Quadtech Intl, Inc (QTII) - Description of business
Symbol: QTII
Type: OTCBB§
State location: A1
State of Inc: NV
Phone:604-331-2511
Fax: 604-609-6163§
Web Site: www.quadtechint.com
Full Time Employees: 1
Business Address: 1055 West Hastings Street Suite 300 Vancouver, BC V6E 2E9 Canada
Mailing Address: 300 ? 1055 WEST HASTINGS ST VANCOUVER A1 V6E 2E9
" and elsewhere in this prospectus. See "Risk Factors."
Item 1. BUSINESS
The Company was incorporated under the laws of the State of Nevada on June 17,1997. On June 26, 2003, the Company acquired all the outstanding stock of Covenant Corporation, which was incorporated in the State of Nevada on May 10, 2002.
At the time, the Company was an integrated entertainment company engaged in producing feature films and initially focusing on the production of documentaries.
Through the Company's wholly owned subsidiary, Covenant Corporation, it provided technical solutions and consulting services to the entertainment industry in the areas of security, anti-piracy, promotions and online distribution and sales. This Company is dormant
For financial statement purposes, the transaction was treated as a reverse acquisition and a recapitalization with Covenant being treated as the acquirer. The Company issued one share of its common stock or each of Covenant’s 12,590,500 outstanding shares. Immediately before acquisition the Company had 617,744 shares outstanding and liabilities in excess of assets of approximately $137,456. The transaction was accounted for as a purchase, with no good will recognized, resulting in a deficiency of $137,456 which was reflected as an adjustment to stockholders’ equity on the acquisition date. All shares are shown post reverse split.
On March 31, 2006 , the Company changed its name to QuadTech International, Inc. and its public trading symbol has changed to QTII. The Company also completed a one-for-ten reverse split of its common stock
On May 8, 2006 the Company entered into an exclusive worldwide sales and marketing agreement with iPackets International pursuant to which QuadTech agreed to market and sell iPackets’ mine-safety technologies. However, on September 7, 2006 QuadTech announced that it had terminated the agreement with iPackets International, thereby relinquishing the licensing rights to iPackets’ mine safety product. QuadTech’s management determined that the agreement with iPackets simply was not creating value for the company’s shareholders.
Recent Developments:
QuadTech, announced on the same day, September 7, 2006 that it had acquired a 100 percent ownership stake in MRID Technologies (“MTech”). This acquisition included the rights to MTech’s patent-pending Multiple Range Identification (“MRID”) asset tracking technology, which we consider to be the next generation in Radio Frequency Identification (“RFID”) technology. As part of the agreement, MTech’s management team is expected to join QuadTech to continue to oversee manufacturing, research and development, and systems installation and deployment, once the Company has raised sufficient finance to proceed with this venture
First developed in the early 1970’s, RFID technology uses radio frequency waves to determine whether an object is or is not present. Consequently, current RFID systems do not allow users to pinpoint the location of tagged items.
MTech’s MRID systems transmit multiple radio frequency codes, which offer the added functionality of determining direction and proximity of the tagged item or person in relation to the reader receiving its signal. As a result, an MRID receiver is designed to determine the location of a tagged item, making the new MRID systems invaluable in emergency situations or for organizations with large numbers of mobile assets to protect.
Possible applications and target markets for MRID systems include the law enforcement, military, fire rescue, livestock, motion picture, sports, homeland security, and mining industries, as well as other first response operations.
The Company is actively pursuing funding options in order to pursue commercialization of the MRID technology.
We have not developed or marketed any products, do not have any customers, and have not generated any revenue from operations to date.
Competition
The Company’s nearest competitor in the Multiple Range Identification (“MRID”) asset tracking technology marketplace is iPackets International, Inc.
Employees and Consultants
The Company’s sole employee is John Meier, its President and Chief Executive Officer. The Company’s Chief Financial Officer, Roland Vetter, is a consultant to the Company.
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