HVLN----Traded very heavy today expect much more tomorrow Company Acquistion Letter of Intent signed for Looking Glass Security Solutions, Inc.
In late May, Harvard Learning Centers's board of directors signed a Letter of Intent to acquire from its shareholders "Looking Glass Security Solutions, Inc." of Bayville, New Jersey, an early-stage security product development company, holding proprietary technology under a newly filed and accepted patent application for a campus and classroom security alert/protection system which will be finalized and beta-tested by the end of 2007. Terms of the pending transaction have not been disclosed. The transaction is expected to close by the end of June 2007.
Donald Platten, President of Harvard Learning Centers, stated, "'Looking Glass has developed a timely solution to campus and classroom security that we believe is highly needed in today's educational establishments, both large and small. We are sold on their concept and the tremendous potential that it represents in solving a painful social problem in today's schools. Separately, this acquisition complements our overarching strategy of developing the minds and bodies of today's young people, in that it provides protection to those same minds and bodies while they are in school. Business-wise, it sells into the same educational market as our traditional services, but in a different way." He concluded, "Of particular appeal to the Board of Directors was that 'Looking Glass' had already taken the steps to get a 'patent pending' on their technology giving them a very formal head start on any competition, which also means that for the first time we will have exclusive, proprietary technology to capitalize on."
