Advanced ID's Hong Kong subsidiary, Advanced ID Asia Pacific, says it will acquire Shenzhen DDCT Technology, which specializes in development, production, and sales of RFID/UHF hardware, including UHF readers, and antenna tags throughout Asia.
Following a letter of intent signed last month, both RFID-related companies have completed and entered into a definitive asset purchase agreement that includes a direct purchase of DDCT's assets through a combination of cash and equity, and provides that DDCT will achieve certain revenue objectives relative to sales of the newly combined entity's products throughout China. The deal will be finalized by the end of the year.
"It is no secret that China is the most senior player in the Far East — and possibly in the world — relative to adoption of RFID and UHF tags and readers," stated Advanced ID's president and CEO, Dan Finch.
Advanced ID is a leading global developer of radio frequency identification technology for livestock tracking, pet recovery and supply chain applications focusing on the tire management industry.