Centraxx And Zurich Canada Teaming Up To Combat Auto Theft In Ontario And Quebec.Business Editors TORONTO--(BUSINESS WIRE)--June 1, 2000 Centraxx Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CNXX) and Zurich Canada have joined forces to combat auto theft in Ontario and Quebec utilizing the Centraxx AutoRescue(TM) system and involving a special program developed for Zurich Canada auto policyholders in the area. Zurich Canada and Centraxx will jointly develop a direct marketing package and a broker incentive plan to support the program. The market area for Ontario will include the Golden Horseshoe The Golden Horseshoe is a densely populated and industrialized region or urban agglomeration centred around the west end of Lake Ontario in Southern Ontario, Canada. Most of it is also part of the Windsor-Quebec City corridor. With a population of 8. area and Windsor to Ottawa areas, as well as all major northern highway arteries. The market area for Quebec will include Montreal and Quebec City and arteries leading to and from the Ontario coverage area. Zurich Canada has approximately 430,000 insured vehicles in the market areas that could potentially be protected by the Centraxx AutoRescue system. Centraxx and Zurich estimate that the participation rate in the joint program could exceed 50%. The program will be gradually rolled out in lockstep lock·step n. 1. A way of marching in which the marchers follow each other as closely as possible. 2. A standardized procedure that is closely, often mindlessly followed. Noun 1. with the Centraxx network buildout The construction and implementation of a system. For example, "network buildout" implies constructing the network and going online. later this year and into 2001. "Partnering with the insurance industry offers many synergies," stated Centraxx V.P. Sales, Bob Hill. "It is an excellent distribution channel for AutoRescue and it enables another forward-thinking insurer to reduce losses associated with car theft and to strengthen customer relationships through added benefit programs. We are delighted to add Zurich Canada as a strategic partner." "The Centraxx AutoRescue program provides Zurich with an effective tool for managing risk associated with automobile theft and equally important, an opportunity to enhance the Zurich experience for our policyholders," stated Zurich Canada Director, Pricing & Product Development, John Chan. "We look forward to a mutually beneficial Adj. 1. mutually beneficial - mutually dependent interdependent, mutualist dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" relationship with Centraxx." About Centraxx Inc. Centraxx Inc. is a wireless data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. company currently focusing on providing location technology solutions to the mass market. Centraxx has a patent pending RF land-based system that it intends to deploy in a network configuration in key markets across North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Centraxx UNI-POINT(TM) technology is capable of providing high-speed, two-way data transfer and single point tracking and locating information. Over time, this proprietary, high capacity network will facilitate the wireless transfer of data for a wide range of products and applications. Centraxx will first introduce an automotive application, the AutoRescue vehicle tracking and recovery system with AutoRescue PLUS(TM) roadside and emergency notification service and LifeLink(TM) automatic collision notification. This will be the world's first vehicle tracking system combining high accuracy, self-arming reliability and affordability. More information regarding Centraxx and its products and services can be found on the World Wide Web at www.centraxx.com. About Zurich Canada Zurich Canada is one of the country's leading providers of home, auto and life insurance protection to Canadians, their families and businesses. Zurich Canada is a member of Zurich Financial Services Zurich Financial Services Group is a major financial services group based in Zurich, Switzerland. Global operations North America The US consumer market is served primarily by Farmers Insurance Group the third largest personal lines property & casualty insurance , a leading internationally-recognized provider of insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. in nonlife and life insurance, reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. and asset management. It offers financial protection and investment solutions to customers in the personal, commercial and corporate market segments. Headquartered in Zurich, Switzerland, the group operates in 50 countries worldwide and employs 47,000 people. More information regarding Zurich Canada and its products and services can be found on the World Wide Web at www.zurichcanada.com. Forward-looking statements in this release 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. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, acceptance of the Company's products, increased levels of competition, new products and technological changes, the Company's dependence upon third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. (The information in this release has been neither approved nor disapproved by any regulatory body.) |
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