherein SSTY licensed to TPID certain contractual rights of SSTY in exchange for, inter alia, a royalty, and certain payments to SSTY and others and repayment; and (2) strike in its entirety certain provisions of the March 17, 2006 Agreement to Issue Stock for Technology License between SSTY and TPID, wherein SSTY could have received TPID shares in addition to the shares SSTY had already received and had distributed to its shareholders as a dividend.
In return, TPID agreed to:
Pay SSTY a royalty in the amount of 2% of its gross receipts which TPID actually collects from customers outside China, Hong Kong, and Macau for a period of 2 years commencing as of January 4, 2007; Pay SSTY all reasonable, properly documented out-of-pocket post-spinout expenses SSTY incurred on TPID's behalf; Assume, pursuant to a January 4, 2007 Amended Payment Agreement, all outstanding payments owed by SSTY to the former control block holder of TPID to acquire TPID. Under the Amended Payment Agreement, TPID is obligated to (a) pay the former control block holder $100,000 by January 31, 2007; $185,000 by March 31, 2007; and $34,410 in interest and penalties by June 30, 2007 and (b) assume SSTY's obligations to issue the former control block holder 6 million common shares of TPID, as SSTY had previously agreed post-SSTY's acquisition of TPID but pre-spinout, in return for, inter alia, the former control block holder agreeing to waive $85,000 of the balance owed by SSTY and all interest and penalties on the $85,000; Pay SSTY, on an interest-free basis, within 3 years of the effective date of the Restructuring Agreement $1,130,000, minus the amount of penalties and interest TPID must pay the former control block holder under the Amended Payment Agreement (the "Subject Payment"). If TPID timely makes payments under the Amended Payment Agreement, the amount of such penalties and interest is $34,410; in the event that TPID fails to make timely payments under the Amended Payment Agreement, interest will accrue on the unpaid portions at 25% simple interest per annum. TPID is also obligated to make the following prepayments towards the Subject Payment: (a) $50,000 upon receipt of the first $1 million of investment raised by TPID after January 4, 2007; and (b) 25% of any investment raised by TPID after the initial $1 million investment; The obligations of SSTY are secured by a security interest in TPID's ownership interest in Chinese JV until the Subject Payment is paid in full. SSTY is authorized to file the appropriate UCC-1 financing statements to perfect such a security interest in all appropriate jurisdictions. Under the Restructuring Agreement, SSTY and TPID further agreed, inter alia, to non-competition provisions in which (1) SSTY in general agreed not to compete with TPID in the anti-counterfeiting and/or product authentication business; and (2) TPID agreed in general not to compete with SSTY in the geo-tracking-related or All-in-One-Key-related business.
The effective date of the Restructuring Agreement shall be February 18, 2007, provided, however, that the Restructuring Agreement shall go immediately into effect upon the conclusion of aspects, if any, of the ongoing SEC investigation relating to SSTY which may affect the transactions contemplated in the Restructuring Agreement. The SEC commenced a formal investigation of SSTY in August 2005, which remained ongoing during the period when SSTY acquired and owned the controlling interest in TPID and delivered the shares it held in the Registrant as a dividend to SSTY stockholders. As part of the investigation, the SEC Staff has questioned whether the delivery of the shares to SSTY shareholders required registration with the SEC. SSTY agrees not to withdraw its consent to the Restructuring Agreement during period between its execution and effective dates.
About True Product ID
True Product ID produces integrators for anti-counterfeiting and security surveillance applications and is a provider of integrated tracking devices. The Company delivers turnkey solutions for governments, armed forces, and industry, through its own proprietary technology and through aggregating the technology, products, and services of third parties via licensing agreements and or joint ventures. For more information go to: http://www.tpid.net / http://www.trueproductid.com/
About Sure Trace Security Corporation
SSTY has developed a mix of security tracking service businesses and technologies targeting businesses, governments and consumers. Our technology assists our customers to be informed in real time of the exact location of products or people, with 2way communication and can be customized to meet additional client requirements. The company's innovative product and service offerings provide the best advantages to customers, including the smallest tracking modules with GSM and GPS dual capability and innovative specialty cellular phone models, data capability, all hosted on an ASP server platform. For more information go to: http://www.suretrace.com and http://www.gsc.fr/corp/.
SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that our products may not achieve customer acceptance or perform as intended, that we may be unable to obtain necessary financing to continue operations and development, and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements
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So now TPDI is now the anti-counterfiting and
SSTY is the tracking
About Sure Trace Security Corporation
SSTY has developed a mix of security tracking service businesses and technologies targeting businesses, governments and consumers. Our technology assists our customers to be informed in real time of the exact location of products or people, with 2way communication and can be customized to meet additional client requirements. The company's innovative product and service offerings provide the best advantages to customers, including the smallest tracking modules with GSM and GPS dual capability and innovative specialty cellular phone models, data capability, all hosted on an ASP server platform. For more information go to: http://www.suretrace.com and http://www.gsc.fr/corp/.Posts: 388 | Registered: Jan 2006
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Completion of Acquisition or Disposition of Assets, Financial Statements an
ITEM 2.02 COMPLETION OF ACQUISITION OF DISPOSITION OF ASSETS On January 4, 2007 the Registrant entered into a Restructuring Agreement with Sure Trace Security Corporation ("SSTY"), Sure Trace Asia Limited ("STA"), and William Chan ("Chan") (the "Restructuring Agreement"); and (2) an Amendment to the March 21, 2006 SSTY-Fasano Agreement entered into on January 4, 2007 between the Registrant, SSTY, and Fasano, (the "Amended Payment Agreement").
Pursuant to the Restructuring Agreement, the Registrant acquired a 40% ownership interests in a Chinese joint venture company named True Product ID Technology (Beijing) Limited (the "Chinese Joint Venture"), held by SSTY, STA, and Chan. The remaining 60% ownership interest in the Chinese Joint Venture is held by unrelated Chinese entities.
Under the Restructuring Agreement:
(a) SSTY agreed:
(i) to terminate in its entirety the March 16, 2006 licensing agreement between SSTY and the Registrant (then known as ONTV, Inc.), wherein SSTY licensed to TPID certain contractual rights of SSTY in exchange for, inter alia, a royalty, and certain payments to SSTY and others and repayment, so that the Registrant has no liability (past, present, and future) thereunder; and
(ii) to strike and negate in its entirety Article I and Article V, Section 5.02 (the "Stricken Provisions") of the March 17, 2006 Agreement to Issue Stock for Technology License between SSTY and the Registrant (then known as ONTV, Inc.) ("March 17 Agreement"),so that as of January 4, 2007, the Registrant had no obligation (past, present, and future) under the March 17, 2006 Agreement to issue shares of the Registrant to SSTY in addition to the shares SSTY had already received and had distributed to its shareholders as a dividend.
(b) The Registrant agreed:
(i) to pay SSTY a royalty in the amount of 2% of its gross receipts which the Registrant actually receives and collects from customers outside China, Hong Kong, and Macau for a period of 2 years commencing as of January 4, 2007;
(ii) to pay SSTY all reasonable, direct out-of-pocket expenses SSTY incurred and/or paid on the Registrant's behalf after the Registrant ceased being a subsidiary of SSTY, provided that such post-spinout expenses are substantiated by original invoices and other proper documentation;
(iii) to assume, pursuant to the Amended Payment Agreement,
all outstanding payments owed by SSTY to the former control block holder of ONTV, Inc. (Fasano), which relates to the acquisition of ONTV. As of August 2006, SSTY owed Fasano $285,000, excluding certain interest and penalties, plus 6 million common shares of the Registrant, which SSTY had previously agreed post-SSTY's acquisition of ONTV but pre-spinout, in return for, inter alia, Fasano agreeing to waive $85,000 of the balance owed by SSTY and all interest and penalties on the $85,000. Under the Amended Payment Agreement, the Registrant has agreed [a] to pay Fasano $100,000 by January 31, 2007; $185,000 by March 31, 2007; and interest and penalties by June 30, 2007 and [b] to assume SSTY's obligation to issue Fasano 6 million common shares of the Registrant. If the Registrant timely makes payments under the Amended Payment Agreement, the amount of such penalties and interest is $34,410; in the event that the Registrant fails to make timely payments under the Amended Payment Agreement, interest will accrue on the unpaid portions at 25% simple interest per annum.
