Visualant to acquire Eagle Technologies
Visualant, Inc. (OTCBB: VSUL), an emerging leader in authentication systems technology, announced today that is has signed a letter of intent to Eagle Technologies USA of Brea, California.
Eagle, founded by card industry leaders Greg and Ryan Hawkins and Jeff Fulmer in 2008 has rapidly emerged as the premier provider of blank PVC and polyester composite cards to the identification market. Eagle will provide an immediate additional $1 million in annual revenue to Visualant and is projected to grow to $3 to $4 million in revenues over the next two years as Eagle increases the range and technical sophistication of its product line.
With this acquisition, Visualant will continue with its strategic initiative to consolidate relevant security and authentication assets. At the same time, Visualant will provide Eagle and its management the human and capital resources necessary to rapidly accelerate its growth. Upon the closing of this acquisition, the Eagle team will continue to manage Eagle with full profit and loss responsibility.
Greg Hawkins, Eagle Co-founder and President said, “We are excited to become a part of the Visualant family of companies and work with them to accelerate our penetration of the marketplace with the Eagle product line.”
Jim Gingo, security industry leader and Visualant board member stated, “We have worked with Eagle and its management team for several years. They are first class professionals. We are very pleased to have them join with us as we provide an even broader range of security and authentication products to our dealers and customers.”
Ron Erickson, Visualant CEO said, “We are thrilled to be able to bring Eagle and its wonderful entrepreneurs into Visualant. With this acquisition, Visualant continues to execute on its acquisition strategy and build its power in the security and authentication marketplace
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