Bridgetech Acquires RetailPilot, Inc.
SOLANA BEACH, Calif., March 17 /PRNewswire-FirstCall/ -- Bridgetech Holdings International, Inc. announced today that the Company has acquired a majority interest in RetailPilot, a leading edge proprietary RFID and loss prevention company, developing, marketing and distributing to the retail and healthcare industries.
"A few years ago, talk of miniaturized machines that could sense temperature, humidity or even analyze DNA sounded like science fiction. Today, the price of micro-electromechanical systems, or MEMs, has fallen dramatically, and companies are now putting them into everything from washing machines to cars. RFID or radio frequency identification technology, is already demonstrating measurable results that will transform every aspect of business as we know it. Competition is growing and margins are shrinking. Companies with vision are looking to RFID to keep their edge. This is why Bridgetech is so excited about acquiring RetailPilot," said Herb Wong, Chairman.
RFID is a system for tagging and identifying mobile objects such as shipping containers and pallets, merchandise, postal packages and sometimes living organisms (like pets). Using a special device called an RFID reader, this technology allows objects to be labeled and tracked as they move from place to place. RFID works using small (sometimes smaller than a fingernail) pieces of hardware called RFID chips. These chips contain an antenna to transmit and receive radio signals. Whenever a reader within range sends the appropriate signal to an object, the associated RFID chip responds with the requested information, such as an identification number or product date.
Retail Pilot leverages RFID technology for proprietary solutions. These solutions improve business operations, reduce liabilities, provide regulatory compliance and, most importantly, greatly enhance margins. Proven RFID benefits include reduced labor costs, improved operational productivity and enhanced inventory controls. Most of the focus on the introduction of RFID has been in the retail industry, largely driven by the Wal*Mart initiative.
"How does an investment in RFID, the driving force for retail asset management of the future, fit into Bridgetech, whose goal is to become a leading International Healthcare company? RFID is not just for the retailer, it is going to touch every business, but right now, the lion's share of research and development money is focused on the retail industry. Why waste our resources on a lone quest to develop RFID solely for healthcare, when the biggest advances are being financed by the retail industry? RetailPilot gives us the ability to tap into this enormous reservoir of new technology, reap profits within that industry and apply that to the healthcare industry as well," said Wong.
RetailPilot has three operating subsidiaries: the Healthcare Solutions Group (HSG), the Retail Solutions Group (RSG) and ShopGuard USA. ("ShopGuard"). HSG and RSG develops advanced and unique proprietary RFID solutions while ShopGuard sells electronic article surveillance (EAS) systems, passive RFID tags and other loss prevention equipment under a perpetual and exclusive distributor agreement with the equipment's manufacturer.
Wong said, "We believe that we can take this expertise far beyond retail. Applied to Healthcare, we see RFID sensors saving lives, preventing illnesses, errors and sharply reducing costs in medicine. Smart tags can be used for something as simple as the imminent danger of sunburn to insuring the correct sterilization for surgery instruments. They will answer questions such as 'Is the food safely cooked?' 'Has the vaccine been overheated in transit?' 'Where is the defibrillator?' 'Has the surgeon left something in the patient?'. They will prevent the wrong drug being administered and eliminate tedious tasks. And that is only the beginning."
RetailPilot has an experienced management team and the technical expertise to develop proprietary RFID products and solutions. Along with Bridgetech's management, the Company has substantial relationships with most Fortune 500 healthcare providers, retailers and grocers. Management is highly confident of its ability to develop proprietary products and rapidly penetrate the market. The Company was recently named RF/EAS 'Vendor of Choice' for the True Value Hardware Store chain of 6,000 stores.
Wong went on to say, "RetailPilot is going to make a substantial contribution to our bottom line. Bridgetech makes investments in people; it is all about the synergies among the companies that we operate and the distinguished resumes of the individuals who run them. RetailPilot is lead by Michael Chermak, President, who has established several successful start-up companies. He was the founder and CEO of Healthdemographics, Inc., an information and decision support company which Mr. Chermak sold in 1997 to Medirisk for more than $40 million. He was the co-founder and Chairman of Medibuy.com, an Internet healthcare supply vendor. Medibuy raised over $120 million in its first year of operation. I think the attraction for Bridgetech is obvious, the acquisition of RetailPilot underscores the importance we place on our reputation as innovators."
About Bridgetech Holdings International, Inc.
The Company was formed to leverage an extensive network of relationships throughout Asia and the world for select Emerging Medical Device and Technology companies, by providing not only the working capital necessary to bring their products to market, but immediate access to what will become the largest economy in the World over the next 10 years...China. Through a history of successful transactions, the management team of Bridgetech had built a network of reliable resources for research and development; manufacturing and distribution in China.
For more information on Bridgetech Holdings International, Inc. contact the company. The new principal executive offices of Bridgetech are located in the San Diego corridor at 777 S Highway 101, Suite 215, Solana Beach, California 92075, telephone: 858/847-9000; fax: 858/847-9090.
Safe Harbor Disclosure: The statements made in this press release contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve a number of risks and uncertainties. Actual events or results may differ from the company's expectations. In addition to the matters described in this press release, risk factors listed from time to time in the company's reports and filings with the Securities and Exchange Commission, including, but not limited to, its report on Form 10-KSB for the year ended December 31, 2003, and its report on Form 10-QSB for the period ended September 31, 2004.
Contact: Scott Landow Phone 858.847.9000
sdlandow@bridgetechholdings.com Fax 858.847.9090
Bridgetech Holdings International, Inc.CONTACT: Scott Landow of Bridgetech Holdings International, Inc.,+1-858-847-9000, or fax, +1-858-847-9090, sdlandow@bridgetechholdings.com