Headquartered in Denmark, Tagnet International is a provider of real-time mobile asset and data management solutions.
GHL Technologies, a holding company focusing on acquisitions, strategic alliances, and partnerships with companies on the cutting edge of the GPS and telematics industry, today announced that it has signed a memorandum of understanding to acquire Tagnet International, with implementation by GHL's agent Balmoral Financial Services Companies.
Headquartered in Albertslund, Denmark, Tagnet International is a provider of real-time mobile asset and data management solutions. The company utilizes advanced RFID, GPRS and satellite tracking technologies in conjunction with sophisticated Tagnet modules to meet the asset management needs of the mobile logistics, security and fleet management sectors as well as the general business sector.
"We are pleased to be finalizing all the terms and conditions for completing this acquisition, and we are excited about the prospect of joining the GHL technologies team together with other GHL companies," said Johannes Clausen, president of Tagnet.
GHL Technologies' agreement with Balmoral allows for GHL to potentially acquire several companies in the United States and others in the Greater European Union. These new acquisitions will be facilitated by Balmoral, and in some instances, these activities will increase market exclusive technology and expand the products and focus of GHL.
With the assistance of Balmoral Financial Services, GHL will be forming information statements and finalizing the requirements to merge Tagnet International into GHL Technologies and intends to complete this merger in the fall of 2006, pending regulatory approval.
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