ST. PETERSBURG, Fla.,
Oct. 11, 2011 /PRNewswire/ -- INFRAX
SYSTEMS, Inc. (OTC BB: IFXY), a global provider of unified Smart
Grid-related products and services for the Energy and Utility
industries, announced today that its Board of Directors, as
approved by their majority shareholder, has approved the initiation
of the process for the up-list on NASDAQ Capital Market
immediately. The Company believes that, given its balance sheet
position (Post SPC acquisition), it would meet all of the
quantitative listing requirements for The NASDAQ Capital Market,
other than those relating to the minimum bid price for listed
shares (which is $4 per share). The
Company cannot assure you that it will be successful in achieving a
listing on The NASDAQ Capital Market or any other exchange. The
process of qualification and listing may require additional due
diligence and consultation with appropriate entities and FINRA. We
will inform our shareholders of our progress as we initiate and
complete the process.
"The Board of Directors feels that based on our growth
potential, present & future partners, Initial Public Offerings
of our main competitors, our world-class products and services, our
utility customers and our acquisition of SPC (Southern Power &
Control), we believe increases the chance of the Company
successfully listing the Common Stock on The NASDAQ Stock Market,
particularly The NASDAQ Capital Market," stated Sam Talari, INFRAX SYSTEMS, Inc. Co-Chairman.
"We further believe that listing on The NASDAQ Capital Market would
enhance the Company's visibility, commercial credibility and create
a better liquid marketplace for our investors and better financing
terms that would allow for certain commercial opportunities not
currently available to the Company. The Company believes that a
listing on The NASDAQ Capital Market, if effectuated, may generate
greater interest among our present and future customers and set us
among our peers and competitors trading on the big board hence
allowing for institutional ownership and analyst coverage and
brokerage recommendations."
"We believe that by taking this step, the Company will be able
to maximize its long term growth opportunities and the return to
our investors. We have developed products which will significantly
impact the way in which utilities implement grid security and we
are now preparing to bring these products to market," said
Paul J. Aiello, INFRAX SYSTEMS, Inc.
CEO. "Institutional investment will allow us to access additional
equity capital to help fuel our growth both organic and through
acquisition."
About INFRAX SYSTEMS, Inc.
INFRAX SYSTEMS, Inc. offers a series of interrelated operational
management, communications, and grid security related products and
services known as Secure Intelligent Energy Platform (SIEP). Our
products enable a comprehensive and unified solution for
communications and applications management of the Smart Grid. SIEP™
incorporates a wide array of communications, security, device and
data management tools for Smart Grid applications such as advanced
metering solutions and grid optimization. SIEP platform creates a
unified solution to securely manage Advanced Metering
Infrastructure (AMI) and distribution automation. INFRAX SYSTEMS,
Inc.'s secure smart grid platform, incorporates a communications
transport and management system (Grid Mesh™), device and data
security management, and ultimately secures intelligent endpoint
devices (SIED). The secure management of the "last mile" backhaul
will be necessary for utilities to implement Smart Grid
applications including AMI, real-time pricing, Demand Side
Management (DSM), Distribution Monitoring and Automation. When
combined, these applications can offer economic, operational and
environmental benefits for utilities, and ultimately the utility's
customers.
For INFRAX SYSTEMS, Inc. information, contact
Investors@Infraxinc.com or visit www.infraxinc.com.
Forward-Looking Statements
This press release may contain forward-looking statements
covered within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements relate to,
among other things, plans and timing for the introduction or
enhancement of our services and products, statements about future
market conditions, supply and demand conditions, and other
expectations, intentions and plans contained in this press release
that are not historical fact and involve risks and uncertainties.
Our expectations regarding future revenues depend upon our ability
to develop and supply products and services that we may not produce
today and that meet defined specifications. When used in this press
release, the words "plan," "expect," "believe," and similar
expressions generally identify forward-looking statements. These
statements reflect our current expectations. They are subject to a
number of risks and uncertainties, including, but not limited to,
changes in technology and changes in pervasive markets.
Contact:
Media Contact:
INFRAX SYSTEMS, Inc.
investors@infraxinc.com
727-498-8514
SOURCE INFRAX SYSTEMS, Inc.