Paradigm Announces Deal With Consortium to Launch PowerLOC Germany.Business Editors & High Tech Writers
GERMANY--(BUSINESS WIRE)--Sept. 24, 2001
PowerLOC Technologies Inc., a subsidiary of Paradigm Advanced Technologies, Inc. (OTCBB OTCBB
See OTC Bulletin Board (OTCBB). :PRAV PRAV Planned Restricted Availability ), (www.powerloc.com) announced today that it has signed an agreement with a group of senior executives experienced in the field of location based services that have come together to create PowerLOC Germany Limited.
The newly incorporated German company has been set up specifically for the distribution of PowerLOC products in Germany, Austria and Switzerland. As a part of the agreement signed with the group, PowerLOC Germany will commit to a minimum purchase of 2000 Vehicle Locating Devices (VLD VLD Vlaamse Liberalen en Democraten (Flemish Liberal Political Party)
VLD Visible Laser Diode
VLD Variable Length Decoding
VLD Variable Length Decoder
VLD Very Low Drag (bullet)
VLD Visual Leak Detector ), and 2000 Destinator units up to the end of December 2001. Five hundred (500) units are expected to be shipped in November. As well, PowerLOC Germany has indicated its intention to purchase a Tracker by year-end.
"We have assembled a very aggressive team, since we feel that the market for these products is huge and the window of opportunity is now open," said Gil Sberlo who heads up the group. The Board of Advisors of PowerLOC Germany includes a number of influential people from the European business community, the members of which will be announced shortly. The PowerLOC products and systems were recently showcased at the International Automobile Exhibition in Frankfurt, Germany. "There was a high degree of interest from significant major automotive manufactures resulting in several test programs," said Josef Girsch, Managing Director.
"We are very pleased with the deal since it is representative of the type of licensing and distribution structures we have opted to use as the vehicle to bring our product lines to market," said Paradigm's 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. , Eduardo Guendelman. "This relationship creates the means and business model which will allow independent companies to operate their own profit centers with our products and technology. With the assistance of our global strategic partners, we can offer support on a worldwide basis. This agreement also signifies our entrance into the European market. We believe that the European market represents a significant opportunity for our location based technologies."
About Paradigm Advanced Technologies, Inc.
Paradigm Advanced Technologies, Inc. provides a full range of wireless location tracking technology solutions to service providers in the telematics Originally coined to mean the convergence of telecommunications and information processing, the term later evolved to refer to automation in automobiles. GPS navigation, integrated hands-free cellphones, wireless communications and automatic driving assistance systems all come under the , GPS, M-business, L-solutions and CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. markets. Paradigm's servers, software and devices locate, track, communicate with and manage vehicles and other assets other assets
Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. . Paradigm owns the exclusive licensing rights to a broad-based wireless location patent (US Patent No. B1 5,043,736) covering the apparatus and method of transmitting position information from satellite navigational signals (such as GPS) over cellular systems to a base unit, and displaying the location of an object so equipped. Paradigm's ownership covers all fields of use for the patented system, excluding criminal justice applications. Paradigm wholly owns PowerLOC Technologies, Inc. For further information on Paradigm and PowerLOC, visit www.powerloc.com or call (905) 764-3701 ext. 229.
Paradigm is also listed on the Frankfurt Stock Exchange Frankfurt Stock Exchange
The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. - symbol - PG8.
This press release contains 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. that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Paradigm Advanced Technologies, Inc., and its business. The predictions embodied em·bod·y
tr.v. em·bod·ied, em·bod·y·ing, em·bod·ies
1. To give a bodily form to; incarnate.
2. To represent in bodily or material form: in these statements will involve risks and uncertainties and accordingly, Paradigm's actual results may differ significantly from the results discussed or implied in such forward-looking statements.