Isonics Corporation, a Golden, Colo.-company which develops technology for the homeland security and semiconductor markets, has announced that it has executed a non-binding agreement to acquire Protection Plus Security Consultants, Inc.
Protection Plus, which provides security and investigation services to companies and institutions in the markets of healthcare, education, retail, manufacturing and the art world, would be come part of Isonics if this deal, which includes 1 million restricted Isonics common shares and 500,000 common stock warrants exercisable at $4, were executed.
The announcement was made by James Alexander, CEO of Isonics.
According to a company statement Protection Plus projects unaudited 2004 revenue of nearly $12 million. That's up from approximately $8 million in 2003, and the company says it expects to continue to report a profit.
The announcement of the agreement follows November's appointment of Protection Plus chairman Michael Caridi to Isonics Homeland Security and Defense division advisory board
"If completed, the acquisition of Protection Plus will provide Isonics with a deep source of knowledge and contacts within the homeland security space as Isonics extends its services and product offerings throughout the international marketplace," said Isonics CEO James Alexander in a prepared statement. "The practical and professional expertise of Mr. Christiansen, Mr. Caridi and their colleagues at Protection Plus will be an important strategic counterpart to Isonics' proprietary technology and products. We believe that Protection Plus is capable of providing key assistance in the development of our next-generation products, as well as the successful marketing and sales processes. We believe the synergy created by uniting our two companies will have a beneficial impact on our revenues and stock value."