Alanco Technologies, Inc. and ORBCOMM Inc. have announced a major strategic investment by the latter, a global satellite data communications company focused on two-way Machine-to-Machine (M2M) communications and provider of space-based Automatic Identification System (AIS) services. ORBCOMM purchased 500,000 shares of Alanco Series E Convertible Preferred Stock for a total investment of $2,250,000 ($4.50 per preferred share convertible into 12 common shares), and entered into a Product/Software Development Cooperation Agreement for Alanco's StarTrak Systems subsidiary to develop, manufacture, and market new products featuring dual-mode cellular and ORBCOMM satellite communications capabilities, to operate over the global ORBCOMM communications networks.
Satnews Daily
April 7th, 2010
Alanco + ORBCOMM... Sharing The Space
Alanco Technologies, Inc. and ORBCOMM Inc. have announced a major strategic investment by the latter, a global satellite data communications company focused on two-way Machine-to-Machine (M2M) communications and provider of space-based Automatic Identification System (AIS) services. ORBCOMM purchased 500,000 shares of Alanco Series E Convertible Preferred Stock for a total investment of $2,250,000 ($4.50 per preferred share convertible into 12 common shares), and entered into a Product/Software Development Cooperation Agreement for Alanco's StarTrak Systems subsidiary to develop, manufacture, and market new products featuring dual-mode cellular and ORBCOMM satellite communications capabilities, to operate over the global ORBCOMM communications networks.