AirTouch agrees to sell assets of vehicle location business.SAN FRANCISCO--(BUSINESS WIRE)--Nov. 15, 1995--AirTouch Communications (NYSE NYSE See: New York Stock Exchange :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. ) today announced that it has agreed to sell the assets of its vehicle location business to a new company named Teletrac Inc. Financial terms were not disclosed. AirTouch provides corporate fleet and stolen vehicle tracking services under the name AirTouch Teletrac in six cities: Chicago, Dallas/Fort Worth, Detroit, Houston, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and Miami. The sale, which is subject to regulatory approvals, is expected to close by year-end 1995. "We believe Teletrac has a unique wireless offering that provides significant value to the end-user customer. We are excited about the prospects for growing and developing the market for Teletrac's products and services," said James A. Queen, chairman and chief executive officer of Teletrac Inc. Teletrac Inc., based in Leawood, Kansas Leawood is a city in Johnson County, Kansas, United States and is part of the Kansas City Metropolitan Area. The population was 27,656 at the 2000 census. Geography Leawood is located at (38.920802, -94. , was recently formed for the purpose of acquiring the assets of AirTouch Teletrac. The management team formerly ran Premiere Page, a large, public paging company that was sold to USA Mobile in December 1994, and has extensive experience in the communications industry, including paging, cellular, SMR (Specialized Mobile Radio) The communications services used by police, ambulances, taxicabs, trucks and other delivery vehicles. Throughout the U.S., approximately 3,000 independent operators are licensed by the FCC to offer this service, which provides always-on , long-distance, broadband PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. , cable, and two-way radio. Teletrac Inc. was advised on the purchase of AirTouch Teletrac by Toronto Dominion Bank's Mergers and Acquisitions Group. AirTouch Teletrac, based in Garden Grove, Calif., is owned by AirTouch Communications. AirTouch Communications is a global wireless communications company, with interests in cellular, paging, personal communications services See PCS. , the Globalstar satellite system, and other operations in the United States and 12 other nations: Belgium, Canada, France, Germany, India, Italy, Japan, Portugal, South Korea, Spain, Sweden, and Thailand. The company, based in San Francisco, serves over 4.5 million customers worldwide. -0- NOTE TO EDITORS: For a fax copy of this or other recent AirTouch press releases, please call 1-800-344-7531. CONTACT: AirTouch Susan Rosenberg, 510/210-3910 or Teletrac, Inc. James A. Queen, 913/642-4799 |
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