Panasonic, Toshiba invest in Trek 2000’s Cloud Stringers unit

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SINGAPORE (Dec 1): Trek 2000 International, the inventor of the thumb drive, have found investors for its Cloud Stringers subsidiary in Japanese consumer electronics titans Panasonic and Toshiba.

Trek said Panasonic Asia has agreed to acquire a 15.34% stake in Trek’s subsidiary Cloud Stringers (S) for $400,000.

In addition, Trek will also be responsible for engineering the technology support essential for the functionality of the Cloud Stringers solution.

Reuters also reported Toshiba Corporation will acquire a 15.26% stake in Cloud Stringers (S) for $398,000.

Meanwhile, Trek Technology (Singapore), Trek’s wholly owned subsidiary, will further acquire 1,552,000 shares in Cloud Stringers from two individual shareholders for a total consideration of
$388,000.

Cloud Stringers is a cloud-based platform that enables photos and video footage recorded on professional cameras and camcorders to be uploaded at high speed to the cloud through Trek’s FluCard which is a WiFi-enabled SD card that transmits data through mobile networks.

With the information stored in the online cloud system, Cloud Stringers will enable editors at broadcasting stations located in remote locations to preview the footage. While the uploaded high-resolution videos can be managed conveniently online, it also enables users to purchase and download them through its Market place while being assured of the highest levels of security encryption.

Trek closed 3.8% lower at 37.5 cents.