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Infrax Systems (IFXY) Announces Final Record Date And Dividend Rate For Lockwood Technology Spin-Off

Stocks in this article: IFXY

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.

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