Imagine Media declared that it has signed a non-binding Letter of Intent (LOI) to purchase TransBioTec (TBT). As per the LOI, TBT’s shareholders will receive 80% of the total outstanding shares of Imagine upon successful completion of acquisition.
TBT has developed an advanced transdermal sensor that can sense the concentration of alcohol levels in blood. The company has received a patent for the same. The sensor can be used to detect the ethanol level emitted from the person’s sweat by positioning the finger on it. Within 5 to 8 seconds, the sensor is capable of detecting the ethanol level. After the detection, a signal is sent to monitor the vehicle’s ignition and prevents it from starting. The sensor can also be used to send signals to cell phone or GPS unit.
When compared to other breath analyzer applications available in the market, the TBT system is quick, easy-to-use, cost-effective, strong, consistent, and precise. The Beta Testing of the sensor has been completed and the company will soon start the production. TBT plans to target commercial vehicle applications such as boats, automobiles, SUVs, and RVs.
Competition of the acquisition will be depend on certain conditions such as compliance with state and federal securities laws, TBT’s audited financial statements, due diligence by both parties, and the implementation of a definitive merger deal.
Source: http://www.bayareaplayersclub.net/