RICHARDSON, Texas-@Track Communications Inc., a provider of wireless-based vehicle fleet management and intelligent mobile-asset-tracking solutions, closed a previously approved transaction with Minorplanet Systems, a U.K.-based producer of telemetric-based VMI systems.
@Track issued 30 million shares of common stock in exchange for $10 million in cash and a 99-year exclusive license to market, sell and operate Minorplanet’s vehicle management information technologies in the United States, Canada and Mexico.
In an effort to reduce its outstanding senior note debt, @Track also issued 12.7 million shares of common stock to holders of its 13.75 percent senior notes in exchange for the cancellation of such notes, totaling $80 million.
