LiteWave Corp. has announced that it has signed a Memorandum of Understanding to acquire the businesses and assets of Los Angeles-based Andromeda Leasing Inc.
Andromeda installs equipment designed to track industrial containers, monitor transmissions of sensor readings, and send command signals. The intended acquisition is subject to customary conditions, including satisfactory completion of due diligence and the approval of the companies' boards of directors. Terms were not disclosed.
"We are optimistic about Andromeda's potential to capture a significant share of the market for the tracking and controlling of refrigerated containers,” said LiteWave COO Ian Lambert. "Litewave plans to focus its initial marketing effort on wireless systems for refrigerated containers"
