Royce rolls out new name change

Shell company announces change after completing first acquisition in the security sector
Thursday, September 1, 2005

CORTE MADERA, Calif.--On the tail of its first acquisition in the security space, technology company Royce Biomedical announced in June that it was changing its corporate identity to better reflect its new focus on the homeland security sector.
Royce Biomedical, which launched in 1995 as a provider of diagnostic tests used to detect pregnancy and thyroid disorders among other medical conditions that is now a shell company, plans on changing its name to Smart-tek Solutions by this fall. The change comes after the company made its first buy within the security sector when it purchased systems integrator Smart-tek Communications earlier this year. (See related story on this page.)
The change in focus comes not long after a new management team and board of directors was put into place in December 2004, which took a look at the company's existing business model and decided change was in order.
"Clearly, we are formulating the idea and recognize that homeland security is a pretty big growth opportunity," said Donald Gee, chief executive officer of Royce Biomedical. "In modern society these days, unfortunately, there is a need for greater security awareness. Our board believes that the homeland defense sector presents a tremendous opportunity."
Events such as Sept. 11, 2001 and the recent bombings in London solidify the need for additional security, Gee said. The company plans on being a varied provider in the field following in the footsteps of other companies who have "had the ability to operate efficiently in this space and are growing into the future."
Although the company's background is in the medical sector, Gee said it was not the new management business plan going forward.
"It wasn't our intent to go down the biomedical road," he said. "Our intent is to develop a business in homeland defense."
And to accomplish that Gee said the company will look toward additional acquisitions, not just in the integration market, but also on the manufacturing side. He declined to discuss any specific goals, but noted that the company is currently looking at a number of prospective deals and is expected to complete another purchase before the end of the year.
"We have a mandate from our board to grow through acquisitions," he said.