We would like to highlight Wherify Wireless, Inc. (OTCBB: WFYW). The company, through its proprietary Springboard platform, provides location based services for fleet management, asset tracking, enterprise sales field service management, mobile social networking, personal safety, and mobile community search and shopping solutions in the United States. Springboard supports GPS and non-GPS equipped devices and is compatible with GSM and CDMA technologies.
In the company’s recent news,
Wherify Wireless, Inc. (WFYW.OB entered into a definitive merger agreement with Lightyear Network Solutions, LLC, a provider of voice, data and video telecommunications services to small- and medium-sized businesses and residential customers throughout the United States. Lightyear Network Solutions generated approximately $65 million in revenue during 2007.
Under the terms of the agreement, Lightyear members and note-holders will own 51 percent of Wherify Wireless’s fully diluted shares. The two merged companies will create a public entity that will target the rapidly growing markets for location-based services and network service solutions. In addition, Sherman Henderson, the current president and chief executive officer of Lightyear, will be named chairman and chief executive officer of Wherify Wireless, Inc.
Wherify’s proprietary Springboard location-based services platform will provide the combined organization with several additional potential avenues of growth. Senior management believes that the combined efforts of these two companies will enhance the service offering to prospective customers and more than 84,000 existing small and mid-sized business and residential customers.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
