have you guys seen this??shows how big dubai is getting.we are in the right place!!
Date:8/14/2006 9:45:22 AM
Post #of 14860
IDS Executives Reach Agreement With HLS for $2.35 Cash Buyout Terms
HLS Makes $25 Million Commitment for Worldwide Headquarters in Dubai
Aug 14, 2006 9:40:00 AM
ORLANDO, FL -- (MARKET WIRE) -- 08/14/06 -- IDS Worldwide, Inc. (PINKSHEETS: IDWD) reported today that over the weekend the terms of the HLS $2.35 cash buyout of IDS common stock have been finalized. IDS executives have extended their stay in Dubai throughout this week to establish closing contingencies and escrow accounts. HLS has informed IDS now that final terms have been reached for both publicly held and insider's common stock. Their legal advisors can now complete the necessary paperwork for the official tender documents and the associated $50 Million Bond Offering. HLS executives informed IDS that tentatively 50% of the bond offering have been verbally committed by international investors.
IDS and HLS after meetings this week with legal, banking and accounting advisors will release definitive details and timelines pertaining to the final closing of the transaction. Each common stockholder of IDS common shares (PINKSHEETS: IDWD) will receive $2.35 per share cash for each share of common stock owned. IDS majority insiders approved to receive HLS bonds and stock for their IDS common shares.
IDS and HLS executives also initiated plans this past week for moving IDS operations to Dubai. In relation to these discussions HLS this weekend purchased land from the land surrounding Dubai's new high technology convention center in the multi-billion dollar development project called "The City" and is on the most desired road in the city, Emirates Road. The property is directly linked to the convention center and will greatly increase HLS corporate presence in the international business community with the traffic from the convention center.
IDS CEO Patrick Downs stated, "I am very pleased with both the progress in reaching the final terms for this transaction with HLS that will reward the common stockholders of IDS both in the short term and for many years to come with the ever increasing value of the HLS dividend shares. HLS and IDS executives share the same vision for establishing long term growth for their stockholders. I believe there is no other region in the world, like the UAE and more specifically Dubai, that will enable triple digit growth for at least the next decade.
HLS is building a $25 Million 250,000 sq. ft. headquarters for HLS worldwide operations consisting of IDS corporate offices, Security Monitoring Center and Research and Development laboratories. IDS will occupy a portion of the building and share research and development facilities to continue to develop cutting edge technologies in the software and biometric security industries.
This joint venture between HLS and IDS scientists and engineers have already begun production of their latest breakthrough technology the HLS Biometric Encryption Cell Phone which will arrive in the US market in the next 60 days. IDS and HLS are at least a year ahead of worldwide telecommunication companies that are planning to release similar technology. HLS proprietary 384-bit 18 layer encryption combined with biometric authentication will allow wireless encrypted banking and brokerage transactions from a user's cell phone for the 1st time in the United States. HLS plans to auction of the rights to this technology to the cellular phone industry this quarter with an opening bid of $400 Million plus ongoing royalties.
IDS software and engineering teams will develop applications and games for the HLS biometric encryption cell phone users. IDS scientists are also releasing to production teams this quarter the 1st biometric remote control residential and business security system in the United States in this quarter. This cutting edge technology will eliminate the need for passwords for alarm panels in residences and businesses. The technology also includes a biometric remote control carried on a user's key chain that allows biometric activation and deactivation of alarms systems along with a biometric activated panic button. This biometric security system has a wide range of applications with customizable software that also can be used to report ingress and egress activities and time and attendance in real time at an administrator station. Practical applications consist of nursing homes, college campuses, office towers and government buildings that allow an administrator from a central location in a matter of seconds to change or eliminate authorization of entry credentials to any area of the facilities.
IDS engineers in conjunction with HLS will build a nationwide security monitoring station in the United Arab Emirates (UAE) that will go into service this coming Monday. The Dubai Division already has requests from 240 customers for immediate installation of HLS security and fire equipment and monitoring services. Dubai currently has over $85 Billion in Construction underway and with HLS connections the company is positioned to capture a large percentage of this construction demand for fire suppression installation and security infrastructure.
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