Lifeloc Technologies (OTC: $LCTC) Announces Acquisition of R.A.D.A.R. Product
WHEAT RIDGE, Colo. - March 17, 2017 (Investorideas.com Newswire) Lifeloc Technologies, Inc. (OTC:LCTC) is pleased to announce the acquisition of the R.A.D.A.R.® Real-Time Alcohol Detection and Recognition Product from the Track Group, Inc. The R.A.D.A.R. device is one of the most comprehensive alcohol offender monitoring systems available today. It is a fuel cell-based breath alcohol testing system with 24/7 monitoring and reporting capability. R.A.D.A.R. units include two forms of biometrics to confirm the identity of the subscriber.
The R.A.D.A.R. device provides monitoring with real-time reporting of program compliance or violation to a court-appointed officer as an important part of alternatives to incarceration for alcohol related offenses. Amy Evans, Lifeloc Sales Director, notes, "Our salesforce is excited about adding this complementary product to our law enforcement portfolio and the new opportunities we expect it to create in the workplace."
Mark Lary, Lifeloc Director of Engineering, adds, "The acquisition of R.A.D.A.R. will open an entirely new market for Lifeloc in remote offender monitoring. The R.A.D.A.R. device's biometrics and communication with our advanced fuel cell technology create a unique synergy, providing us the ability to expand our breath alcohol offerings."
"Lifeloc has a long history of manufacturing top quality, professional breathalyzers, and bringing the R.A.D.A.R. products in house fits well with our capabilities. The R.A.D.A.R. device represents an important expansion of our business model, which we expect will result in a recurring revenue stream from device leasing and monitoring, as opposed to a series of one time sales of breathalyzers," says Dr. Wayne Willkomm, Lifeloc CEO.
Lifeloc is purchasing all the Track Group assets relevant to the R.A.D.A.R. device, including the current device inventory, manufacturing assets, monitoring software, and the intellectual property which includes issued and pending U.S. patents, along with associated international applications. No Track Group employees will be joining Lifeloc as part of the transaction.
About Lifeloc Technologies
Lifeloc Technologies, Inc. (OTC:LCTC) is a trusted U.S. manufacturer of evidential breath alcohol testers and related training and supplies for Workplace, Law Enforcement, Corrections and International customers. Lifeloc stock trades over-the-counter under the symbol LCTC. We are a fully reporting Company with our SEC filings available on our web site, http://www.lifeloc.com.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and uncertainties that may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements in this press release including statements about our strategies, expectations about new and existing products, market demand, acceptance of new and existing products, technologies and opportunities, market size and growth, and return on investments in products and market, are based on information available to us on the date of this document, and we assume no obligation to update such forward-looking statements. Investors are strongly encouraged to review the section titled "Risk Factors" in our SEC filings, available free of charge at the SEC's website (http://www.sec.gov).
R.A.D.A.R.® is a registered trademark of Lifeloc Technologies, Inc.
Lifeloc Technologies, Inc.
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