AutoCorp Equities today announced that it has signed two letters of intent to acquire companies specializing in homeland security. The company said that the technology acquired "facilitates inexpensive and reliable tracking of containers, tractor-trailers, trucks and personal vehicles and private aircraft."
The transactions will be paid for by issuance of restricted stock. Additional information about the transactions will be provided at a later date, AutoCorp said.
The transactions, which are still subject to conclusion of a definitive agreement, and board approvals and customary closing documents, are expected to close in the next 60 days.
In the announcement, AutoCorp said its board has made "a strategic decision to focus on homeland security and believes that the demonstrated technology provided by these two companies will give it a unique advantage in mitigating one of the greatest security exposures our nation faces, which is the untracked flow of bulk foreign cargo from port of entry to every city and town in America."