CBL Trucking to Use SI Technologies' Lift Truck Scales for Weight Verification Program.SEATTLE--(BUSINESS WIRE)--Oct. 13, 1998-- Weight Verification Improves Freight Company Freight companies are companies that specialise in the moving ("forwarding") of freight, or cargo, from one place to another. They are divided into several sections, international freight forwarders--which ship goods from country to coutry or domestic freight forwarders (who ship Profit Margins SI Technologies, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : "SISI SISI short increment sensitivity index. ") today announced that CBL Cbl cobalamin. Trucking, Inc., a regional transportation company based in Mt. Laurel, New Jersey, has selected Allegany Technology as the supplier of lift truck scales Truck scales are large, floor mounted weighing systems that can weigh entire vehicles and their contents. As the American name implies, they frequently weigh entire trucks. In the United Kingdom, they are called Weighbridges. for its weight verification program. Allegany Technology, headquartered in Cumberland, Maryland For other places with the same name, see Cumberland (disambiguation). The city of Cumberland is the county seat of Allegany County; and a regional business and commercial center for Western Maryland and the Potomac Highlands of West Virginia. , is a subsidiary of SI Technologies, Inc. Allegany's Lift Truck Scales, to be installed at each of CBL's trucking terminals, will be utilized to verify the shipping weights of all inbound freight and to record any discrepancies. The scales, which are mounted on fork lifts, are approved in the U.S., Canada and Europe for the determination of legally accurate weight measurements. Allegany has recently developed instrumentation which allows weights and freight-tracking numbers to be communicated, via radio signals, from fork lifts to customers' central computer systems. Weight verification programs are being implemented nationwide by most freight companies, in an effort to assure billing accuracy and enhance equipment productivity. Verifying the accuracy of shipment weights can improve the profitability of freight carriers by 1%-1.5% of gross revenues, 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. the National Motor Carriers Weighing and Research Association. Lift truck scales represent the most efficient tool for obtaining accurate weights during the normal fork lift handling of freight at transportation terminals. "The decision by CBL Trucking to utilize Allegany lift truck scales illustrates another way in which SI Technologies can allow its customers to improve productivity and expand profit margins through the marriage of technology and information management," noted Rick Beets, president and chief executive officer of SI Technologies, Inc. "Our corporate strategy of consolidation within the $70 billion industrial weighing and materials handling equipment Mechanical devices for handling of supplies with greater ease and economy. See also materials handling. industries seeks to bring together innovative technologies which can benefit companies in a broad range of industries." SI Technologies, Inc. is an industry leader in the design and manufacturing of high-performance industrial sensors, weighing and materials handling equipment and systems, and other products which enhance the processing, handling, movement and transportation of goods and materials. Recent acquisitions have diversified the Company's revenue base and positioned SI Technologies as a consolidator within the $70 billion industrial weighing and materials handling equipment industries. Key markets served by the Company include aerospace, agriculture, automotive, aviation, construction, food, forestry, freight transportation, maritime, mining, and waste management. The Company is headquartered in Seattle, Washington, and its common stock is traded on NASDAQ under the symbol "SISI". This press release includes statements which may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect" or similar expressions. These statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. |
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