According to the statement, the chairman of Advance ID Seymour Kazimirski and George Yeomans, chairman of Pneu-Logic, signed a letter of intent for Pneu-Logic’s acquisition following the decision previously gaining the board of director’s unanimous approval.
“This was an easy decision for both companies,” commented Dan Finch, president and CEO of Advanced ID. “Pneu-Logic has superior technology for tyre management and Advanced ID is the leader in tyre identification. By combining our technologies, we are able to offer a complete system solution for tyre and fleet management.”
Pneu-Logic has been in business for three years with a 100% focus on tyre inspection. Their client base includes major tyre manufacturers and fleet operators in the European market.
“We have already started joint marketing efforts, which have led to new business opportunities,” said Finch. “You could not ask for better synergy between two companies. There is no question that our combined company will be the undisputed leader in tyre management focused on tyre maintenance and tyre identification."
Yeomans said, “After researching several companies, we knew that Advanced ID’s RFID product line is what is needed for this market. We have shown Advanced ID tags and readers to Michelin, Goodyear, Continental, Pirelli, Bridgestone, Hankook and several other manufacturers. The response has been very positive and we are already receiving orders. We are confident that this partnership will change the face of the tyre management industry."
The letter of intent covers the sale of all Pneu-Logic assets, product designs, patents, and customers. The company’s current offices in Birmingham will be retained and key employees will contract with Advanced ID. The two companies expect to complete the purchase by July 1.