(iv) to pay SSTY, on an interest-free basis, within 3 years of the effective date of the Restructuring Agreement $1,130,000, minus the amount of penalties and interest the Registrant is obligated to pay the former control block holder under the Amended Payment Agreement (the "Subject Payment"). The Registrant is also obligated to make the following prepayments towards the Subject Payment: (a) $50,000 upon receipt of the first $1 million of investment raised by the Registrant after January 4, 2007; and (b) 25% of any investment raised by the Registrant after the initial $1 million investment. The obligations of SSTY to make the Subject Payment are secured by a security interest in the Registrant's ownership interest in Chinese Joint Venture until the Subject Payment is paid in full. SSTY is authorized to file the appropriate UCC-1 financing statements to perfect such a security interest in all appropriate jurisdictions.
Under the Restructuring Agreement, SSTY and the Registrant further agreed, to non-competition provisions in which (1) SSTY in general agreed not to compete with the Registrant in the anti-counterfeiting and/or product authentication business; and (2) the Registrant agreed in general not to compete with SSTY in the geo-tracking-related business or any business related to All-in-One-Key.
The Effective Date of the Restructuring Agreement is the earlier of (a) February 18, 2007, (b) upon the conclusion of aspects, if any, of the ongoing investigation by the Securities and Exchange Commission relating to SSTY which may affect the transactions contemplated in the Restructuring Agreement. The SEC commenced a formal investigation of SSTY in August 2005, which remained ongoing during the period when SSTY acquired and owned the controlling interest in the Registrant and delivered the shares it held in the Registrant as a dividend to SSTY stockholders. As part of the investigation, the SEC Staff has questioned whether the delivery of the shares to SSTY shareholders required registration with the SEC.
ITEM 9.01. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits
EXHIBITS DESCRIPTION -------- -----------
2 Restructuring Agreement, entered into on January 4, 2007 by and between
True Product ID, Inc., Sure Trace Security Corporation, Sure Trace Asia Limited, and William Chan. 2.1 Amendment to March 21, 2006 SSTY-Fasano Agreement, entered into on January 4, 2007, by and between, True Product ID, Inc., Sure Trace Security Corporation, and Daniel M. Fasano.
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The signing ceremony that was suppose to be in November is actually tonight in China (Feb. 2nd)..
Old PR> An official and ceremonial press conference and contract signing ceremony will be held at the Great Hall of the People in November 2006. This media event will be attended by 200-300 people including Chinese government officials, over one hundred automobile manufacturers, and more than 150 retail motor stores which deal in the sales, spare parts, services and surveys of particular brands of cars. Because its technology will be used by the Chinese government and has been registered with the National Industrial and Commercial Bureau, TPID anticipates that many of the automobile enterprises attending the Great Hall of the People ceremony could also sign contracts with TPID.
Also hearing Globe Staff will be back on the OTCBB soon, hopefully us stuck with SSTY shares will get a divi on that also..
Looks like feb. 18th is the end of the SSTY SEC investigation also
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Other contracts that might be waiting for this ceremony to take place are:
Company: Harbin Dazhong Pharmaceutical Manufacturing Co., Ltd. Type of Contract: Agent Order Contract Specifications: TPID’s S-DNA Elemental Taggant Technology and products will be used on Harbin’s pharmaceuticals and medical products. Harbin is a client of Jilin Health Island Medicine Science & Technology Development Co., Ltd, who is a sales agent of TPID.
