Sequiam Biometrics (fka SQUM)

[analystslie]

Mojo: More info concerning China Sequiam ?:

http://orlando.bizjournals.com/orlando/stories/2007/01/22/story5.html?jst=cn_cn_lk

Biometric buyout
Sequiam snaps up Chinese firm in $330,000 deal.
Orlando Business Journal - January 19, 2007
by Chris KauffmannStaff Writer

ORLANDO -- Nick VandenBrekel has just taken the next step to becoming the master of his own biometric universe.

The chief executive officer of Orlando's Sequiam Corp. bought out one of his joint-venture partners in China earlier this month in order to gain his own manufacturing facility.


And as VandenBrekel readily admits, he acquired 80 percent of Magstone Innovation Inc. in Quang Zhou, China, for a "pretty deal" of only $150,000, plus the assumption of Magstone debt of about $180,000.

In turn, Sequiam gets a 50,000-square-foot manufacturing plant with 80 employees that exclusively will produce Sequiam's biometric security product, BioVault, as well as act as the company's "toy shop" as it develops new products.

Sequiam previously controlled everything in its production process except the manufacturing, which was done by Magstone for more than the past two years, says VandenBrekel. "Now everything is under our control, and we can turn out product much faster and more cost effectively."

Further, Magstone, now dubbed Sequiam East Inc., no longer will make consumer products for other companies. The relationship with those other firms will be phased out this quarter.

Bigger joint-venture stake
As part of the deal, Sequiam also gets Magstone's 30 percent stake in the New Era Biometrics joint venture the two companies have with Changjiang Computer Group Corp. in Shanghai, which was approved by the Chinese government last year.

That leaves Sequiam with a 60 percent stake in the joint venture. Changjiang Computer Group holds the remaining 40 percent.

Under the joint venture, Changjiang Computer is the exclusive distributor of Sequiam biometrics products and services in China and greater Asia. For its part, Sequiam is the exclusive biometric designer and manufacturer of biometric products for Changjiang Computer in that part of the world.

The first products under the joint venture, a biometric health product for the Chinese market, is well under way, says VandenBrekel.