Advanced ID Corporation (OTCBB:AIDO stock), a leading developer of radio frequency identification (“RFID”) technology for livestock tracking, pet recovery and supply chain applications focusing on the tire management industry, today announced the Company’s Hong Kong subsidiary, Advanced ID Asia Pacific Ltd, will acquire Shenzhen, China-based RFID manufacturer, Shenzhen DDCT Technology Co., LTD (DDCT). A leader of new generation RFID technology in China, DDCT, specializes in development, production, and sales of RFID/UHF hardware, including UHF readers, and antenna tags throughout Asia.
Following their previously announced Letter of Intent (see 8/29/08), both companies have completed and entered into a definitive asset purchase agreement that includes a direct purchase of DDCT’s assets through a combination of cash and equity, and provides that DDCT will achieve certain revenue objectives relative to sales of the newly combined entity’s products throughout China. The Company anticipates completion of due diligence, and finalization of documents in accordance with all Chinese and US laws and regulations, prior to year-end.
“It is no secret that China is the most senior player in the Far East -- and possibly in the world -- relative to adoption of RFID and UHF tags and readers,” commented AIDO’s president and CEO, Dan Finch. “With the completion of this strategic acquisition, our company acquires all of the technology patents and IP that DDCT has for their readers and modules, as well as their intricate knowledge of sales and marketing of an organization in the Asian market.
DDCT is by far the leading company in reader development and modules in China and our combined company will take the global leadership role in providing the most advanced, cost effective RFID readers for all applications.”
Mr. Siyou Su, Chairman of DDCT added, “We are impressed with Advanced ID’s ability to focus on niche markets, and their impressive global distribution network is a natural fit for our DDCT readers and modules. After months of testing our readers and modules for inclusion with Advanced ID’s, we have concluded that our integrated products will include the most full featured, lowest priced readers in the world. Together, we will make a significant impact on the Chinese market and beyond.
Our tenders in China include commercial users, system logistics and government contracts. DDCT is becoming a major force in tracking and military RFID applications, and we are also in the process of developing the most advanced UHF active reader in the marketplace. With our combined efforts, we anticipate sales in the domestic China market alone exceeding US $15,000,000 in 2009, and sales outside of China approaching US $9,000,000 during the same period.”
About Advanced ID Corporation: Advanced ID Corporation (OTCBB: AIDO) is a complete solutions provider in the RFID market with a focus on the tire management industry. The company is also 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, is reintroducing its livestock tagging product line in several countries and has developed a UHF RFID reader product line for all market applications.
Safe Harbor Statement: Statements in this press release other than statements of historical fact, including statements regarding the company’s plans, beliefs and estimate as to projections are “forward-looking statements”. Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company’s SEC filings, and actual results could differ materially from expected results. These forward-looking statements represent the company’s judgment as of the date of this release. Advanced ID Corporation does not undertake to update, revise or correct any forward-looking statements.
For further information, visit Advanced ID Corporation at www.advancedidcorp.com.
Advanced ID
Dan Finch, President, 1-866-941-AIDO (2436)
advancedidir@gmail.com