IFXY acquisition news out today!
Almost 8 million shares traded today, .0022 is a great entry!
INFRAX Systems (IFXY) to Purchase Southern Power & Controls
Tampa's Southern Power & Control to Play a Transformational Role in the National Deployment of INFRAX's Smart Grid and Communications Solutions
Press Release Source: Infrax Systems, Inc. On Tuesday July 5, 2011, 8:01 am
ST. PETERSBURG, Fla., July 5, 2011 /PRNewswire/ -- INFRAX SYSTEMS, Inc. (OTC BB:IFXY.ob - News), a global provider of unified Smart Grid-related products and services for the Energy and Utility industries, announced today that it has entered into an agreement to acquire Southern Power & Controls (SPC), a privately-held electrical contractor, and recognized leader in providing mission critical control applications for utility, industrial and security applications.
Under the terms of the agreement, INFRAX Systems will acquire Southern Power & Control for approximately $4.9M mostly in cash, plus a combination of notes and stock at closing. INFRAX will continue to support Southern Power & Control's customer base and expand their offerings to include the implementation of INFRAX's smart grid product portfolio.
Highlights of the transaction include:
Generated revenue in excess of $22,000,000 in 2010
Generated average revenue of over $18,000,000 per year in past 5 years
17-year track record of consistent growth and profitability
Considered to be the premier complex electrical systems contractor in the Southeast
Adds high voltage and substation certification to INFRAX's technical workforce
Outstanding performance reputation with water utilities and treatment facilities
