QuikTrak MOU with national security providerWednesday, January...

QuikTrak MOU with national security provider
Wednesday, January 16, 2008; Posted: 11:47 PM

Sydney, Jan 17, 2008 (RWE via COMTEX) -- QTNWF | news | PowerRating | PR Charts -- (RWE Australian Business News) QuikTrak Networks Ltd (ASX:QTK) has executed a memorandum of understanding with "one of Australia's largest security providers" to negotiate the "fast-tracking" of the marketing and distribution of QuikTrak's suite of proprietary security solutions throughout Australia.

Once finalised, the proposed transaction would allow QuikTrak to focus on its core business as a secure wireless telecommunications and security solutions provider within Australia and accordingly align strategies with those successfully implemented in South Africa.

QuikTrak would continue to own and operate its direct sequence spread spectrum security telecommunications network in Australia and QuikTrak's network coverage would be expanded in line with commercial opportunities identified with the national security provider.

This proposed transaction would include the sale of QuikTrak's existing Australian monitoring contracts (but not its fleet tracking business).

The capital provided would facilitate further overseas expansion and progress the transformation of QuikTrak from a regional security company into an international security solutions and telecommunications provider.