MAXxessÃ¢â‚¬â„¢ management makes its move
ANAHEIM, Calif. - The senior management team of MAXxess Inc. has successfully completed a buyout of the access control company, a deal that sheds the former Odetics Inc. of its last remaining security business.
As part of the deal, the management of MAXxess, Wes Appleby, president; Brian Mallabon, vice president of engineering and Nancy Islas, product support manager, along with additional, unnamed investors, bought the assets of the company. That included the name, inventory, furniture, fixtures and the assumption of certain liabilities.
The purchase price was not available by press time, but was slated for release as part of a 10-Q filing on behalf of Iteris Holdings, which changed its name from Odetics Inc. in late September.
The two companies have also entered into an agreement enabling MAXxess to lease 10,000 square feet in IterisÃ¢â‚¬â„¢ facility for at least two years. The location will house sales, administration, operations and manufacturing.
Ã¢â‚¬Å“It was advantageous in the purchase becauseÃ‚Â weÃ¢â‚¬â„¢reÃ‚Â ableÃ‚Â toÃ‚Â transitionÃ‚Â theÃ‚Â business without having to interrupt everything to make a move,Ã¢â‚¬Â said Appleby.
For MAXxess, the transaction enables management to better focus on the company. Ã¢â‚¬Å“The three of us look at it primarily as an opportunity to have full control over our resources and to better be able to focus those resources in an industry that we all know so well,Ã¢â‚¬Â said Appleby.
Part of the focus will be on the companyÃ¢â‚¬â„¢s environmental security initiative, which brings together the intrusion of unauthorized vehicle, toxic chemicals, explosives, and smoke with the protection provided by an access control system.
Appleby said MAXxess will launch new products in the environmental security arena in the first half of 2004.
The transaction enables Iteris to focus on its business of designing and integrating traffic management and travel information systems.