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Terry Fields, the Advanced ID Board of Directors member who represented the Company in the negotiations, stated: "We worked well with La Jolla Cove over the last nine months but we felt that the Company needed to move in a new direction. We are confident about the future revenue prospects for the Company and are better positioned to move forward as planned."
Dan Finch, Advanced ID's President, added: "The global economy has experienced significant challenges the last year and Advanced ID has not been spared the effects of the virtual meltdown of the tire industry. Our RFID tire tag product line is moving forward, but much slower then anticipated when the Company pioneered its development in 2006. Advanced ID is repositioning its efforts away from the tire industry at this time and our business requirements are being modified accordingly. To this end, while we appreciate the cooperation of La Jolla Cove during the most difficult period of late 2008 and 2009, we are encouraged to have signed this settlement agreement and emerge with a more focused approach for marketing our impressive RFID supply chain technology."
Advanced ID announces also that the company will file its quarterly 10Q for the period ended June 30, 2009 after the normal due date. The company's shares are temporarily trading under the symbol AIDOE.OB, but will revert back to AIDO.OB once the filing is made public. The quarterly results will be filed shortly.
About Advanced ID Corporation: Advanced ID Corporation (OTCBB: AIDO) (www.advancedidcorp.com) provides global RFID solutions. Areas of focus include the industrial supply chain using the Company's proprietary technology for RFID tags and readers, which have been developed in cooperation with its Advanced ID Asia Engineering development partner in Chiang Mai, Thailand.
Safe Harbor Statement: Statements in this press release other than statements of historical fact, including statements regarding the Company's plans, beliefs and estimate as to projections are "forward-looking statements". Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the Company's SEC filings, and actual results could differ materially from expected results. These forward-looking statements represent the Company's judgment as of the date of this release. Advanced ID Corporation does not undertake to update, revise or correct any forward-looking statements.
Contact: Dan Finch danf@advancedidcorp.com
SOURCE: Advanced ID Corporation
mailto:danf@advancedidcorp.com
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