MDI announced it has signed a definitive agreement to acquire privately held Advanced Security Link (ASL) of Costa Mesa, Calif.
ASL, a video communication technology pioneer in the field of high-performance video transmission and management, will provide the foundation for MDI's network-based integrated security and surveillance solutions.
"ASL's unique modular component design and open architecture software platform are the perfect match to MDI's product development roadmap and corporate integration strategy," said J. Collier Sparks, President and CEO of MDI, Inc. "ASL technology adds immediate and significant value to our Government, commercial enterprise, small business and mobile video sales channels through its innovative video delivery technology. ASL's modular architecture will allow MDI to promote its comprehensive security management solutions into focused vertical markets including banking, retail, law enforcement, school districts, convenience stores and municipal governments. It is plain to see that ASL is more than just a network DVR company, they are in effect an open architecture video communication software company. MDI supplies the perfect security platform to capitalize and expand on ASL's technical innovations. This acquisition fulfills the go-forward vision of both companies and we are truly excited to have Mitchell and the entire ASL team joining the MDI family," Sparks added.
Under the terms of the agreement, 2,000,000 million shares of MDI common stock will be exchanged for the ASL business assets and technology.
The acquisition has received all required approvals of each company and is subject to various closing conditions and approvals. The acquisition is expected to close on January 2, 2006, the companies noted in a release.
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