Company: Beijing Hesky Technology Co.,Ltd Type of Contract: Order Contract Specifications: TPID’s S-DNA Elemental Taggant Technology and products will be used on Beijing Hesky’s invisible earphone detector products and their packagings.
Company: Jilin Health Island Medicine Science & Technology Development Co., Ltd Type of Contract: Sales Agency Contract Specifications: Jilin will act as a sales agent of TPID to jointly popularize and distribute TPID’s S-DNA Elemental Taggant Technology and products in the fields of pharmacy and building materials in the Three Northeastern Provinces.
Company: Hainan Yayuan Anti-Counterfeiting Co., Ltd Type of Contract: Technical Services Contract Specifications: Both TPID and Hainan will provide China Federation of Industry and Commerce Auto & Motorbike Parts Articles for Use Chamber Of Commerce (AMP) with anti-counterfeiting tags for its motorbikes and automobiles. Hainan will be responsible for the production and printing of anti-counterfeiting tags for AMP. TPID will be responsible for the application of its S-DNA Elemental Taggant Technology for AMP.
Company: Helida (Xinyang) Pharmaceuticals Co., Ltd Type of Contract: Technical Services Contract Specifications: TPID will provide Helida with its S-DNA Elemental Taggant Technology products and services for use on Helida’s pharmaceutical products.
Company: Beijing Consumer Alliance Consulting Center Type of Contract: Technical Services Contract Specifications: TPID’s S-DNA Elemental Taggant Technology is used on one of Beijing Consumer Alliance Consulting Center’s members – Zheng An Medical Treatment Co., Ltd.
Company: Sichuan Province Prevention Technology Extending Committee, affiliated with Sichuan Agriculture University Technology Co., Ltd Type of Contract: Partnering Contract Specifications: Sichuan is an agricultural company and it will engage TPID’s technology to tag its seed packages.
Company: China Technology Intelligence Monitoring Association Type of Contract: Partnering Contract Specifications: China Technology Intelligence Monitoring Association agrees to list TPID’s S-DNA Elemental Taggant Technology as one of the recognized anti-counterfeiting technology, and help to promote and publicize TPID’s technology.
Company: Hainan Yayuan Anti-Counterfeiting Co., Ltd Type of Agreement: Strategic Cooperation Agreement Specifications: Both parties agree to promote each other’s technology and products - TPID’s S-DNA Elemental Taggant Technology and Hainan’s digitalized anti-counterfeiting security paper Technology. Hainan can apply TPID’s S-DNA Elemental Taggant Technology and products for its clients in its digitalized anti-counterfeiting security paper products. On the other hand, TPID can apply Hainan’s digitalized anti-counterfeiting security products and technology when using its S-DNA Elemental Taggant Technology. Both parties should also exclusively cooperate in producing the anti-counterfeiting tags pertaining to China Federation of Industry and Commerce Auto & Motorbike Parts Articles for Use Chamber Of Commerce, health care products associations, clothing trade associations and foreign asset enterprises associations.
Company: Chinese Consumers Newspaper Office (CCN) Type of Agreement: Strategic Cooperation Agreement Specifications: CCN agrees to use TPID’s S-DNA Elemental Taggant Technology as the designated anti-forgery technology application providers for its “3.15 anti-counterfeiting inquiry system”.
Company: Hangzhou COFCO-MC Packaging Co., Ltd Type of Agreement: Agreement of Cooperation Development Specifications: Hangzhou agrees to the application development and promotion of TPID’s S-DNA Elemental Taggant Technology and products applied in the printing-iron plastic packaging industry. Hangzhou is in the metal packaging products (drink tin, Spray tins, rectangle tins, color metal printing) industry.
Pending Contracts: Company: China Welfare Lottery Administration Type of Contract: Order Contract Specifications: China Welfare Lottery Administration is the top institution for the entire lottery issue business in China. TPID’s technology would be used on its lottery memento notebooks. Initial batch of notebooks will be given to top leaders of the Chinese Government such as the President, Premier and all the other leaders. If the initial batch strikes a good note, TPID’s technology will be used on more batches of notebooks.
