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FOR IMMEDIATE RELEASE Cronus Partners LLC Pleased to Announce the Sale of StarTrak Systems, LLC Provider of Online Monitoring Services to the Transport Industry to Alanco Technologies, Inc.Norwalk, CT - June 30, 2006. Cronus Partners LLC is pleased to announce the completion of the sale of StarTrak Systems, LLC (“StarTrak”) to Alanco Technologies, Inc. (“Alanco”). Cronus Partners LLC acted as the exclusive financial advisor to StarTrak, a privately-held company located in Morris Plains, New Jersey, which provides GPS tracking and wireless subscription data services to the transportation industry. StarTrak provides the leading share of all wireless tracking, monitoring and control services to the refrigerated transport market segment. The StarTrak acquisition, valued at approximately $15 million, will provide an immediate, significant contribution to Alanco sales revenue and profitability. Alanco (NASDAQ: ALAN), headquartered in Scottsdale, Arizona, is the developer of the TSI Prism radio frequency identification continuous tracking system for the corrections industry. About Cronus Partners Advising on mergers, acquisitions, divestitures, sales, and private placement financings, Cronus is an independent investment banking firm that provides financial and strategic advisory services. The clients of the firm are publicly traded or privately owned companies that engage in middle-market transactions domestically or internationally. For further information please contact:
Cronus Partners LLC |
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