(PublicWire.com Press Release) INFRAX SYSTEMS, Inc. (OTCBB: IFXY), a global provider of unified Smart Grid-related products and services for the Energy and Utility industries announced the completion of the acquisition of Trimax Wireless Inc. (Trimax), a privately-held, leading edge designer, developer and manufacturer of advanced carrier-grade broadband wireless equipment and other innovative technologies.
Acquisition of Trimax
“The acquisition of Trimax is a critical step in the growth of Infrax Systems,” states INFRAX CEO, Paul Aiello. “TRIMAX is the perfect complement to INFRAX Systems, giving us greater capabilities, industry position, a clear competitive advantage and additional revenue streams. Their innovative technology integration is core to solving the connectivity issues that arise from the deployment of thousand of intelligent devices along the electrical grid. We are pleased to welcome Trimax to the Infrax family.” The acquisition was made in accordance to an earlier announcement, for approximately US$10M in a combination of cash and Preferred stock. Trimax had over $1.2M in broadband revenues in 2009 and the combined Company is projecting $6M for the current fiscal year. In addition to their core wireless broadband product offering, the multi-protocol hardware developed and manufactured by Trimax, will provide utilities with a cost effective, robust and very reliable last mile two-way communications solution for upgrading older meters and enhancing the newer ones.
Trimax has sold over 2,000 base stations capable of supporting over 1,000,000 devices for networks deployed in the United States, Latin America, Europe, Africa and New Zealand. “Our telecommunications carrier and utility customers will benefit from the combined scale and strength of our companies,” said Uli Altvater, CEO of TRIMAX. “This is an important step forward for us. Together we will solve the infrastructure challenges our customers face through the deployment of secure, robust and reliable technologies.” Smart meter penetration in the U.S. is expected to grow to 13.6 million units by the end of this year and more than 33 million units by 2011. Global deployments are expected to exceed 212 million units or $46B by 2014. “The proliferation of Smart Grid deployments and the secure communications issues facing utilities create an incredible growth opportunity for companies like Infrax,” concludes Aiello.
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