Spot Devices, a Sparks-based manufacturer of pedestrian safety systems, will be acquired by Carmanah Technologies of Victoria, British Columbia.
Carmanah said last week it will pay 2.2 million its publicly traded shares to acquire assets of Spot Devices. That translates into roughly $1 million (Canadian) in shares of the company.
Spot Devices also will be paid 12.5 percent of any revenues in excess of agreed-upon amounts during the next two years.
Privately held Spot Devices and a related company, Cirrus Systems LLC, have developed crosswalks systems such as the flashing yellow lights that cross Virginia Street at a crosswalk at the University of Nevada, Reno.
Dean McKay, the chief executive officer of Spot Devices, said the acquisition will allow integration of the company's technology into a line of traffic-related products developed by Carmanah.
The transaction is expected to close in late December.
Along with the selected assets of Spot Devices, the transaction calls for Carmanah to acquire a six-year, royalty-free license to the software platform developed by Cirrus System LLC. Carmanah's license gives it exclusive right to develop the Cirrus System technology for public roadway applications.
Carmanah, a maker of solar products, this year launched a solar-powered flashing beacon for the traffic-control market.
