$ATWT tech company specializing in child safety, today announced it has signed a binding Letter of Intent ("LOI"
to acquire SafeBus Technologies, Inc., a private US technology company specializing in mobile "in-vehicle" IP wireless security solutions for the Education market.
ATWT signed the LOI on Monday, and the merger is scheduled to go effective in early September, pending final shareholder approvals. SafeBus will become a wholly-owned subsidiary of ATWT, and its shareholders will receive cash and stock in the deal. Specific terms of the transaction were not disclosed, but will be released with the final Agreement and Plan of Merger in September.
SafeBus President and CEO Stuart Barton celebrated the agreement stating, "This merger is a significant step towards our mutual goal of becoming a major corporate player in the child safety industry. Our shareholders welcome the opportunity to join forces with the ATWEC team. By combining resources, it will enable exponential growth in the years ahead."
SafeBus Technologies, a private Wyoming corporation, has developed a suite of unique products and services that allows parents of school age children real-time tracking of both the bus and their child, thus providing invaluable "peace of mind" for parents or guardians.
ATWT now adds these new products and services to its growing offering of child safety and security technology products. The Company will immediately enter the US school bus transportation market, offering the SafeBus Alert™, SafeBus ETA™ and SafeBus LiveVue™ product lines, targeting day care and K-4 elementary schools that transport children to and from school on a daily basis.