CEO's Open Letter to Infrax Systems (IFXY) Shareholders
December 18 2012 - 11:35AM
Infrax Systems, Inc., (OTC.BB: IFXY), a global provider of Smart
Grid-related products and services for the Energy and Utility
industries, today issued the following letter to our shareholders
from our Chairman & Acting CEO Sam Talari:
Dear Fellow Shareholders,
As an acting CEO of Infrax Systems, I would like to update all
of our shareholders on our current business events;
We are awaiting a response from our bid to our first (of the
two) East African Country's national RFQ (Request For Quote) for
our Enterprise Asset Management Software (EAM) product and
services. We have placed the bid under a major prime contractor
from that region. The exact value of the total contract is unknown
but it is expected to be around $20,000,000. Based on the presence
of the major prime contractor, we consider the outcome of this bid
to be very favorable to Infrax and its subsidiary, Lockwood
Technology. We have also entered our RFI (Request for Interest)
under the same prime contractor for the second East African country
and we expect to file a bid for that project no later than March
2013.
Lockwood continues expanding its presence with its current
fortune 500 customers by its newly released version 11.5 EAM. We
expect to start working on the next Gen EAM with *big date* and
*big data analysis* in second quarter 2013.
Lockwood Technology is effectively continuing its CIVIL RICO
litigation and so far has had favorable outcome. Due to the ongoing
nature of this lawsuit, we are unable to furnish further detail
without compromising our position.
We are continuing our dialogue with a prominent utility, with
millions of customers, interested in potential pilot projects for
their customers. Thier interest resides in our new approach to
security and communication through the development of our Secure
Network Interface card (SNIC) in partnership with PowerCon Systems.
We are in discussions with this particular utility and others to
complete all due diligence and proper documentation to ascertain
any contract and revenue opportunities. We believe 2013 to be an
important year for our Company and our products.
LOCKWOOD IPO - We have made considerable progress on the
preparation and eventual filing of the S1 for the IPO of Lockwood
Technology. We are anticipating a third quarter dividend date
although we cannot guarantee the actual date which is dependent on
SEC, FINRA and their approval process. Although the opening price
of the IPO will be based on many factors (such as revenue and
contracts), we anticipate a price range of between $0.20 and $1.00
per share. Again, we believe with Lockwood's current pipeline, the
Company should flourish as a separate and independent public
company. We will update our shareholders as more information
becomes available.
In summation, in 2012, although faced with many challenges and
difficulties, Infrax Systems has grown exponentially and has taken
important steps in solidifying its presence within the power
industry. It has fulfilled its technological promise in the smart
Grid and the power grid as a whole. We believe that we have passed
our darkest hours and the light of our technology will shine our
way toward revenue and profitability starting in 2013.
Last but not least, on behalf of the employees of Infrax
Systems, we wish all of our shareholders, customers and vendors a
Merry Christmas and a Happy New Year.
Thank you
Sam Talari
Acting CEO of Infrax Systems
About Infrax Systems
Infrax Systems 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's secure
smart grid platform, incorporates a communications transport and
management system, (GridMesh™), 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 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: Contact:
Media Contact:
Infrax Systems, Inc.
investors@infraxinc.com
727-498-8514
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