|By Business Wire||
|January 17, 2014 11:35 AM EST||
AlphaCipher Acquisition Corporation (the “Company”) is pleased to announce an Asset Purchase Agreement (“APA”) with the Chapter 11 Trustee of Vadium Technology, Inc. (“Old Vadium”) to acquire Old Vadium’s AlphaCipher Technology Platform from the Chapter 11 Bankruptcy Estate of the Old Vadium in exchange for cash and stock. Upon the closing of this acquisition it is expected that the Company will be changing its name to Vadium Technology, Inc.
“We are pleased to announce the agreement to acquire the AlphaCipher Technology Platform and expect to close this acquisition during Q1-2014. We are currently completing an equity financing with Accredited Investors to fund this acquisition and our operations going forward,” said Rod Nicholls, President & CEO of the Company. “With the recent revelation of global security breaches, we believe this acquisition is very timely. We anticipate to be in the marketplace helping customers with their pressing needs to solve the growing problem of information security. We will be launching a diversified portfolio of products based on the AlphaCipher Technology Platform that are very easy-to-use and that come with a security value proposition that can be verified and trusted by end-users around the globe.”
About AlphaCipher Acquisition Corporation
AlphaCipher Acquisition Corporation (D/B/A Vadium) is a development stage company that will be delivering trusted, easy to use and high value solutions to the digital security, privacy and trust problems caused daily by hackers, cyber-thieves and economic espionage artists that compromise computer networks and traditional digital security systems. The Company is a privately held firm with headquarters in Seattle, Washington.