DRI Corporation Announces Confirmed Order for New Mobitec Joint Venture in India.* Cast Master-Mobitec Order Valued at More Than $2 Million USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. * New Joint Venture Begins Operations With Solid Start * Transit Communications Market in India May Exceed U.S. Market in Size and Potential DALLAS -- DRI See Digital Research. Corporation (DRI) (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 : TBUS TBUS Token Bus ), a digital communications Transmitting text, voice and video in binary form. See communications. technology leader in the domestic and international surface transportation and transit security markets, announced today that the 51 percent joint venture in India of its Mobitec AB subsidiary in Sweden has received final confirmation on its first order valued at more than $2 million USD. "We announced Mobitec's new joint venture in India, which is operating under the name of Cast Master Mobitec India Private Limited (Cast Master-Mobitec), in May 2007. Even then, we had already received a notice of commitment for this first order from TATA Motors Tata Motors Limited, formerly known as TELCO (TATA Engineering and Locomotive Company), is India's largest passenger automobile and commercial vehicle manufacturing company. It is also the world's 5th largest commercial vehicle manufacturer. Ltd., one of the leading bus builders in India. It is a great achievement, and we congratulate Mobitec's management team for their hard work. The order sets a high benchmark following many months of detailed planning, research, positioning, and organizational work toward the launch of initial production deliveries that is currently underway. We expect full production deliveries to begin later this year and to conclude in the first half of fiscal year 2008. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , we are in the process of finalizing Cast Master-Mobitec's operating infrastructure and working on additional orders. Additionally, in the coming weeks, we will host a major sales meeting sales meeting n → reunión f de ventas in the Middle East to build even more support for this new joint venture. The market in India is very exciting; we are still evaluating its full potential. However, even at this early stage, I can say that we do believe the market has the potential to eventually and substantially exceed the size of the present U.S. market for vehicle-mounted electronic destination sign systems," David L. Turney, the Company's Chairman, President and Chief Executive Officer, said. ABOUT CAST MASTER MOBITEC INDIA PRIVATE LIMITED In May 2007, the Company's Mobitec AB subsidiary in Sweden entered into a 51 percent joint venture with Cast Master Enterprise Private Ltd. of New Delhi New Delhi (dĕl`ē), city (1991 pop. 294,149), capital of India and of Delhi state, N central India, on the right bank of the Yamuna River. to produce, sell, and service Mobitec[R] electronic destination sign systems for India's transit market and selected other markets in that region. Operating under the name "Cast Master Mobitec India Private Limited" (Cast Master-Mobitec), the new joint venture has exclusive rights and responsibilities for Mobitec[R] product sales and service in India and selected other markets in that region. In due course, it also will provide limited product assembly operations. ABOUT MOBITEC AB A premier supplier of electronic destination sign systems in the Nordic markets, the Company's Mobitec AB subsidiary is highly respected for its products, technology, service, and quality. Based in Herrljunga, Sweden, Mobitec AB has business units in Australia and Germany, as well as joint ventures in Brazil and India. For more information, go to http://www.mobitec.se/. ABOUT THE COMPANY DRI is a digital communications technology leader in the domestic and international public transportation and transit security markets. Our products include: TwinVision[R] and Mobitec[R] electronic destination sign systems, Talking Bus[R] voice announcement systems, Digital Recorders[R] Internet-based passenger information and automatic vehicle location/monitoring systems, and VacTell[TM] video actionable intelligence Having the necessary information immediately available in order to deal with the situation at hand. With regard to call centers, it refers to agents having customer history and related product data available on screen before the call is taken. systems. Our products help increase the mobility, flow, safety, and security of people who rely upon transportation infrastructure around the globe. Using proprietary hardware and software applications, our products provide easy-to-understand, real-time information that assists users and operators of transit bus A transit bus (also known as a commuter bus) in the United States is usually operated by an urban-suburban bus line, a governmental public transit agency, or a contractor. A transit bus is normally used on public transit routes. and rail vehicles Rail vehicles are vehicles capable of rolling on rail tracks. This includes:
Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States market. For more information about the Company and its operations worldwide, go to www.digrec.com. FORWARD-LOOKING STATEMENTS This press release contains "forward-looking statements" within the meaning 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. In particular, statements concerning the timing of the deliveries to TATA Motors Ltd., the timing and amount of work that will be done through the new joint venture in India, the timing and amount of Mobitec[R] products that will be ordered and installed on bus vehicles in India, the expected outcome of the sales meeting in the Middle East, the potential size of the transit communications market in India, as well as any statement, express or implied, concerning future events or expectations, is a forward-looking statement. Use of words such as "expect," "fully expect," "expected," "appears," "believe," "plan," "anticipate," "would," "goal," "potential," "potentially," "range," "pursuit," "run rate," "stronger," "preliminarily," etc., is intended to identify forward-looking statements that are subject to risks and uncertainties, including risks and uncertainties regarding the timing of the deliveries to TATA Motors Ltd., the timing and amount of work that will be done through the new joint venture in India, the timing and amount of Mobitec[R] products that will be ordered and installed on bus vehicles in India, the expected outcome of the sales meeting in the Middle East, the potential size of the transit communications market in India, as well as other risks and uncertainties set forth in our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed March 28, 2007, particularly those identified in Risk Factors Affecting Our Business. There can be no assurance that any expectation, express or implied, in a forward-looking statement will prove correct or that the contemplated event or result will occur as anticipated. |
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