With acquisition, company becomes access control firm
June 26, 2003
BURBANK, Calif. - Radio and television production firm Phoenix Media Group in late June changed its name and company focus and was working on plans to enter the access control market.
With its acquisition of TecScan International Inc., Phoenix will assume the name of that company, a firm that is working to market and sell biometric physical and logical access control solutions. The company is also looking to partner with OEM companies that produce biometrics products, according to a press release.
The company will likely target the government, healthcare, law enforcement, residential and commercial security and banking sectors with its products.
Through a reverse stock split, approved by Phoenix shareholders, each shareholder will receive one share of post-reverse split common stock for every one hundred shares of common stock owned.
The company's new stock symbol, which began trading Monday, is TSCN on the OTC Bulletin Board.