Seymour Kazimirski, Chairman of Advanced ID Corporation, and George Yeomans, Chairman of Pneu Logic Ltd. have signed a Letter of Intent for the purchase of Pneu Logic by Advanced ID. The Board of Directors of Advanced ID unanimously confirmed the decision to buy Pneu logic at the Board meeting held last week in Calgary, Alberta.
Dan Finch, President/CEO of Advanced ID said “This was an easy decision for both companies. Pneu Logic has superior technology for tire management and Advanced ID is the leader in tire identification.
“By combining our technologies, we are able to offer a complete system solution for tire and fleet management.”
George Yeomans, Chairman of Pneu Logic said; “The minute I saw Advanced ID’s technology, I knew this partnership made sense as it completes the tire management system.
“We needed tire identification as part of our total fleet management. Advanced ID provides the RFID tags and readers that are far superior to bar code or hot stamping.
“We have shown Advanced ID tags and readers to Michelin, Goodyear, Continental, Pirelli, Bridgestone, Hankook and several other manufacturers.
“The response has been very positive and we are already receiving orders. We are confident that this partnership will change the face of the tire management industry.”
The LOI includes the sale of all assets, product designs, patents, and customers.
Advanced ID will retain the current offices in Birmingham England and key employees will contract with Advanced ID.
After the required due diligence period, the two companies expect to complete the purchase by July 1.
Advanced ID Corporation is a complete solutions provider in the radio frequency identification (RFID) market with a particular emphasis on 900MHz UHF applications.
The Company’s subsidiaries are AVID Canada, “The Pet Microchip Company”, one of the largest providers of companion animal identification in Canada, and Advanced ID Asia Engineering Co. Ltd.
Pneu-Logic Ltd, based in the UK, has become the world leader in electronic data capture for the commercial tire industry.
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