Aug 18 2010
In continuance to the news released on 15th July 2010, Regal Group, Inc has acknowledged, that it has officially concluded the acquirement of UHF (UHF Logistics Ltd), a Hong-Kong based enterprise, the primary manufacturers of RFID (Radio Frequency Identification) applications.
RFID is largely used in supply chain solutions, parade management, pig breeding industries, cigarette industries and anti-theft and access protection applications, all over China.
All the necessary stipulations such as UHF’s audited financial statements, Shenzhen RPD complying to GAAP regulations, and assessed by an autonomous auditor, on the rolls of the U.S.’ Public Company Accounting Oversight Board, delivery of legal opinions by Chinese legal representatives of the company, on the legitimacy of the planned acquisition and other essential regulatory sanctions, have been satisfied, as per the final provisos stated in the Share Exchange contract, signed by both the parties.
UHF Logistics Creator, Sammul Su, declared that they were delighted to have accomplished the acquirement by Regal, and that being a part of a US Organization would be a great advantage to the shareholders. He also said that, the right to use foreign funds would boost up their capacity to fulfill both short and long term goals in the RFID sector. According to him, the RFID’s market value both in China and in other parts of the world has grown to a great extent, and to enhance the growth, the powers that be in China, have devised, new technical policies, apportioned resources, set standards of quality, built industry chains and also performed expositions to endorse, direct and monitor the systematic advancement of the e-tag and RFID solutions. Significant standards have been laid down to assist in the progression of the RFID industry by China National E-tag Standard Work Group from December 2005. In the interim, to expedite the RFID industry’s growth in China, a partisan policy is exercised by the Ministry of Science and Technology and it has also endowed 10-15 RFID organizations.
Mr. Su declared that, essentially, in China, low and middle frequency fields have made use of RFID in fields, such as security gates, identification, transportation and e-ticketing. Future projects include, using RFID technology in industries such as food chains, tobacco, logistics and power, to reduce costs and to enhance competency levels in the case of the chief deliverables.