LAS VEGAS, Oct. 1, 2013 (GLOBE NEWSWIRE) -- Xumanii (OTCQB:XUII) announced that it has acquired RFID business, Trakkers LLC, for 2 million preferred shares of Xumanii. The effective date of the transaction is October 1, 2013. The preferred shares have a face value of $1, valuing Trakkers at $2 million.
Trakkers has developed its own proprietary RFID scanners (named "Mi"). The "Mi" has some unique features including the ability to scan RFID, 1 & 2 dimensional bar codes and mag stripes - all from one device approximately the size of a smart phone. The Mi also has a touch screen and a GPRS capability (scanned data can be sent over mobile phone networks to any location). Trakkers is currently generating revenue by providing the scanners to major trade shows where they are used as lead retrieval devices. Trakkers devices have been used at many of the biggest trade shows in the United States including CES, Comicon and many more.
Revenue for Trakkers for the fiscal year ending April 2013 and 2012 was $1,573,473 and $1,200,142 respectively. Adjusted EBITDA for the fiscal year ending April 2013 and 2012 was $383,110 and $228,270 respectively. More financial and other information will be provided in a super 8K. More information about Trakkers can be found at www.Trakkers.com.Xumanii acquired Trakkers from Tesselon LLC, a subsidiary of Inova Technology, Inc. ("Inova"). Inova CEO, Adam Radly, said, "We decided to break Inova into two parts so that our network solutions business and the RFID business can pursue their own business plans without being constrained by each other and also to enable our shareholders to invest in one or the other or both as opposed to being forced to invest in both." Upon completion of the transaction Mr. Adam Radly will temporarily hold the position of CEO of both Inova and Xumanii concurrently while the board and senior management of Inova and Xumanii are adjusted to reflect their new business plans. Mr. Frigon has resigned from the board of Xumanii and is no longer playing a role in Xumanii.
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