Gyyr's DVMS Product Chosen as Digital Storage Solution by ABN AMRO.Business Editors & Technology Writers ANAHEIM, Calif.--(BUSINESS WIRE)--May 16, 2001 Gyyr, a subsidiary of Odetics, Inc. (Nasdaq:ODETA) (Nasdaq:ODETB) today announced that it has entered into a strategic alliance with MacTwin Security Systems BV to provide digital surveillance solutions to Netherlands based ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) bank. ABN AMRO has operations in over 50 countries and is one of the world's leading financial institutions. The project, titled OERS OERS Oceanographic Environmental Reference Service OERS Oregon Emergency Response Team OERS Organization of Senegal River States (Mauritania, Senegal, Guinea) (Observation and Registration Systems) is an effort to upgrade ABN AMRO's video surveillance systems at all of its offices and cashpoint cash·point n. Chiefly British An automated teller machine. areas throughout the Netherlands. The OERS system designed by MacTwin uses Gyyr's Digital Video Management System to record transactions generated at the bank's offices and automated teller machines automated teller machine (ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip. . The DVMS DVMS Digital Video Management System DVMS Deliverable Value Management System DVMS Doctor of Veterinary Medicine & Surgery DVMS Digital Video Mapping Set (aviation) is used to capture both video and transaction information and allows authorized users to retrieve the stored video images using either transaction number, time/date or currency amount. The OERS project is expected to be phased in over several years as existing systems are replaced with the new technology. "The European banking market is very important to Gyyr and we are extremely pleased to be providing our innovative digital storage solutions to this respected financial institution," said Peter Strom, Gyyr president and 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. . "Through this project with MacTwin and ABN AMRO, Gyyr is gaining an important foothold in the global banking market." "We had the opportunity to test several different systems but none offered the flexibility and reliability of the Gyyr DVMS," added Mister A. Rots, director of MacTwin Security Systems BV. "Because of our many years of close cooperation with ABN AMRO, it was very important to us to provide a system that was proven and would serve the bank well into the future." About Gyyr Founded in 1971, Gyyr has since gained worldwide name recognition for high quality, reliable and innovative security products. The company is credited with developing the security industry's first time-lapse video recorders. For more information about Gyyr, please call 714/780-7435 or toll free at 800/854-6853, or send a fax 714/780-7487. Gyyr's Web site is located at www.gyyr.com. Gyyr is 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 Odetics, Inc. and is headquartered at 1515 South Manchester Avenue, Anaheim, CA 92802-2907. About Odetics, Inc. Odetics Inc. is engaged in the development of communication and technology companies that may be spun-off to its shareholders. Odetics' companies develop software and hardware-based solutions for the intelligent transportation systems, telecommunications, video security, and television broadcast markets. Odetics headquarters are located in Anaheim, California “Anaheim” redirects here. For Annaheim, see Annaheim, Saskatchewan. Anaheim is a city in Orange County, California, located 28 miles southeast of Los Angeles. with additional operations in Europe and Asia. Important Notice: This press release contains statements that may be deemed to be forward looking. These forward-looking statements may include statements about revenue growth, profit margins, the effect of cost reduction measures, and other statements relating to the operating results of Odetics or its subsidiaries. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors such as: short product lives, technological shifts, current technical issues that cannot be resolved on a timely basis, component availability, competition (including new and directly competitive products from others), pricing pressures, incorrect assumptions regarding market demand, the significant uncertainty of market acceptance of new products by both distributors and end-user customers, unanticipated capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , retention of key personnel, general economic conditions, the inability of the Company to execute its strategy including the completion of both private and public equity financings of its subsidiaries, and other factors identified in the Odetics' 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. and Quarterly Report on Form 10-Q Form 10-Q See 10-Q. . Investors are strongly encouraged to review the risk factors set forth in the Odetics most recent SEC filings. |
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