ATWEC Technologies Signs Letter of Intent to Acquire Tech Company Technology Startup Provides New Safety Solution for K-12 Schools
MEMPHIS, Tenn., Jan. 25, 2013 /PRNewswire/ -- ATWEC Technologies, Inc. (OTC Markets: ATWT), a leader in the child safety industry, today announced that it has signed a binding letter of intent to acquire Safebus Technologies, Inc., a private Wyoming company specializing in unique safety products for the K-12 and daycare education markets.
Safebus™, a startup technology company, has developed a safety solution that manages the accountability of students on buses and vans. ATWEC would acquire Safebus Technologies, Inc. as a wholly-owned subsidiary, through a stock-for-stock exchange.
The new child safety system would augment ATWEC's current Kiddie Systems™ safety product line, and the new technology would enable ATWEC to increase its market share immediately. The companies agreed to terms last week, which were not disclosed. The Safebus™ product and affiliated technology is protected under a confidential non-disclosure agreement.
The K-12 education market in the US consists of approximately 500,000 active school buses, while the daycare center market utilizes an additional 200,000 buses and vans. ATWEC believes that the new technology will enable it to increase market penetration throughout North America over the next three to five years.
Alex T. Wiley, President & CEO of ATWEC Technologies, stated, "ATWEC has been working hard to expand its product line, while at the same time, keeping up with swift changes in technology and social media. Safebus has developed a unique solution that makes keeping our children safe even easier, and we look forward to completing the acquisition."
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About ATWEC Technologies, Inc.:
ATWEC Technologies, Inc. is a child safety and security company, headquartered in Memphis, TN, and has been doing business since 1979. ATWT has developed unique child safety devices which protect children while they are being transported, both to and from schools, events, and homes. ATWT has been issued patent number 7,646,288,B2 by the US patent office, and its business model is associated with legislation designed to mandate these systems for school and other vehicles, on a state-by-state basis. The Company trades on the Pink-OTC Markets under the symbol "ATWT", and the Company's website is www.atwec.com.
ATWEC Technologies, Inc.
Alex T. Wiley, CEO
SOURCE ATWEC Technologies, Inc.