MEMPHIS, Tenn., Aug. 25, 2020 /PRNewswire/ -- ATWEC Technologies, Inc. (OTCMKTS: 'ATWT'), a US-based technology company specializing in child safety, today announced it has signed a binding Letter of Intent ("LOI") to acquire SafeBus Technologies, Inc., a private US technology company specializing in mobile "in-vehicle" IP wireless security solutions for the Education market.
ATWT signed the LOI on Monday, and the merger is scheduled to go effective in early September, pending final shareholder approvals. SafeBus will become a wholly-owned subsidiary of ATWT, and its shareholders will receive cash and stock in the deal. Specific terms of the transaction were not disclosed, but will be released with the final Agreement and Plan of Merger in September.
SafeBus President and CEO Stuart Barton celebrated the agreement stating, "This merger is a significant step towards our mutual goal of becoming a major corporate player in the child safety industry. Our shareholders welcome the opportunity to join forces with the ATWEC team. By combining resources, it will enable exponential growth in the years ahead."
SafeBus Technologies, a private Wyoming corporation, has developed a suite of unique products and services that allows parents of school age children real-time tracking of both the bus and their child, thus providing invaluable "peace of mind" for parents or guardians.
ATWT now adds these new products and services to its growing offering of child safety and security technology products. The Company will immediately enter the US school bus transportation market, offering the SafeBus Alert™, SafeBus ETA™ and SafeBus LiveVue™ product lines, targeting day care and K-4 elementary schools that transport children to and from school on a daily basis.
Education technology expenditure is expected to reach $341B worldwide by 2025, evidenced by the aggressive acceleration in venture capital invested through 2019, which reached a record $8B. The Company plans to launch an aggressive sales and marketing campaign to capitalize on this increased demand, fueled by concerned parents and administrators.
Darnell Stitts, ATWEC's Director and COO stated, "We have been very vocal about our plan to grow the Company quickly – this year – through mergers, acquisitions, and strategic financing. The Board has worked hard to complete the transactions – first purchasing Level Three Security, and now acquiring SafeBus. ATWEC will continue to seek out other deals that will maximize our profit potential, and thereby increase shareholder value in the months and years ahead."
SafeBus brings years of software development in child safety, real-time tracking, parent notifications, and fleet management services to ATWEC, along with strong partnerships and significant interest in Middle East markets. Expanding services for school buses, daycare vehicles, and even senior living transport will bring diversification to ATWT's ever-growing product offerings in 2020-21 and beyond.
Barton and fellow SafeBus Board member Baldev Saini reflected on the value the acquisition will bring to ATWT. "In these uncertain times the safety of our children and loved ones is of utmost importance. The tools we deliver to these markets enables peace of mind through real-time tracking and viewing. School administrators can access live feeds during transport helping them mitigate any issues or incidents that could – and will - arise in everyday life. Seeing parents relax, and smile, when they see that their child is safe is priceless."
Shareholders and other investors can find the disclosure related to the Company's acquisition of SafeBus Technologies, Inc., adding new technology product lines geared towards protecting children and earning recurring monthly revenues, along with the latest ATWT developments, on the OTC Markets website, as well as the Company's website, www.atwec.com. Information regarding the SafeBus Technologies, Inc. products and services can be found on their website, www.safebustech.com.
About ATWEC Technologies, Inc. (OTCMKTS: ATWT):
ATWEC Technologies, Inc. is a child safety and security technology company, headquartered in Memphis, TN, in business since 1979. ATWT has developed three unique child safety devices which protect children while they are being transported, both to and from schools, events, and homes, and gives parents and administrators 'peace of mind'. ATWT has been issued patent number 7,646,288, B2 for its KV-3 system 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 KV-3 and the Kiddie Alert™ backup systems are currently being sold to customers across the globe. The Company recently announced their new "state-of-the-art" KV-4 platform which uses RFID technology and their new cloud-based system to easily track children on vehicles to and from home. The Company also recently announced its KV-X product which used ultra-violet rays to sanitize a bus or van from bacteria and pathogens. The Company trades on the OTC Markets under the symbol "ATWT", and the Company's website is www.atwec.com.
About SafeBus Technologies, Inc. (Private: WY):
SafeBus Technologies, Inc. is a privately-held WY corporation providing child safety solutions to schools and day care centers, a $250B market worldwide. Headquartered in Atlanta, the Company combines the latest hardware with creative software development to provide safety and security products for school transport vehicles, now in high demand for today's dangerous world. Millions of children travel to school every day, and parents will always worry about their well-being. Bus drivers have great responsibility, and accidents happen, both on the bus and on the road. Schools have been looking for ways to better control their transportation operations, for increased security, for better record-keeping and for improved safety. Founded in 2012, the Company has spent considerable time, effort, and capital designing and developing its new SafeBus Alert™ products, for sale to customers in the US and abroad. The cutting-edge systems include the SafeBus Alert™, SafeBus ETA™ and SafeBus LiveVue™ product lines, targeting day care and K-4 elementary schools that transport children to and from school daily. The Company utilizes the latest iOS technology, is highly affordable and easy to use, and now gives administrators current alerts and accurate reports, while giving parents 'peace of mind' in knowing that their kids are safe. The Company's website is www.safebustech.com.
Safe Harbor Statement
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected".
You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company's disclosure information.All company or product names used are the property of their respective owners and may be the trade marks (TM), service marks (SM), or registered marks (R) of other companies, and are used for information purposes only and to their owners' benefit, without intent to infringe.Follow us on Facebook, LinkedIn and Twitter: Facebook | LinkedIn | Twitter
ATWEC Technologies, Inc.
COO & Director
SafeBus Technologies, Inc.
CEO and Director
Bull in Advantage, LLC
Email: [email protected]
SOURCE ATWEC Technologies, Inc.