L Q Corporation equals security ... even if you've never heard the name before.
The company, formerly known as Liquid Audio, had previously been a technology company seeking to distribute digital music via the Internet. That business model, however, didn't work as planned. As Liquid Audio came to a close in a time period that saw the development of iTunes and the collapse of Napster, the company sold some of its patents to Microsoft and liquidated its assets in 2003, effectively shutting its doors.
Now, three years later, the company has reemerged as L Q Corporation and has thrown a one-two purchasing punch that has succeed in landing the company securely in the middle of the security industry.
Effective as of Dec. 30, 2005, L Q Corporation has picked up the Checkpoint Systems Access Control Product Group (ACPG) and at the same time bought the assets of Senior Executive Service Resources (SES).
As part of the purchase, L Q has created a subsidiary known as Sielox, which will market the former Checkpoint access control products -- a product line which includes the Pinnacle access control software and a number of cards, devices, readers and controllers. To handle the operations of SES, the company also formed a subsidiary known as SES Resources International. SES, a young company, deals with corporate auditing and asset protection, regulatory compliance and emergency planning.
Sielox brings over some of the top personnel from the Checkpoint ACPG, and brings the company's Pinnacle technology. L Q Corporation reports that Sielox will be lead by Karen Evans as president and general manager. Evans brings a background of 14 years at Checkpoint and has previously served as the national sales director for the Checkpoint access control group. It is anticipated that the distribution and technician system will largely remain unchanged despite the acquisition. According to a statement from L Q Corporation/Sielox, the former Checkpoint access control group will be moving to a new facility, but is currently working out of its current facility in New Jersey.
While the Sielox/Checkpoint product line is already on the street and has a number of current clients, the L Q Corp. purchase of SES is more speculative. SES was still in a developmental stage of their consultancy and corporate operations solutions, and is still forming its advisory board.
SES Resources International will keep current owners in a minority ownership standpoint and will be run by its new president, Bradley D. Schnur, a New York lawyer who has worked in the entertainment business as well as handling general corporate law. Schnur, a one-time assistant district attorney from Kings County, N.Y., is anticipated to bring an essential background of law and law enforcement to the corporate auditing firm. SES Resources International is 80.5 percent owned by L Q Corporation.
Early indications are that L Q Corporation won't slow down now. It has promised continued R&D for the Sielox/Checkpoint product line and further development of the SES solutions model.
"Together, these companies provide L Q Corporation with a foundation in the physical security, compliance, advisory and investigatory markets that we will use as our cornerstone for future growth and market development,â€ L Q Corporation's President and CEO William J. Fox stated in the formal announcement of the acquisitions.