Search Here

ATWEC Technologies, Inc. (OTCMarkets: ATWT), a leader in the child safety industry, today announced that ithas signed a binding letter of intent to acquire Safebus Technologies, Inc., a private Wyoming company specializing in unique safety products for the K-12and daycare education markets.

Safebus, a startup technology company, has developed a safety solution that manages the accountability of students on buses and vans. ATWEC would acquire Safebus Technologies, Inc. as a wholly-owned subsidiary, through a stock-for-stock exchange.

The new child safety system would augment ATWEC's current Kiddie Systems safety product line, and the new technology would enable ATWEC to increase its market share immediately. The companies agreed to terms last week, which were not disclosed. The Safebus product and affiliated technology is protected under a confidential non-disclosure agreement.

The K-12 education market in the US consists of approximately 500,000 active school buses, while the daycare center market utilizes an additional 200,000 buses and vans. ATWEC believes that the new technology will enable it toincrease market penetration throughout North America over the next three tofive years.

Alex T. Wiley, President & CEO of ATWEC Technologies, stated, "ATWEC has been working hard to expand its product line, while at the same time, keeping up with swift changes in technology and social media. Safebus has developed a unique solution that makes keeping our children safe even easier, and we look forward to completing the acquisition."