Visualant announced today that it has entered into a Letter of Intent to acquire TransTech Systems, Inc. of Wilsonville, OR. TransTech Systems is a leading provider of identification, security and authentication products and services. With more than $10 million in annual revenues, TransTech can provide an established market presence to rapidly deploy Visualant’s enhanced security and authentication solutions.
Ron Erickson, Visualant Chairman, commented, “We are thrilled to be joining forces with Jim and the TransTech team. They have a great reputation for leadership in the provision of client-oriented security and authentication solutions and provide a solid base for distribution of our technology.”
TransTech Systems Founder and President, Jim Gingo, added, “In my opinion, Visualant’s technology has the potential to transform the access control, identification security and authentication industry. The prospect of working together to bring world class solutions to our customers and to fill a significant void in the marketplace is an exciting opportunity and should have significant appeal to our existing dealer base and end-user customers.”
As terms of the Letter of Intent, Visulant would acquire privately held TransTech through a combination of cash and stock. The closing is expected to transpire before the end of June 2009.
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