Webtech
Wireless Inc., a leading provider of
vehicle fleet location-based services (LBS) and telematics
technology, today announced that it closed the sale of NextBus
division to Cubic Transportation Systems, Inc., a division of Cubic
Corporation CUB, for total cash proceeds of $20,750,000.
Under the terms of today's agreement, Cubic will acquire all
contracts, assets and rights related to the NextBus division,
including the shares of NextBus Inc. a wholly owned subsidiary of the
Company located in Emeryville CA. The agreement includes a provision
under which Webtech Wireless will provide ongoing hardware and ASP
services to NextBus.
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