IMO another big one is the tobacco industry in China is coming also
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Assuming no delays with the SEC findings that were due to be complete by the 18th, this should be a good week for TPDI.
Side note the SEC investigation should also bring closure to SSTY (Uplist or not), this is just my opinion
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THE FRENCH AMBASSADOR TO THE US INVITES TRUE PRODUCT ID TO BE AN EXPERT AT ANTI-COUNTERFEITING INITIATIVE WITH FRENCH MINISTERS, OFFICIALS AND ELITE LUXURY BRANDS
BEIJING and PHILADELPHIA, February 20, 2007 -- True Product ID, Inc. (TPID) (OTCBB: TPDI) announced that the French Ambassador to the US has invited TPID CEO and President, Richard A. Bendis, to be an expert at meetings dedicated to fighting counterfeiting and piracy in France, which will be conducted with French ministers, other French government officials, leading French anti-counterfeiting organizations, and elite French luxury brands and fashion designers from February 20 to 26, 2007 in Paris and Marseilles. The purpose of the meetings is to build a coalition of leading government, non-governmental, industry, and technological resources in France and the United States to help fight counterfeiting and piracy in France. According to Union des fabricants, counterfeiting costs France approximately US$7.8 billion and 38,000 jobs a year. French luxury goods are among the most counterfeited products in the world.
TPID is the only non-French industry expert which is dedicated to providing anti-counterfeiting technology and solutions to be invited for these meetings. Accompanying TPID from the US will be a director of the US Copyright Office in Washington D.C., the Senior Advisor-IP Coordinator, US Department of Commerce, the President of the French-American Foundation, the President of International Intellectual Property Institute, the President of the American Intellectual Property Law Association, the president of BuySAFE, a bonded on-line shopping site, representatives from leading US designers Anna Sui and Kevan Hall, and members of the US press, including Harper’s Bazaar and BusinessWeek.
Among the French ministers TPID will meet are the Minister of Budget, who is also in charge of Customs Agency; the Ministry of Industry; and the Trade Minister. TPID will also meet with officials from the Institut National pour la Protection Intellectuelle, French Patent and Trademark Office and customs officials from Marseilles. TPID will also meet with France’s most elite anti-counterfeiting organizations including Comité Colbert, a leading association of 70 of France’s elite luxury brands and service companies; Union des fabricants, a major trade association founded in 1877 dedicated to fighting counterfeiting and piracy in France; the French Federation of Women’s Ready to Wear; the Fédération Française de la Couture; and the National Committee on Counterfeiting. Among the French luxury brands TPID will meet are the Louis Vuitton Moet Hennessy (LVMH) Group (which includes such elite fashion lines, wines and spirits, perfumes and cosmetics, and watches and jewelry as Louis Vuitton, Fendi, Donna Karan, Dior, Guerlain, Dom Pérignon, Moët & Chandon, Hennessy, and TAG Heuer); Hermés; Baccarat; Le Printemps Luxe (one of Paris’ most famous luxury department stores); Chanel; PPR (which owns the Gucci, Yves Saint Laurent, Boucheron, and other elite brands); and leading French designers.
TPID CEO, Richard Bendis, stated: “TPID is honored to be invited by the French Government as an expert in these important global anti-counterfeiting initiatives. Combined with our initiatives in China, where most goods are manufactured, and in the US, the world’s leading consumer market, we believe that these initiatives in France, the home of the most elite luxury goods, are an important step in our efforts to develop a leading comprehensive anti-counterfeiting solution worldwide.
