C-Chip Acquisition of Unique Security Is Terminated

Asset tracking and protection technology provider cancels its agreement to buy institutional and corporate security provider


C-Chip Technologies Corporation announced today that it has terminated the negotiation to purchase Unique Security, Inc., a private Montreal-based company providing security services to large institutional and corporate accounts. Following a thorough review of Unique's operations, C-Chip could not agree on the terms and conditions related to the acquisition and, as a consequence, declined to purchase Unique Security, Inc.

``Although this is somewhat of a disappointment for C-Chip, we simply could not proceed on the terms and conditions sought by the sole shareholder of Unique Security, Inc.'' says Stephane Solis, President & CEO of C-Chip. ``This said, in the aftermath of 9/11 and looking at current world events, we continue to foresee strong growth ahead within the security service industry and our goal remains to quickly attain a leading position within this industry, both from internal growth and through acquisitions. We have already identified different potential acquisitions in the security sector and we are currently in discussions with a number of them to firm up their interest. We expect to announce positive developments shortly.''