I NVESTMENTS On January 5, 2012, the Compa
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Posted On: 01/13/2013 8:40:24 PM
I NVESTMENTS
On January 5, 2012, the Company acquired all of the outstanding shares of Proxima-RF Technology Holding Company Ltd. "(Proxima)" for 6,500,000 shares of Preferred Series C stock of the C ompany. The Company agreed with Proxima to use its best efforts to repurchase and retire the Preferred Series C shares during 2012. Proxima produces a versatile and leading-edge portfolio of RFID readers, tags, sensor tags, sensor probes, and RFID-enabled data logging tags based on the ISO 15693 standard of high frequency (13.56 Mhz) RFID. HF RFID is ideally suited for applications requiring a secure 1- to-1 device write and read, sensor tag and data logging products based on the ISO 15693 standard of high frequency (13.56Mhz) RFID. These key markets include: food safety, cold chain logistics and healthcare/pharmaceutical as well as factory and field maintenance applications.
Proxima RF products are currently being deployed in several national grocery retail stores and restaurants, as well as state utility commissions. In another key market, the Company is engaged with a Value Added Reseller in providing RFID readers, sensor tags and data loggers to the United States Army Blood Services Program in a demonstration project. Through this ongoing trial program, the US Army is anticipated to implement RFID data logging of its critical blood supply shipments worldwide. The Company is also engaged in promising early discussions with Panasonic regarding the use of Pro ximaRF's mobile data logging solutions in its medical supply division.
At May 24, 2010, the company entered into a Joint Venture Production Agreement with Panpacific Business Limited, "PanPacific", whereby it would receive 50% of the profits in three scheduled concerts with internationally known artists to be performed in Hong Kong, and other agreed-upon joint enterprises, for 60 million restricted common shares valued at $2,400,000. On August 9, 2010, PanPacific and the company formed a Nevada corporation and named it Panpacific International, Inc ., "Pan International". PanPacific contributed it business operation for concert promotions along with future joint ventures to be identified in the future and its advertising network for 75% ownership and the company received 25% for its prior capital investment of 60 million common shares. During December 2010, the company issued a restricted stock dividend to its shareholders comprised of 80% of its holdings, which was 20% of Pan International's total outstanding common shares. The company reduced its investment in Pan International by 80% to 480,000 for the dividend.
At September 30, 2012 the company owned 10 million shares of Pan International representing 5% of Pan International's total outstanding common shares with a cost basis of $480,000.
On January 5, 2012, the Company acquired all of the outstanding shares of Proxima-RF Technology Holding Company Ltd. "(Proxima)" for 6,500,000 shares of Preferred Series C stock of the C ompany. The Company agreed with Proxima to use its best efforts to repurchase and retire the Preferred Series C shares during 2012. Proxima produces a versatile and leading-edge portfolio of RFID readers, tags, sensor tags, sensor probes, and RFID-enabled data logging tags based on the ISO 15693 standard of high frequency (13.56 Mhz) RFID. HF RFID is ideally suited for applications requiring a secure 1- to-1 device write and read, sensor tag and data logging products based on the ISO 15693 standard of high frequency (13.56Mhz) RFID. These key markets include: food safety, cold chain logistics and healthcare/pharmaceutical as well as factory and field maintenance applications.
Proxima RF products are currently being deployed in several national grocery retail stores and restaurants, as well as state utility commissions. In another key market, the Company is engaged with a Value Added Reseller in providing RFID readers, sensor tags and data loggers to the United States Army Blood Services Program in a demonstration project. Through this ongoing trial program, the US Army is anticipated to implement RFID data logging of its critical blood supply shipments worldwide. The Company is also engaged in promising early discussions with Panasonic regarding the use of Pro ximaRF's mobile data logging solutions in its medical supply division.
At May 24, 2010, the company entered into a Joint Venture Production Agreement with Panpacific Business Limited, "PanPacific", whereby it would receive 50% of the profits in three scheduled concerts with internationally known artists to be performed in Hong Kong, and other agreed-upon joint enterprises, for 60 million restricted common shares valued at $2,400,000. On August 9, 2010, PanPacific and the company formed a Nevada corporation and named it Panpacific International, Inc ., "Pan International". PanPacific contributed it business operation for concert promotions along with future joint ventures to be identified in the future and its advertising network for 75% ownership and the company received 25% for its prior capital investment of 60 million common shares. During December 2010, the company issued a restricted stock dividend to its shareholders comprised of 80% of its holdings, which was 20% of Pan International's total outstanding common shares. The company reduced its investment in Pan International by 80% to 480,000 for the dividend.
At September 30, 2012 the company owned 10 million shares of Pan International representing 5% of Pan International's total outstanding common shares with a cost basis of $480,000.
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