About True Product ID True Product ID produces integrators for anti-counterfeiting and security surveillance applications and is a provider of integrated tracking devices. The Company delivers turnkey solutions for governments, armed forces, and industry, through its own proprietary technology and through aggregating the technology, products, and services of third parties via licensing agreements and or joint ventures. For more information about True Product ID, Inc. and Chinese joint venture, True Product ID Technology (Beijing) Limited, go to: http://www.tpid.net and http://www.trueproductid.com/.Posts: 388 | Registered: Jan 2006
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True Product ID Beijing Signs (US) $100 Million Agreement to Protect Artwork for 5 Million-Member China Painting & Calligraphy Organization Thursday March 8, 2:00 pm ET
BEIJING & PHILADELPHIA--(BUSINESS WIRE)--True Product ID, Inc. (TPID) (OTCBB:TPDI - News) announced today that its Chinese joint venture affiliate, True Product ID Technology (Beijing) Limited, has signed a groundbreaking agreement with the China Painting & Calligraphy Organization (the "Organization"), a Chinese national organization of artists composed of approximately 5 million dues-paying members. ADVERTISEMENT
To safeguard China's rich cultural heritage, the Chinese Ministry of Culture has decreed that each member artist must obtain their own unique identification/authentication tag and apply it to every piece of artwork the artist produces during his or her career. The Ministry's decree is part of the Chinese Government's efforts to implement its Law on the Protection of Intangible Cultural Heritage and is part of the Chinese Government's initiative to maintain a comprehensive inventory of China's artwork and other cultural relics. The Organization has chosen TPID's anti-counterfeiting technology (now registered with the Chinese National Industrial and Commercial Bureau) as the exclusive intellectual property protection tool for its members.
The exclusive sales agreement term is 5 years. Under this agreement, the Organization is required to make minimum sales in the amount of approximately (US) $100 million over the next 5 years. Additionally, there will also be minimum quarterly and annual sales requirements for the Organization. TPID anticipates the fulfillment of this agreement will begin in April 2007. This guaranteed amount is based only on approximately 1% of the Organization's 5 million membership, who will pay a fee to use TPID's proprietary nationally registered technology. The total agreement amount could increase as more members utilize TPID's technology. For more information and pictures of the contract signing ceremony, go to http://www.trueproductid.com/.
Richard Bendis, TPID's US CEO, and Mr. Li Ning, President, of TPID Technology Beijing Limited, commented, "With a culture and heritage over 5,000 years old, China maintains many of the world's greatest cultural artwork, relics, and artifacts. We humbly and respectfully thank the Chinese for the honor and privilege of being part of their laws and initiatives to safeguard China's grand cultural heritage."
For additional information related to the factual basis of China's Government and Ministry's laws and their efforts to safeguard cultural heritage, see: http://www.china.org.cn/e-news/news060525-3.htm
About True Product ID
True Product ID produces integrators for anti-counterfeiting and security surveillance applications and is a provider of integrated tracking devices. The Company delivers turnkey solutions for governments, armed forces, and industry, through its own proprietary technology and through aggregating the technology, products, and services of third parties via licensing agreements and or joint ventures. For more information go to: http://www.tpid.net for TPID US / http://www.trueproductid.com/ for TPID Beijing.
SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that our products may not achieve customer acceptance or perform as intended, that we may be unable to obtain necessary financing to continue operations and development, and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
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"The exclusive sales agreement term is 5 years. Under this agreement, the Organization is required to make minimum sales in the amount of approximately (US) $100 million over the next 5 years. Additionally, there will also be minimum quarterly and annual sales requirements for the Organization." ------- and what happens when they dont meet these sales requirements?
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I have been waiting a while for the big one to be released. I bet that it will probably happen before we get our restricted shares unrestricted. So that it will really drive the price up. At least that is what I am hopping for. So what do you think about that MCJA?
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jmr, it would be nice if they would un-restrict our shares earlier, possilbe at the same time of a major contract announcement so there would be buying pressure, but Rhichard Bendis told me 2 months ago that restriction would be lifted after one year. TPDI will be over $10.00 imo before June and unrestriction start.
