ALAN!!!! HUGE NEWS!!!! HALTED!!!!! GETTING SOME AT OPEN 9:45 expected halt removal....
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Alanco Technologies, Inc. (NASDAQ: ALAN - News) and ORBCOMM Inc. (NASDAQ: ORBC) today announced a major strategic investment by ORBCOMM, a global satellite data communications company focused on two-way Machine-to-Machine (M2M) communications and leading provider of space-based Automatic Identification System (AIS) services. ORBCOMM purchased 500,000 shares of Alanco Series E Convertible Preferred Stock for a total investment of $2,250,000 ($4.50 per preferred share convertible into 12 common shares), and entered into a Product/Software Development Cooperation Agreement for Alanco’s StarTrak Systems subsidiary to develop, manufacture and market new products featuring dual-mode cellular and ORBCOMM satellite communications capabilities, to operate over the global ORBCOMM communications networks.
Robert Kauffman, Alanco Chairman & CEO, commented, “This strategic partnership with global wireless communications leader ORBCOMM Inc. represents a major milestone towards achieving our growth objectives. We welcome ORBCOMM as a significant new Alanco shareholder, as their $2.25 million investment significantly enhances our overall financial strength and industry competitive position. The Product/Software Development Cooperation Agreement will serve to accelerate StarTrak’s growth in both its primary refrigeration transportation business and new, large potential market applications such as aftermarket construction equipment monitoring. We are also looking forward to cooperative development of new international opportunities through ORBCOMM’s extensive global network.”
“The new product development program will greatly enhance StarTrak’s continuing efforts in providing strong ROI-driven applications to global customers via best-in-class communications networks,” said Tim Slifkin, President and Founder of StarTrak. “We are positioning our products and services to take advantage of the ORBCOMM satellite network’s next generation constellation and cost-effectiveness.”
Marc Eisenberg, ORBCOMM Chief Executive Officer, added, “In recent years, StarTrak’s innovative wireless monitoring technology has achieved refrigeration transport industry leadership and StarTrak has grown to become a solid customer for ORBCOMM communication services, both GSM and satellite. We now look forward, as a significant new shareholder and active partner, to assist in accelerating StarTrak product deployments and the associated ORBCOMM service revenues.”
About ORBCOMM, Inc.
ORBCOMM is a leading global satellite data communications company, focused on Machine-to-Machine (M2M) communications. Its customers include Caterpillar, Inc., Doosan Infracore American, Hitachi Construction Machinery, Hyundai Heavy Industries, I.D. Systems, Inc., Komatsu Ltd., Manitowoc Crane Companies, Inc. and Volvo Construction Equipment among other industry leaders. ORBCOMM is the leading commercial provider of global AIS data from space, with users that include the U.S. Coast Guard, U.S. Navy, U.S. Department of Transportation, U.S. Customs and Border Protection and IHS Fairplay, among other government and commercial organizations. By means of a global network of low-earth orbit (LEO) satellites and accompanying ground infrastructure, ORBCOMM’s low-cost and reliable two-way data communication services track, monitor and control mobile and fixed assets in four core markets: commercial transportation; heavy equipment; industrial fixed assets; and marine/homeland security. ORBCOMM based products are installed on trucks, containers, marine vessels, locomotives, backhoes, pipelines, oil wells, utility meters, storage tanks and other assets. ORBCOMM is headquartered in Fort Lee, New Jersey and has its network control center i
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