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LOJACK ANNOUNCES FIRST LICENSE AGREEMENT FOR NEW CARSEARCH SYSTEM FOR STOLEN VEHICLE RECOVERY

LOJACK ANNOUNCES FIRST LICENSE AGREEMENT FOR NEW CARSEARCH SYSTEM
 FOR STOLEN VEHICLE RECOVERY
 NEEDHAM, Mass., April 15 /PRNewswire/ -- LoJack Corp. (NASDAQ: LOJN, Boston Stock Exchange: LOJ.B) announced today that it had signed a license and supply agreement whereby a privately held Greek company will have the exclusive right to operate and market LoJack's newly developed CarSearch System for motor vehicles in Greece. Including purchases of CarSearch products and components, LoJack expects to realize, as a result of the agreement, minimum initial revenues of approximately $1.25 million during the current fiscal year.
 CarSearch, unlike the LoJack Stolen Vehicle Recovery System currently in operation in the United States, can operate independently of existing law enforcement computers and telecommunications networks and procedures. CarSearch was designed for smaller international markets which may not wish to implement the fully integrated LoJack System.
 The new CarSearch System will be available to private security companies in conjunction with police agencies in the proposed coverage areas around the world. This new application of the LoJack technology allows stolen vehicles to be activated, tracked and recovered by the CarSearch System with the assistance of local police.
 In addition to the license fee, the agreement provides that the licensee will also purchase CarSearch products and components directly from LoJack. LoJack expects to receive on-going orders for CarSearch products over the life of the agreement. The company has received an initial payment towards the license fee.
 In making the announcement, C. Michael Daley, president, said, "We view CarSearch as an opportunity to increase revenues and the return on our significant investment in the LoJack technology and know-how, as well as to expand the use of our technology in addressing the serious problem of motor vehicle theft in as many other countries as possible. LoJack will incur no investment or other out-of-pocket costs with respect to the implementation and operation of the CarSearch System in Greece."
 According to officials of the licensee, there are approximately 2 million registered motor vehicles and 150,000 annual new car sales in Greece. Approximately 120,000 car alarms are sold in Greece each year. The licensee expects the CarSearch System to be operational in the summer of 1992.
 In addition, the company is in negotiations to license the LoJack technology in several other international markets, Daley said.
 -0- 4/15/92
 /CONTACT: Joseph F. Abely, senior vice president of LoJack, 617-444-4900, or John Swanson of Swanson Communications, 212-683-4890, for LoJack/
 (LOJN) CO: LoJack Corp. ST: Massachusetts IN: AUT SU: LIC


SH-OS -- NY051 -- 8679 04/15/92 12:09 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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