Dafoe Corp. sets sights on UAE acquisition

CARSON CITY, Nev., July 29 (UPI) -- The Dafoe Corp. said it has signed a letter of intent to acquire 100 percent of Agkha Intelli-Tec of Dubai.

Agkha-Intelli-Tec is a provider of radio-frequency identification and digital security solutions..

As part of the deal 59 percent ownership of Dafoe Corp. would be exchanged.

Closing of the transaction is subject to certain conditions, including the execution a delivery of definitive transaction documents that are mutually satisfactory to the parties and completion of due diligence by Dafoe Corp.

Closing is expected during the third quarter of 2010, subject to extension for completion of due diligence.

"We are extremely pleased with the progress we have made so far in our negotiations with Agkha Intelli-Tec as we believe this acquisition will improve our position in high-growth segments of the RFID market," said Kyle Beddome, president and chief executive officer of Dafoe Corp. "We hope to finalize our internal due diligence and complete the acquisition during the third quarter of 2010."

Agkha's technologies assist in fraud prevention, check security, electronic airline boarding passes, RFID technology, intelligent parking solutions, SMART video broadcasting and integrated consulting solutions.