PearTrack licenses UK container locking and tracking system
May 12, 2015
California-based PearTrack Security Systems has completed the acquisition of a patented container locking system through an exclusive licence of the intellectual property from PearLoxx, a UK company. The licence agreement, originally executed in January, was recently amended to include a licence fee valued at over $1.7m.
Through this acquisition, PearTrack expects to position its products and services as components in the shipping container security market, providing battery life and advanced monitoring and tracking technology. The acquisition also allows the company to develop pre-manufacturing units and move into marketing and sales, addressing a $14bn market growing at eight per cent per year.
"We expect government regulations to increase dramatically in this market, and we are not only ahead of that curve, but positioned to profit from the inevitable tightening of cargo container shipping regulations as they relate to security," said president and CEO Bill Withrow. “Our customers will now have the technology to not only track, monitor and report on their cargo container, but also provide a barrier to illegal entry into the container and access their cargo. The advantages of our integrated technology will be compelling for PearTrack's target customers, and drive sales in a vast and growing market.”
The locking system integrates elements from a physical container locking system, with a proprietary electronic control and deadlock system, and the PearTrack tracking and communications system, with its proprietary battery management system. This creates an electronically operated security lock for shipping containers that signals operation and location updates via the global PearTrack system.
Tamper and drill resistant, it uses a local five-digit code for emergency access and emergency power options. GPS global tracking with GSM 2G and 3G communications is provided using PearTrack’s tracking unit. There is automatic notification of lock operation and unlocking and locking events. Local users can relock with one touch.
The system uses a 90-day rechargeable (PL-90) battery or up to ten-year primary battery (PL-1000).
The transaction was an all share transaction, and included an on-going sales, marketing and consulting service and fee agreement.