Business
Aluf Holdings, Inc. Enters Into Non-Binding Letter of Intent to Acquire Security Technology Management Company, Providing Businesses with a New Level of Identity Validation and Authentication
Aluf Holdings, Inc. Enters Into Non-Binding Letter of Intent to Acquire Security Technology Management Company, Providing Businesses with a New Level of Identity Validation and Authentication.
About this update from Aluf Holdings, Inc.
[{"type":"text","content":"\n FORT LAUDERDALE, Fla., Nov. 08, 2021 (GLOBE NEWSWIRE) -- Aluf Holdings, Inc. (\"AHIX\") (\"Aluf\") (OTC PINK: AHIX) is a holding company headquartered in Fort Lauderdale, FL, engaged in acquiring, operating, and managing subsidiary companies in the development and sale of proprietary software, today announced the execution of a non-binding Letter of Intent to acquire a privately held, profitable security and technology management consulting firm. Transaction Highlights The Intelligence Community of the United States continues to encounter challenges with meeting demand for project and program management along with technical resource support, which has only increased with the Covid Pandemic. The Company’s business model presents a unique opportunity to meet these challenges and gain access to multi-year, 9-figure budget contracts and IT staffing IDIQ. The company has been in business for nearly 20 years and has developed long term relationships within the Intelligence Community. In addition, the Company operates in a cash flow positive position with growing revenue. The Terms of the Letter of Intent and Business Purchase Agreement contemplate a total consideration for this transaction of $500,000 in cash at closing with short-term seller financing in an unsecured sellers note. Closing the transaction is subject to completion of financing and customary due-diligence and closing conditions. Status of Existing Acquisition Agreement Aluf remains under contract to acquire all the stock of a pre-revenue technology company. The closing is anticipated to occur on or before August 31, 2021, or “90 days after the qualification of a Regulation A Offering”. The Purchase Agreement contains customary termination clauses. This acquisition target (TC) is a Biometric Identity Service company that is redefining identity authentication in a rapidly evolving digital world. TC uses artificial intelligence, biometrics, and IoT communication to provide businesses with a new level of identity validation that enables them to know and protect their customers identities, while providing a seamless experience from enrollment through the life of the relationship across any platform and camera-enabled device. TC's cloud-based platform is a privacy-preserving ecosystem of identity vectors that learns and perfects itself on each u...