Universal Guardian (UGHO) has entered into an agreement to acquire Hong Kong's MeiDa Information Technology Limited and its subsidiaries MeiDa Information Technology Ltd. (Beijing) and Tagistics Corporation (USA).
MeiDa has invested several million US dollars over the past 4 years in the development of integrated, turn-key RFID software and systems that will now become an integral part of Universal Guardian's 'Trusted Shipper' program.
Universal Guardian will exchange 2,297,000 restricted shares of Universal Guardian Holdings, Inc. common stock to acquire MeiDa Information Technology Ltd. (Hong Kong), and its subsidiaries MeiDa Information Technology Ltd. (Beijing) and Tagistics Corporation (USA). The acquisition is scheduled to close on October 7, 2005.
M.A.G. Capital, LLC., through its designated funds, provided $500,000 in equity financing through a Series A preferred stock transaction to help facilitate the MeiDa transaction and begin the due diligence process on other strategic acquisitions that will produce revenue and/or earnings for Universal Guardian.