Rumors of big merge this week, waiting and see
We should start to see weekly updates and last week was the first of over 13 contracts they have secured in China. France in next
$100,000mil over five years for art, Howmuch is the Auto parts worth? Or the China Lottery? Or China tobbaco? That art deal was the small contract
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quote:Originally posted by no_patience: Hey there,
Anyone have ideas of what this may do for us bag boys holding ssty ?
SSTY sold the S-DNA technology to TPDI and therefore they are not connected in that form anymore. SSTY does own Globe Staff which does the tracking for TPDI's tagging. Only problem is Globe is no longer trading and not sure when that will change.
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True Product ID Enters into Letter of Intent to Acquire Majority Ownership and Control of Its Chinese Joint Venture Affiliate Monday March 12, 2:35 pm ET
BEIJING & PHILADELPHIA--(BUSINESS WIRE)--True Product ID, Inc. (TPID US) (OTCBB:TPDI - News) announced that it has signed a letter of intent which will result in TPID US's owning 60% of the Chinese joint venture, True Product ID Technology (Beijing) Limited. Under the letter of intent, one of the Chinese partners in the Chinese Joint Venture will transfer a 20% ownership interest in the Chinese Joint Venture to TPID US, which will then have majority control and ownership of the Chinese Joint Venture. The acquisition is part of TPID US's continuing restructuring efforts to consolidate financial reporting and control of its global operations, which in turn should enhance shareholder value. Upon closing of the acquisition, TPID US should be able to recognize 100% of the revenues generated by the Chinese Joint Venture. ADVERTISEMENT
The significance of signing this letter of intent extends well beyond revenue recognition. Its Chinese partner's agreement to authorize TPID's majority ownership of the Chinese joint venture reflects a critical step in the growing respect, appreciation, and partnership between TPID US and its Chinese partners and their strategic allies within China. TPID Beijing CEO Li Ning stated: "The signing strengthens the marriage between East and West. With our expertise, contacts, and resources combined as one, together we can best maximize opportunities for our leading technology not just in China but throughout the world." TPID US CEO Richard Bendis stated: "The respect, support, and partnership of our Chinese partners are paramount to us. For that, we are deeply honored and grateful. Along the vision of 'One World, One Dream,' we believe that combined we can help establish a global standard in the fight against counterfeit goods."
Closing for the Acquisition is expected to occur within the next 30 days. As part of TPID US's continuing restructuring efforts, TPID US President and CEO Richard Bendis will replace current interim Chairman, James MacKay, as Chairman of TPID US this week. Mr. MacKay expects to issue a video to shareholders this week.
About True Product ID
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Upon closing of the acquisition, TPID US should be able to recognize 100% of the revenues generated by the Chinese Joint Venture.
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TPID US President and CEO Richard Bendis will replace current interim Chairman, James MacKay, as Chairman of TPID US this week. Mr. MacKay expects to issue a video to shareholders this week.
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quote:Originally posted by no_patience: Hey there,
Anyone have ideas of what this may do for us bag boys holding ssty ?
SSTY sold the S-DNA technology to TPDI and therefore they are not connected in that form anymore. SSTY does own Globe Staff which does the tracking for TPDI's tagging. Only problem is Globe is no longer trading and not sure when that will change.
posted
I think that this might mean that they will start getting contracts in the US. Now since they have almost 100% of the ownership then it will probably make it easier to do business in the US. But that is just my interpretation on the matter.
Posts: 180 | From: North Carolina | Registered: Nov 2005
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quote:Originally posted by jas2mel: so how does this signing effect the PPS in your opinions
They have 13 contracts in China, in which prier to the acquasition they would have only received 40% and now they get 100% of the contracts.
The first contract that thet have come public with $$$ figures in the Chinese Art work wortha minimum of $100mil over 5 years. This in my opinion is a small fish, the large ons are the deal with AMP (tagging all auto parts made in china), the chinese lottery (second only to US in size), tabbaco industry in china
Not sure whats holding this pps down, but it isn't going to for long. In my opinion this is going to be over a dollar in the next ten days and we should see more signings of contracts within those ten day
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