Bio Tech Firm NuLife Sciences Enters Security Industry With 2 Acquisitions
Both based in Lafayette, La., LJR Security Services and Gulf West Security Network have entered into a merger agreement with NuLife for undisclosed terms.
NEWPORT BEACH, Calif. — NuLife Sciences (OTCQB: NULF), a development-stage biomedical and technology company based here, has entered into a definitive merger agreement to acquire a pair of Lafayette, La., electronic security companies.
LJR Security Services and Gulf West Security Network have entered into a merger agreement with NuLife for undisclosed terms. The transaction will be in the form of NuLife stock and the assumption of LJR corporate debt.
LJR Security and Gulf West Security are active in the engineering, design, installation, remote monitoring and after-market servicing of electronic intrusion alert and fire detection systems for homes and businesses, according to an announcement.
Both LJR and Gulf West are owned by Louis Resweber, a long-time veteran of the alarm industry, who has also previously served as a corporate officer, board member and executive consultant to a number of NYSE and NASDAQ-listed public companies. He previously founded and ran the startup Pelican Security Network.
NuLife Chairman Sean Clarke explains the acquisitions of LJR and Gulf West represent the first steps in a long-term plan to actively participate in the ongoing growth and development of the domestic alarm industry.
“Following extensive deliberation, and after conducting wide-ranging research on a variety of industries, the Board of NuLife made the fiduciary decision to supplement our current lines of business with an expansion into the electronic security industry,” he says. “We decided upon this specific transaction as a means of generating immediate revenue and cash flow through the acquisition of operating security and fire alarm companies.”
The transaction is expected to close in the next 60 days, following the merger of LJR and Gulf West, and pending the completion of a third-party audit of the combined LJR and Gulf West.
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