Wherify Wireless has entered into a definitive merger agreement with voice, data, and video telecommunications services provider Lightyear Network Solutions and its affiliates.
Upon closing of the merger existing Lightyear members and note-holders will own 51% of Wherify’s fully diluted shares. Sherman Henderson will be named chairman and CEO of Wherify.
The initial board of directors of the combined company at the closing will consist of seven persons, five new directors chosen by Lightyear (one of which will be approved by Wherify), one director chosen by Wherify, and one director chosen by GPS Associates.
Sherman Henderson, president and CEO of Lightyear, said: Our strong distribution base and long-term partnerships combined with Wherify’s leading LBS platform and GPS technologies will allow the combined organization to introduce a variety of new products to the marketplace over the coming months and years.