Message #14 From:
NewsBot Date: January 11, 2007 04:00:00 AM
SQUM News Sequiam Corporation Announces the Acquisition of China Based Magstone Innovation, Inc
ORLANDO, Fla.--(BUSINESS WIRE)--Sequiam Corporation (OTCBB:SQUM), a leading provider of innovative
consumer lifestyle biometric technology and services announced today the
acquisition of Magstone Innovation, Inc., a foreign owned Chinese
corporation, pursuant to a stock purchase agreement.
As part of the acquisition, Magstone Innovation, located in Quang Zhou,
China will change its name to Sequiam East, Inc.
Magstone’s President Edward Chen, will
continue as the President and Chief Executive Officer of Sequiam East,
Inc. Following the transaction Mr. Chen commented: “We
are very happy about this successful acquisition and excited about
joining Sequiam Corporation. Through our many years of experience in
producing consumer products, Magstone has established a very effective,
reputable and creative team for design and engineering, an efficient
manufacturing operation and a very strong and capable supplier network
in China. Over the past year, we have worked with Sequiam to bring many
great biometric products to the market. Now by joining the Sequiam
family, we will be able to turn all these resources and talents into
even greater products and become a global industry leader.
Nick VandenBrekel, CEO of Sequiam said: "We have worked successfully
with Magstone to create top selling products like the BioVault 2.0 and
Magstone was instrumental in securing the relationship with Sequiam’s
joint venture partner in China, CJCC. By adding the discipline of
industrial design and manufacturing to Sequiam’s
existing capabilities we have completed the circle and are able to
provide world class biometric technology to the marketplace in such a
manner that we control the entire process from start to finish. I am
excited about the new opportunities this acquisition will bring to the
Sequiam family and look forward to my continued relationship with Edward
Chen and his team.
About Sequiam
Headquartered in Orlando, Florida, Sequiam Corporation develops,
markets, and supports a portfolio of highly robust proprietary
biometrically enabled OEM, consumer lifestyle and commercial
products/solutions. In addition, Sequiam has invested heavily in
research and development to develop unique products/solutions for the
biometric industry worldwide. Sequiam Biometrics' solutions incorporate
low-cost, high-volume manufacturing processes targeted at the consumer
and commercial market. Sequiam is a global company with offices in
Taiwan, China, and South Africa. For more information, please visit www.sequiam.com
and www.sequiambiometrics.com.
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