- some timelines from the latest filing:
First, the Company agreed to purchase 100% of the assets of Assembled Products, Inc., a small manufacturing plant located Rogersville, Alabama, for a total of US$2.6Min cash and stock. The Company has had an ongoing partnership with Assembled Products for several years, and heretofore has utilized them as the primary vendor in the manufacture of the Company's patented Kiddie Voice™ vehicle alarm systems, along with vehicle and industrialbackup units. The Company has begun making payments directly to Assembled Products for the completion of the deal, and anticipates "closing" and completing the transaction by early June 2021, at which point the Company shall assume all manufacturing operations, in order to internalize production of its child safety and other vehicle systems.
Second, the Company agreed to acquire 100% of SafeBus Technologies, Inc., a private Wyoming technology company headquartered in Atlanta, Georgia, for SOM restricted common shares and US$560,000cash. The Company will begin selling SafeBus Technologies' current line of child safety products and services to its current customer base. which will augment the Company's expansive product offering designed to protect children on school buses and daycare vans. The Company anticipates selling the units to customers in North America, Asia and Africa, beginning in 40 2021. The Company has begun making payments directly to SafeBus Technologies, Inc. for the completion of the deal, and anticipates "closing" and completing the transaction by early June 2021, at which point SafeBus Technologie.sInc. shall become a wholly-owned subsidiary of the Company.
As of March 31, 2021, the Company has no subsidiaries (because the above mentioned deals are not set to close until June, ) parents, or affiliated companies. However, as given on page 5 above, the Company has entered into binding agreements to acquire two private US companies engaged in businesses that complement and enhance the Company's current product and service offerings, which Management believes will accelerate revenue and earnings growth over the next four years.
The Company has begun making payments to both companies, in fulfillment of the terms of the agreements, and anticipates "closing" and completing the transactions in full sometime in early June 2021, in order to expand the Company's manufacturing capability and grow the Company's product and services offerings, for both new and existing customers.
The Company utilizes outside sales representatives and distributors, who operate primarily on a local and regional basis. The Company is now seeking to move its headquarters to Atlanta, GA upon receipt of the proposed financing, for several reasons including larger customer base, efficiency of travel. and proximity to financing sources. Management has begun searching for office space. for lease, throughout the Atlanta area, with hopes to sign a lease sometime by early 2022.
