Upon closing, the Share Exchange Agreement provides for ABI shareholders to own a majority of the outstanding common stock, on a fully diluted basis, of EIDT.
EIDT, developer of Smart Card technology, develops and markets electronic identification authentication systems for use by security-conscious corporations.
will move their corporate offices to Kennewick, Washington.
EIDT also filed a Form 8-K on March 15, 2004 for the completion of the transaction and the changes in the Articles of Incorporation.
At the same time as the name change, the shareholders also approved by written consent a stock option plan for EIDT (now Manakoa), known as the 2004 Combined Incentive and Non-Qualified Stock Option Plan that authorizes the granting of options for up to 3,000,000 shares of common stock.
EIDT is anticipating capitalizing on Manakoa's rapid deployment services' operational protocols.
Robert Williams, Chief Executive Officer of Secure Logistix, stated "This merger provides great potential for Secure Logistix to expand its market presence and return value to EIDT shareholders.
Chairman of EIDT, noted that "We are optimistic that this merger will serve to benefit EIDT as our newly-acquired resources will allow us to enter those emerging markets we have identified as highly profitable.