MDI Inc. to Acquire Advanced Security Link
MDI Inc., San Antonio, Texas, signed a definitive agreement to acquire privately held Advanced Security Link (ASL), Costa Mesa, Calif. ASL will provide the foundation for MDIâ€™s network-based integrated security and surveillance solutions.
ASL was founded in 1991 by chief executive officer Mitchell Phan. ASL products are installed and operating in more than 20,000 sites worldwide, including many large financial institutions.
â€œASLâ€™s unique modular component design and open architecture software platform are the perfect match to MDIâ€™s product development roadmap and corporate integration strategy,â€ stated J. Collier Sparks, president and CEO of MDI Inc. â€œASL technology adds immediate and significant value to our government, commercial enterprise, small business and mobile video sales channels through its innovative video delivery technology. ASLâ€™s modular architecture will allow MDI to promote its comprehensive security management solutions into focused vertical markets including banking, retail, law enforcement, school districts, convenience stores and municipal governments. MDI supplies the perfect security platform to capitalize and expand on ASLâ€™s technical innovations. This acquisition fulfills the go-forward vision of both companies and we are truly excited to have Mitchell and the entire ASL team joining the MDI family,â€ Sparks added.
Under the terms of the agreement, 2 million shares of MDI common stock will be exchanged for the ASL business assets and technology.
The acquisition is subject to various closing conditions and approvals.