AirIQ to Acquire Boatracs Business and Enter the Marine Market
AirIQ Inc., a provider of Telematics services, announced on September 14 that it has entered into an agreement to acquire assets of Boatracs, LLC, of San Diego, a telematics service provider to the commercial marine industry throughout North America. The acquisition is structured as an asset purchase transaction through its U.S. subsidiary, AirIQ U.S., Inc., with a purchase price of US$5 million (CDN$6.5 million). The acquisition is subject to and conditional upon AirIQ obtaining financing and other customary closing conditions. AirIQ has up to 120 days from September 14, 2004, to complete financing arrangements.Boatracs is an established location-based service provider to the offshore commercial marine industry serving both supply vessels (known in the industry as "workboats") and oceanic commercial fishing operations. A long term exclusive license from Qualcomm Inc. for the coastal waters and inland waterways of the US and the Gulf of Mexico, allows Boatracs to use OmniTRACS satellite technology to supply its services.