Without naming names, Advanced ID Corporation (OTCBB: AIDO) reports that it has signed a letter of intent to acquire a radio frequency identification (RFID) company, based in China. This falls in line with AIDO’s current role as a developer of RFID for livestock and pet tracking and recovery, as well as tracking the supply chain of items such as tires.
A company news release says the action allows AIDO to become “the only US public company with instant access to the Chinese domestic market for RFID products and services – the single largest in the world.” The move is also in line with AIDO’s strategy to expand throughout Asia, including a recent creation of a Hong Kong subsidiary, Advanced ID Asia Pacific Co. Ltd.
“Heavily R&D focused, the undisclosed company is located in one of China’s high tech zones and will serve as the primary engineering resource and lead manufacturing operation for AIDO products,” the news release states. Advanced ID CEO Dan Finch said the purchase of assets is being made at the right time.
“Combining our two companies extends our base of operations, further increases our competitiveness in the world market and affords us a strong platform to approach new markets,” Finch said. “The combined entity will enjoy rapidly increased revenue over the next three years and have an objective of moving to a senior exchange as part of its long range plans.”
Advanced ID Corporation is a major factor in the tire inspection business through its UK based Pneu-Logic subsidiary. The company is active in the pet recovery business through its AVID Canada subsidiary in Calgary, Alberta, and is reintroducing its livestock tagging product line in several countries as well as developing a UHF RFID-reader product line for all market applications.
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