In a deal that will breathe new financial life into a veteran mobile communications supplier, @Track Communications, providers of HighwayMaster systems, has signed a letter of agreement with Minorplanet Systems PLC of Leeds, England.
The deal will bring a British-developed mobile communications system to the North American market and make Minorplanet a major investor in @Track, which was recently warned that its stock could be delisted from the NASDAQ exchange.
The Jan. 10 announcement was just in time for the Jan. 11 hearing @Track had requested with NASDAQ officials. @Track Executive Vice President and Chief Financial Officer, W. Michael Smith, told Truckinginfo.com the meeting took place Thursday, but that a decision has not yet been announced.
"I can't predict what the ruling would say, but I can tell you this agreement would put us in compliance with NASDAQ rules," Smith said.
If the deal closes, @Track, Richardson, Texas, will have the exclusive right to distribute Minorplanet’s VMI (Vehicle Management Information) system, which is ideal for local operations, according to Todd Felker, @Track’s Senior V.P. Sales and Marketing.
"This product is focused toward the segment of business that operates in a metro area. It provides the functionality required for that type of operation and we can price it according," Felker said.
VMI is a complete system including both hardware and software. It can be configured for virtually any digital data network, including CDPD (Cellular Digital Packet Data) on certain analog cellular networks, and will be able to interface with business applications.
Felker said @Track is currently talking with fleets willing to test the VMI system.
"We looked at many different systems out there," Felker said. "We have found this to be the best value in terms of functionality relative to cost, or value."
The agreement would also make Minorplanet a stakeholder in @Track, which had been actively seeking investors. Under terms of the agreement, Minorplanet would purchase 140 million shares of @Track common stock and subscribe for 10 million shares of @Track common stock for a purchase price of $10 million to be used as working capital.
The deal will bring a British-developed mobile communications system to the North American market and make Minorplanet a major investor in @Track, which was recently warned that its stock could be delisted from the NASDAQ exchange.
The Jan. 10 announcement was just in time for the Jan. 11 hearing @Track had requested with NASDAQ officials. @Track Executive Vice President and Chief Financial Officer, W. Michael Smith, told Truckinginfo.com the meeting took place Thursday, but that a decision has not yet been announced.
"I can't predict what the ruling would say, but I can tell you this agreement would put us in compliance with NASDAQ rules," Smith said.
If the deal closes, @Track, Richardson, Texas, will have the exclusive right to distribute Minorplanet’s VMI (Vehicle Management Information) system, which is ideal for local operations, according to Todd Felker, @Track’s Senior V.P. Sales and Marketing.
"This product is focused toward the segment of business that operates in a metro area. It provides the functionality required for that type of operation and we can price it according," Felker said.
VMI is a complete system including both hardware and software. It can be configured for virtually any digital data network, including CDPD (Cellular Digital Packet Data) on certain analog cellular networks, and will be able to interface with business applications.
Felker said @Track is currently talking with fleets willing to test the VMI system.
"We looked at many different systems out there," Felker said. "We have found this to be the best value in terms of functionality relative to cost, or value."
The agreement would also make Minorplanet a stakeholder in @Track, which had been actively seeking investors. Under terms of the agreement, Minorplanet would purchase 140 million shares of @Track common stock and subscribe for 10 million shares of @Track common stock for a purchase price of $10 million to be used as working capital.
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