Infrax Systems (IFXY) Announces Final Record Date and Dividend Rate for Lockwood Technology Spin-Off
Lockwood to Build Innovative Technologies for Mobile Asset Management and Payment Systems
19 Mar, 2012, 08:01 ET
ST. PETERSBURG, Fla., March 19, 2012 /PRNewswire/ -- Infrax Systems, Inc., (OTCBB: IFXY), a global provider of unified Smart Grid-related products and services for the Energy and Utility industries, announced today that its Board of Directors has approved the final "record date" and the adjusted "dividend rate" of the stock of Lockwood Technology Corporation to its shareholders. The record date for determining the holders of Infrax's common stock who will receive the dividend will be changed to April 19th, 2012. The dividend rate has been changed to 1 (one) share of Lockwood for every 10 (ten) shares of Infrax Systems. The change in the dividend rate was based on the completed internal valuation of Lockwood Technology and an estimated IPO price range of $1 to $3 per share (price not guaranteed; it is based on market condition, Lockwood's revenue, and investor demand). The change in the "record date" is due to the pending acquisition of SPC. As previously mentioned, upon the completion of the transaction, Infrax Systems will maintain a 30% ownership position in Lockwood Technology, further enhancing its asset base and allowing for continued shared development of new utility focused technology solutions. The actual distribution date of the dividend will be announced when Lockwood Technology gets clearance from SEC and FINRA.
Please find below the associated terms in relations to the Spin-Off;
- Record Date - The date established by an issuer of a security for the purpose of determining the holders who are entitled to receive a dividend or distribution (if you sell your shares after the Record Date and before the distribution Date, you will lose your eligibility to receive your dividend)
- Dividend Rate - The total expected dividend payments from an investment (Spin-Off)
- Distribution Date – The date the dividend is paid out (after the completion of the Spin-off)
According to IDTechEX, the Global market for RFID technology in 2010 was $5.63 billion, up from $5.03 billion in 2009. This includes tags, readers and software, services for RFID cards, labels, fobs and all other form factors. ABI Research has forecasted that the overall market will pass the $6 Billion mark in 2011.The primary drivers for growth will be "modernizing" applications including asset management, cargo tracking and security, corporate employee identification I.D. cards, networks and facility access control, transport passes, as well as supply chain management.
The Lockwood technical team has a 16 year track record of developing and implementing comprehensive asset tracking, asset management and security solutions for public and private organizations. Lockwood has deployed solutions for a variety of government agencies including the US Department for Homeland Security, the Air Force, Office of Scientific Research, the US Army and the US House of Representatives.
A Note on the SEC Registration
While Infrax intends to file such registration statement with the SEC, there is no assurance that such statement will be declared effective for the class of stock being registered of Lockwood. While Infrax will make best efforts toward the effective registration of such a class of stock, there can and will be no guarantee of the effectiveness of such registration for purposes of this dividend.
About Infrax Systems
Infrax Systems offers a series of interrelated operational management, communications, and grid security related products and services known as Secure Intelligent Energy Platform (SIEP). Our products enable a comprehensive and unified solution for communications and applications management of the Smart Grid. SIEP™ incorporates a wide array of communications, security, device and data management tools for Smart Grid applications such as advanced metering solutions and grid optimization. SIEP platform creates a unified solution to securely manage Advanced Metering Infrastructure (AMI) and distribution automation. Infrax's secure smart grid platform, incorporates a communications transport and management system, (Grid Mesh™) , device and data security management, and ultimately secures intelligent endpoint devices (SIED). The secure management of the "last mile" backhaul will be necessary for utilities to implement Smart Grid applications including AMI, real-time pricing, Demand Side Management (DSM), Distribution Monitoring and Automation. When combined, these applications can offer economic, operational and environmental benefits for utilities, and ultimately the utility's customers.
For INFRAX Systems information, contact [email protected] or visit www.infraxinc.com.
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets.
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