On March 30, 2006, Anitech Enterprises Inc. and AMtag ID Inc. completed their amalgamation. The amalgamated company continues under the name "IPICO Inc."

Prior to the amalgamation, AMtag completed a private placement equity financing for gross proceeds of $15 million. The financing involved a private placement of 10 million common subscription receipts as well as a private placement of 5 million preferred subscription receipts to the Brookfield Technology Fund. The agents for the financing were led by MGI Securities Inc.

Part of the proceeds of the private placement were used to complete the acquisition of certain assets, principally intellectual property and material contracts, of iPico Holdings (Pty) Limited and its subsidiaries and licensees. The Vendor is a South African entity and the approval of the South African Reserve Bank to the sale of South African technology was required and obtained. In order to satisfy the requirements of SARB the transactions required the use of exchangeable shares and a management share retention trust.

IPICO received approval from the TSX Venture Exchange for amalgamation and the listing of its common shares on Tier 2 of the Exchange. GMP Securities L.P. acted as IPICO's sponsor.

IPICO is a developer of radio-frequency identification ("RFID") technology. These products solve authentication and identification problems where conventional technologies, like barcodes, are inappropriate, but where it remains important to have effective traceability.

Fasken Martineau advised the purchaser and resulting issuer in these transactions with a team comprised of Allan Beach and Bo Crnatovic.