World Am Communications Inc. (WACI), a nonoperating public utility, has agreed to merge with Isotec Inc., a manufacturer of access control systems based in Denver. WACI has agreed to issue one share of Isotec to its shareholders for every four shares of WACI issued and outstanding, giving effect to a 1:4 reverse split of its .0001 par value common stock. Isotec has applied to NASDAQ and expects to get approval for its new symbol: “ISOT.” Isotec develops, manufactures and sells revolving-entrance doors, with particular emphasis now being placed on its four-wing, fully automatic, bi-directional access control Safesec S2000(r) maximum-security revolving door.
“This is a great day for our shareholders. Isotec has solid management, superior products and is capable of carrying out its mission,” says Robert Esposito, outgoing president of WACI.