Floor Decor Changes Name of Subsidiary to Tiger Telematics Ltd.; Announces Strategic Relationship with Maxon Europe Ltd.Business Editors FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--March 22, 2002 Floor Decor, Inc., today announced it has changed the name of its wholly owned U.K. subsidiary Eagle Eye Scandinavian Distribution Ltd. to Tiger Telematics Ltd. "Our new name, Tiger Telematics Ltd., enables us to build our reputation as an independent leader in the telematics industry and alleviates any confusion between our company and Eagle Eye Telematics PLC. in the marketplace. Furthermore, it reflects a strategic move to work with a variety of partners that will help us deliver the most competitive offering of telematics products and services to our customers," said A.J. Nassar, Chief Executive Officer of Floor Decor. Tiger Telematics Ltd., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Floor Decor, has awarded Maxon Europe Ltd. with an order for 50,000 of its MM7000. Tiger Telematics Ltd. anticipates shipping the telematics product over the next 18 months subject to financing and other terms and conditions. This order replaces an earlier announced order for VCG VCG vectorcardiogram. VCG vectorcardiogram. 2s announced February 11, 2002 and is not in addition to this order. Due to the competitiveness of the telematics business and Tiger Telematics' Ltd. delivery schedules, management felt it would best serve our customers to engage in a relationship with Maxon. Founded in the U.K. in 1983, Maxon Europe Ltd. (http://www.maxon.co.uk), part of the worldwide Maxon Sewon Electronics Group is a leader in the design and manufacture of mobile communications equipment. Worldwide experience and sustained growth have allowed the company to develop a truly Pan-European distribution network which now places Maxon Sewon Europe at the forefront of the Mobile communications business. "Maxon is very pleased to have formed this important business relationship with Tiger Telematics Ltd. and has the confidence that Tiger Telematics Ltd. has the vision to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. this fast growing telematics business. Further, we expect to commence to ship this order in the next 30 day for the RM Group ITM ITM See: In-the-money based in Finland," said Steve Carroll, Director of Maxon Europe Ltd. "Maxon Sewon telecommunications group has the financial strength and business strategy to assist us in executing our long term business objectives", said AJ Nassar CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . About Tiger Telematics Tiger Telematics Ltd. (formerly Eagle Eye Scandinavian Distribution Ltd.), a wholly owned subsidiary of Floor Decor, distributes leading edge vehicle communication s systems that combine telecommunications and Global Positioning System Global Positioning System: see navigation satellite. Global Positioning System (GPS) Precise satellite-based navigation and location system originally developed for U.S. military use. (GPS) technologies to provide security and communication solutions for fleet vehicle management. Allied Business Intelligence projects that the telematics market will reach $8 billion by 2005. Except for historical matters contained herein, the matters discussed in this press release are forward-looking and 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 these 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. reflect numerous assumptions and involve risks and uncertainties that may affect Floor Decor, Inc. and its subsidiary businesses and prospects and cause actual results to differ materially from these forward-looking statements. Among the factors that could cause actual results to differ are Floor Decor, Inc.'s operating history; competition; low barriers to entry; reliance on strategic relationships; rapid technological changes; inability to complete transactions on favourable terms; and those risks discussed in the Company's filings with the SEC. |
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