UniPrime Capital Acceptance Corp. (NQB: UPRC) UniPrime Capital Acceptance and Sec2Wireless (Secure2Wireless) have signed a definitive stock acquisition agreement. It is expected the closing will occur by Dec. 15, 2001.
Sec2Wireless is a private limited liability company headquartered in Delaware, with a wholly owned subsidiary located in Israel. UniPrime Capital Acceptance Corp. is a publicly traded investment holding company trading under the symbol UPRC.
Sec2Wireless has developed a state-of-the-art technology for centralized user authentication and monitoring which provides in a single design the ability to recognize a person's identity. Sec2Wireless's technology can be applied for physical access (airport/transportation or corporate campuses) remote information access (Internet, call-center or cellular based), and transaction-based services (e-commerce, m-commerce, cellular vending or point-of-sale).
Pursuant to the terms of the transaction, S2W's shareholders will transfer all of their outstanding shares to UPRC. In exchange for their shares, S2W's shareholders will each receive such number of shares so that upon the closing of the transaction they will own in the aggregate a majority of UPRC's outstanding share capital and will acquire control of UPRC.
Also, upon the closing, the management and board of directors of S2W will replace UPRC's current management.
S2W has raised approximately $3.2M in private placements since its incorporation in February 2000. One of Secure2Wireless's major investors is Shamrock Capital Growth Fund. The Shamrock group has led successful private equity transactions across a broad range of industries both domestically and internationally.
Published by Israel's Business Arena on November 27, 2001.