Global General and SmartWear Begin Merger ProcessFebruary 7, 2008
By signing a letter of intent, the two companies set a course that could lead to SmartWear becoming a wholly owned subsidiary of Global General, bringing with it scalable, proprietary RFID-, GPS-, and biometric-based security products and services.
MIAMI, FL /Marketwire/ -- Global General Technologies Inc. (GLGT) announced that the company has signed a nonbinding letter of intent with privately held SmartWear Technologies, a security solutions provider offering solutions in the areas of homeland security and personal safety though patented and proprietary radio frequency identification (RFID)– and global positioning systems (GPS)–based technologies. The two companies are currently conducting due diligence with a view toward signing a definitive merger agreement as soon as possible.
Preliminary terms for the merger include convertible preferred issued to SmartWear Technologies shareholders. SmartWear will become a wholly owned subsidiary of GLGT.
GLGT will forthwith commence preparation of all audits and filings required by the SEC for relisting on the OTC Bulletin Board. Smartwear has already commenced necessary compliance and anticipates closing by February 22.
SmartWear Technologies, with 2007 revenue of $2.3 million and a 2008 forecast of $10 million in revenue, is a leading developer of patented RFID solutions for security, identification, health care, and asset tracking applications with partnerships and strategic alliances worldwide. SmartWear is a global leader in the rapidly growing market sector of scalable, proprietary RFID-, GPS-, and biometric-based security products and services. SmartWear Technologies provides security, asset protection, and health care solutions through the use of RFID, GPS, and biometric patented applications. SmartWear has adopted RFID technology to create patented apparel for:
- Anti-abduction and missing person–location system
- Real-time location, identification, and rescue of fire, police, military (e.g. downed pilots), and other emergency personnel
- Rapid, secure identification, helping people get medical treatment and providing access to emergency contacts and other information
SmartWear offers a range of active RFID solutions that can help identify, locate, and protect a range of people (e.g., children, chronically ill patients, and elderly), ensuring the best possible care and protection.
SmartWear technology is "unique in its ability to communicate across platforms to reach additional devices and technologies and then communicate with them." GPS, biometric, and RFID technologies enable a wearable solution to immediately inform, locate, and identify, providing consumer-based solutions in the personal protection and identification, medical and health care information, military and law enforcement, and asset tracking sectors of the advanced security market and in selected vertical markets, such as personal security, medical safety, and wander-prevention applications.
Gary Stroud, newly appointed CEO of Global General Technologies, said, "We are very excited about the proposed merger with SmartWear Technologies. After signing a nonbinding letter of intent with another company, we were approached by SmartWear seeking our Silent Soldier technology. It quickly became clear that the synergy between our proprietary technology for perimeter defense and SmartWear's patented technology incorporating RFID was the most attractive business combination for both our shareholders and SmartWear's investors. We look forward to completing our due diligence and closing on a fast-track basis."
Bob Reed, CEO of SmartWear, added, "Incorporating our technology with Global General's Silent Soldier solution offers a powerful component to our RFID security offering. We have the management structure in place, a 2008 revenue forecast of $10 million, working capital, partnerships, and alliances to build SmartWear into a major solutions provider, addressing the problem of personal and national security. After closing, we look forward to providing more details to our current accredited investors and GLGT shareholders."
SmartWear Technologies, a leading developer of patented RFID solutions for security, identification, health-care, and asset-tracking applications, with partnerships and strategic alliances worldwide, is a global leader for scalable, proprietary RFID-, GPS-, and biometric-based security products and services. SmartWear Technologies provides security, asset protection, and health-care solutions through the use of RFID, GPS and Biometric patented applications.
About Global General
Global General Technologies Inc. has operated in the past in the intelligent video surveillance market with an innovative perimeter-defense security system. "There is no known competitor that has implemented intelligent communications for a total integrated solution." Through its wholly owned subsidiary, H7 Security Systems Inc., Global General Technologies offers a high-quality, durable, and intelligent surveillance system for perimeter-defense security—using video; sound, seismic, and thermal sensors; and satellite technology from various manufacturers, integrated into a real-time command and control system known as the Silent Soldier. The technologies are packaged with the company's proprietary Intelligent Communication Node technology. GLGT evaluates the security threats and notifies the command and control center of potential intrusions. The highest quality, durable video and sound, seismic, and thermal sensors are combined with satellite technology and robotics to blanket a perimeter in surveillance equipment. The result is a command and control center that not only communicates with each piece of equipment on the perimeter, but communicates efficiently with command and control center personnel. The Silent Soldier system provides video surveillance to detect early movement and follow-up with rapid threat identification, tracking, notification, and prioritization through automated decision making in the field.
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