Wherify Wireless, Inc. (WFYW.OB), a provider of location-based services for enterprise and consumer applications such as field and sales management, mobile social networking, personal safety, mobile search and mobile shopping, recently entered into a definitive merger agreement with Lightyear Network Solutions, LLC, a provider of voice, data and video telecommunications services to small- and medium-sized businesses and residential customers throughout the United States. Lightyear Network Solutions generated approximately $65 million in revenue during 2007.
Under the terms of the agreement, Lightyear members and note-holders will own 51 percent of Wherify Wireless’s fully diluted shares. The two merged companies will create a public entity that will target the rapidly growing markets for location-based services and network service solutions. In addition, Sherman Henderson, the current president and chief executive officer of Lightyear, will be named chairman and chief executive officer of Wherify Wireless, Inc.
Wherify’s proprietary Springboard location-based services platform will provide the combined organization with several additional potential avenues of growth. Senior management believes that the combined efforts of these two companies will enhance the service offering to prospective customers and more than 84,000 existing small and mid-sized business and residential customers.
Let us hear your thoughts below:
