Viaspace, a company focused primarily in the energy markets, has sold what it calls its "non-core security business" to a new company called Knovitech. The technology includes situational awareness and sensor fusion security technologies used for perimeter and homeland/border security as well as maritime cargo security.
The new firm, Knovitech, is headed up by former Viaspace chief operating officer Amjad Abdallat. Abdallat will be the CEO for Knovitech, and is expected to bring employees from Viaspace's security businesses with him to the new venture. The sale price of the security technology was $479,000.
According to Dr. Carl Kukkonen, there is still promise for the security lines that Viaspace sold off.
"I strongly believe in the security business we sold to Knovitech," said Kukkonen. "It should have a bright future, but is not yet profitable."