$ATWT a US-based technology company specializing in child safety, today announced it has signed a binding Letter of Intent with Level Three Security, a Memphis-based security company specializing in residential and commercial alarm services throughout the Southeast US.
Level Three agreed to be acquired for cash and stock, and will become a new business division of ATWT, adding its powerful surveillance products and services to ATWEC's unique line of child safety and security products. Level Three's President, Calvin Keys was enthusiastic about the deal, stating, "We utilize a robust surveillance and monitoring system to strengthen residential and workplace security in real time environments. We love being able to expand ATWEC's target markets beyond vehicle safety, and into the homes and businesses of the community."
The Company held a Board of Directors meeting on July 27, where the directors discussed the Company's 2020 growth strategy, and unanimously approved the Level Three Security acquisition. The Company will immediately acquire substantially all of Level Three's assets and liabilities, while adding new resources to assume the operations of its new security division. Specific terms of the transaction were not disclosed.
Alex Wiley, ATWEC's President and CEO, said, "At a total projected cost of more than $1M, this acquisition is significant to our near-term financial outlook and our growth strategy. It is one of several transactions that the Board has been working on since early January, and represents the first step in our comprehensive growth by acquisition plan." The Board likewise approved the acquisitions plan of offering the target companies cash and restricted stock, facilitated through a new liabilities funding program, scheduled to commence during 3Q 2020.
Additionally, the Company unanimously approved a plan to pursue a move from over-the-counter market to the OTCQB by 2021. The move will require financial audits and other minimum requirements, and the Company is now evaluating several PCAOB registered accounting firms to complete financial audits.
Mr. Wiley continued, "Today the Board approved a plan to get ATWEC to the OTCQB by 2021. The move will require financial audits and other specific requirements, but we are confident that we can get there quickly. This will be another milestone in our development from startup company to major player in security technology, working to make the world a safer place."
Shareholders and other investors can find the disclosure related to the Company's acquisition of Level Three Security, moving up to the OTCQB, along with the latest Board of Directors meeting, on the OTC Markets website, as well as the Company's website, www.atwec.com.
Level Three agreed to be acquired for cash and stock, and will become a new business division of ATWT, adding its powerful surveillance products and services to ATWEC's unique line of child safety and security products. Level Three's President, Calvin Keys was enthusiastic about the deal, stating, "We utilize a robust surveillance and monitoring system to strengthen residential and workplace security in real time environments. We love being able to expand ATWEC's target markets beyond vehicle safety, and into the homes and businesses of the community."
The Company held a Board of Directors meeting on July 27, where the directors discussed the Company's 2020 growth strategy, and unanimously approved the Level Three Security acquisition. The Company will immediately acquire substantially all of Level Three's assets and liabilities, while adding new resources to assume the operations of its new security division. Specific terms of the transaction were not disclosed.
Alex Wiley, ATWEC's President and CEO, said, "At a total projected cost of more than $1M, this acquisition is significant to our near-term financial outlook and our growth strategy. It is one of several transactions that the Board has been working on since early January, and represents the first step in our comprehensive growth by acquisition plan." The Board likewise approved the acquisitions plan of offering the target companies cash and restricted stock, facilitated through a new liabilities funding program, scheduled to commence during 3Q 2020.
Additionally, the Company unanimously approved a plan to pursue a move from over-the-counter market to the OTCQB by 2021. The move will require financial audits and other minimum requirements, and the Company is now evaluating several PCAOB registered accounting firms to complete financial audits.
Mr. Wiley continued, "Today the Board approved a plan to get ATWEC to the OTCQB by 2021. The move will require financial audits and other specific requirements, but we are confident that we can get there quickly. This will be another milestone in our development from startup company to major player in security technology, working to make the world a safer place."
Shareholders and other investors can find the disclosure related to the Company's acquisition of Level Three Security, moving up to the OTCQB, along with the latest Board of Directors meeting, on the OTC Markets website, as well as the Company's website, www.atwec.com.
