iSECUREtrac To Buy Tracking Systems In $2.3 Million Stock Swap Deal
By Staff Writer | August 13, 2003
iSECUREtrac Corp. [OTC BB: ISRE.OB], an Omaha, Neb.-based developer of global positioning systems (GPS) for tracking and monitoring, signed a stock swap deal with Tracking Systems Corp., a Harrisburg, Pa.-based electronic monitoring services firm, to buy all of the company’s outstanding shares.
Under the terms of the agreement, iSECUREtrac will pay $2.3 million in stock and assume Tracking Systems’ outstanding debts to acquire the company. The transaction has been approved by the boards of both companies and is subject to approval by the shareholders of Tracking Systems.