Shareholders Advisory: Paradigm Advanced Technologies' PowerLOC Division Signs New VARs in the U.S. and Canada.
TORONTO--(BUSINESS WIRE)--May 10, 2002
Moise Benedid, Chief Operating Officer of Paradigm Advanced Technologies' PowerLOC division, confirmed today that the company continues to add channels to market and sell its PowerLOC tracking technology.
"As mentioned earlier, the company is operating under three significant non-disclosure agreements involving new applications of our technology," Mr. Benedid said. "In addition to these critically important activities and previously announced agreements, in the last four months we have signed five contracts with value-added resellers (VARs) and distributors. These new agreements allow us to reach further into different market segments. As part of these contracts, units have been contracted for test market purposes, the results of which should lead to increased sales of mobile units in the third and fourth quarters."
"Revenues from existing business, including residual air time revenues, continue to grow every month," Mr. Benedid added.
Shareholders are reminded of the live conference call to be held on Monday, May 13, 2002, at 4:00 p.m. Eastern Daylight Time. The dial-in numbers are 1-877-461-2816 and 416-695-9757. Details are also on the company's Web site at www.powerloc.com.
ABOUT PARADIGM ADVANCED TECHNOLOGIES, INC.
Paradigm Advanced Technologies, Inc. (OTCBB:PRAV) (www.powerloc.com) provides a full range of wireless location tracking technology solutions to service providers and end users in the telematics, GPS, M-Business, L-solutions and CRM/ERP markets. Paradigm's servers, software and devices locate, track, navigate, communicate with and manage people, vehicles and other assets. Paradigm's technology was chosen to help track recovery vehicles at the World Trade Center disaster recovery site. "Destinator(TM)" (www.destinator1.com) won the prestigious People's Choice Award of America's Pocket PC Magazine in 2001 and a similar award in Germany this year. Destinator(TM) technology provides a breakthrough experience in vehicular navigation and communication. Paradigm owns the exclusive licensing rights to a broad based wireless location patent (U.S. 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.
For further information on Paradigm and its PowerLOC division, visit www.powerloc.com or call (905) 764-3701.
Paradigm is also listed on the Frankfurt Stock Exchange - symbol - PG8.
This press release contains forward-looking statements 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 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.
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|Comment:||Shareholders Advisory: Paradigm Advanced Technologies' PowerLOC Division Signs New VARs in the U.S. and Canada.|
|Date:||May 10, 2002|
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