Explorations Group Buys Hawk Biometric
Hawk Biometric's Pass product is designed to integrate fingerprint scanning into a vehicle's operating system and permits operation by only authorized drivers. Combined with optional GPS capabilities, Pass allows vehicle owners to remotely monitor, track, geo-fence, speed check and disable Pass equipped vehicles.
David Coriaty, CEO of Hawk Biometric and the new CEO of Explorations said, "by joining with Explorations, we now have the opportunity to leverage our substantial biometrics intellectual property and the ability to access additional capital to pursue distribution, marketing, and manufacturing relationships to broaden our penetration into multiple market verticals."
Under the deal, shareholders of Hawk Biometric received a total of 600,000 shares of Explorations' series B preferred stock, each share of which is convertible into 100 shares of Explorations' common stock.
Explorations is planning a one-for-six reverse split of its common stock. The series B preferred shares will not be affected by such stock split. Explorations expects to spin-off its parking garage assets to its shareholders of record as of February 18.
New York-based Explorations Group launched in 2004 to engage in the business of operating high-energy dance training centers, concentrating on the musical genre popularly referred to as "Hip Hop" and "Pop,," through its operating subsidiary Pop Starz.
During 2004, the company decided to pursue a new business direction and on September 9, 2004, it acquired all of the issued and outstanding stock of Parking Pro, a New York company formed in May, 2004, for the principal purpose of acquiring and managing parking lots and garages in New York City and surrounding areas.
As of September 9, 2004, the business of Parking Pro, which operates operating parking garages in New York City through wholly-owned subsidiaries, became Explorations Group's sole operating business. As of September 31, 2008, the company operated one parking garage in New York City.
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