Advance Technologies Announces Licensee has Received First Orders for FAA-Approved Enhanced Vision System.Business Editors/High-Tech Writers PALOS VERDES ESTATES Palos Verdes Estates (păl`əs vûr`dēz), city (1990 pop. 13,512), Los Angeles co., S Calif.; inc. 1939. It is a residential community. , Calif.--(BUSINESS WIRE)--Feb. 25, 2002 Advance Technologies Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AVTX) President Gary Ball announced that a licensee of the Company's Enhanced Vision System (EVS EVS European Voluntary Service EVS Environmental Science EVS Electric Vehicle Symposium EVS Enhanced Vision System EVS environmental studies EVS European Values Study EVS Electronic Verification System EVS Extreme Voltage Shutdown ) has notified Advance Technologies (ATI (ATI Technologies Inc., Markham Ontario, http://ati.amd.com) A leading manufacturer of graphics chips and display adapters. Founded in 1985 by K. Y. Ho, Benny Lau and Lee Lau, ATI chips and boards are widely used by OEMs. ) that it has received its first production order for Enhanced Vision Systems (EVS). The purchase agreement calls for an initial aircraft launch customer to purchase in excess of 140 systems at a price of approximately $1 million each. This disclosure of the purchase order to ATI was made in accordance with the terms of the License Agreement for EVS. Under terms of this Agreement, ATI is entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to royalties from the sale of EVS units for the commercial aviation market. This event marks the first Federal Aviation Administration Federal Aviation Administration (FAA), component of the U.S. Department of Transportation that sets standards for the air-worthiness of all civilian aircraft, inspects and licenses them, and regulates civilian and military air traffic through its air traffic control (FAA) certified EVS to enter into production. "ATI expects additional sales based upon an industry report which indicates customers are selecting the EVS equipment option at a higher than anticipated rate. EVS is planned to be made available on additional aircraft in the future according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. industry sources," said Ball. At the request of ATI's business Partners (licensee and aircraft customer), parties to the contractual agreement will remain unnamed at this time due to internal and national security and communication issues. Press releases by these companies may be forthcoming. Aviation International News, a respected trade publication. calls EVS "... one of the most important safety innovations of the last twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. ." For more information on the EVS system, readers are referred to several recent, informative articles that have been published in aviation trade publications (Professional Pilot -- Nov 2001, Aviation International News -- Dec. 2001, Avionics News -- Jan 2002, and Aviation Week and Space Technology, -- January 21, 2002). The production contract and resulting royalty should have a positive impact on Advance Technologies (ATI). Symbol (AVTX), Web site, www.avtx.com. When production quantities and the delivery schedule are available for public release, forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. reflecting the new financial information will be provided. Additional information on ATI is available at (http://yahoofinance.com/avtx), as well as other financial and informational sites available to the public. About Advance Technologies: Advance Technologies (ATI) is a leading worldwide developer of infrared imaging systems and commercial imaging solutions. Gary Ball, the President and Chief Executive Officer of Advance Technologies, was employed at Hughes Aircraft Hughes Aircraft Company was a major aerospace and defense company founded by Howard Hughes. The group was based near Ballona Creek, in Culver City, California, USA, on the Pacific Coast. Hughes Aircraft was acquired by General Motors in 1985. Co., when they developed a patented advanced infrared imaging aircraft landing aid system. After leaving Hughes in 1991, Ball obtained on behalf of the company, an exclusive worldwide license from Hughes Aircraft Co. for intellectual properties, which includes rights to a patent for EVS. Advance Technologies (ATI) licenses and develops applied infrared imaging solutions for use in diverse industries including aviation, recreational vehicles, commercial trucking, and security systems. For further information, you can go to the website at: (www.avtx.com). This release contains information within the meaning of the Securities Exchange Act of 1934, which represents the company's expectations or beliefs concerning, among other things, future operating results and various components thereof and the adequacy of future operations to provide sufficient liquidity. The company cautions that such matters necessarily involve significant risks and uncertainties that could cause actual operations results and liquidity needs to differ materially from statements, including, without limitation: (i) increased competition in the business, (ii) the price-sensitive nature of consumer demand, (iii) the company's dependence upon favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. pricing from its suppliers, and (iv) other risks indicated herein and in filings with the Commission. For further information, please refer your inquiries to: Kent B. Whitesel, West Point Group, Ltd. 561/955-9930 or Whitcell@aol.com |
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