Wireless Matrix to Acquire Leading U.S. Mobile Asset Monitoring and Control Company.Business Editors CALGARY, Alberta--(BUSINESS WIRE)--June 13, 2000 Wireless Matrix Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :WRX WRX Western Refrigerator Line Company WRX World Rally Cross Country (Subaru) WRX Wireless Receiver .)(CDNX CDNX See Canadian Venture Exchange (CDNX). :WRX.)("WIRELESS MATRIX") is pleased to announce that it has entered into an agreement (the "Agreement") to purchase Logistix Capital, Inc. (doing business as StarTrak, and hereinafter referred to as "StarTrak") of Morris Plains, New Jersey Morris Plains, billing itself "the Community of Caring" and "the Community of Cool", is a Borough in Morris County, New Jersey, United States. As of the United States 2000 Census, the borough population was 5,236. . The purpose of the acquisition is to provide for the penetration of WIRELESS MATRIX's industry-leading IP Anywhere services into the transportation market, with an immediate focus on the rail car monitoring sector, through an established incumbent. The rail car monitoring sector of the transportation industry is a large, lucrative and virtually untapped industry sector, and is considered a prime application area for the IP Anywhere technology and service suite. Completion of the purchase is subject to various conditions, including satisfactory additional due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. by WIRELESS MATRIX and receipt of all required regulatory approvals. Consideration for the acquisition, which is expected to close on July 14, 2000, includes 395,000 common shares of Wireless Matrix Corporation at a deemed issue price of $14.05 per share and USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $200,000 in cash. The common shares issued on the transaction will, under current securities legislation, be subject to a minimum hold period of one year. StarTrak, which presently has 30 employees, has been providing services to this industry since 1992 and has developed very sophisticated and industry-leading 'on-car' technology for the tracking, monitoring and control of rail cars and other mobile assets. The StarTrak technology is currently leveraged onto the satellite infrastructure technology of Vistar Datacom, which is a member of the BCE BCE abbr. 1. Bachelor of Chemical Engineering 2. Bachelor of Civil Engineering BCE Abbreviation for before the Common Era. family of companies and already an industry partner of WIRELESS MATRIX. StarTrak has exclusive rights to the Vistar technology for all rail car assets in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. through 2003. StarTrak services are presently targeted at the rail car monitoring and logistics market, which is estimated to comprise some 1.4 million cars in North America. StarTrak already serves customers in Europe and is increasing its focus on penetration of that market. With emphasis on improving operating efficiencies to customers, the company provides wireless services seamlessly integrated with existing shipping and railroad information systems to customers over an interactive, web-based database. These existing services will be integrated with the standard desktop web browser The program that serves as your front end to the Web on the Internet. In order to view a site, you type its address (URL) into the browser's Location field; for example, www.computerlanguage.com, and the home page of that site is downloaded to you. operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. of IP Anywhere (as well as future generations thereof). StarTrak is also a leader in providing wireless monitoring and control services to refrigerated re·frig·er·ate tr.v. re·frig·er·at·ed, re·frig·er·at·ing, re·frig·er·ates 1. To cool or chill (a substance). 2. To preserve (food) by chilling. trailers, containers and rail cars. These services, which are targeted at an overall market in North America exceeding 2 million units, are oriented towards providing remote refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. control of individual shipments as well as improving fleet utilization. The distribution model for StarTrak in this market is identical to that of WIRELESS MATRIX, which is to serve customers through networks of industry specific channel partners. The value-drivers for the adoption of StarTrak services by the rail industry include measurable savings in operating costs operating costs npl → gastos mpl operacionales for refrigerated cars, identification of areas of rough handling for cars carrying sensitive lading, and monitoring systems with cars carrying time sensitive materials, car/lading damage monitoring and avoidance, labour and fuel cost reductions, safety, supply chain and logistics management Logistics Management is that part of Supply Chain Management that plans, implements, and controls the efficient, effective, forward, and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet . Sample car types on which the technology has been applied and to which it is available include refrigerated cars, tank cars, autoracks, paper cars, intermodal cars and containers, auto parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
WIRELESS MATRIX's industry-leading IP Anywhere services employ various wireless data technologies to extend the Internet past the desktop office PC to include all of the electronic devices and assets in the field owned or operated by industrial customers. This includes fixed assets such as oil and gas wells, compressor stations, pipelines, fluid storage tanks, utility meters, environmental meters, as well as certain mobile assets. With IP Anywhere, customers have access to and control over their electronic assets, regardless of nature or location, as a secure extension of the Internet or corporate intranet, for a low monthly fee. "Service to this industry has in the past been, at best, expensive, unreliable and fragmented. The marriage of our two companies will change that. It sets the stage for us to become the dominant player in these very large but specialized areas of the transportation market. Just as we believe we have selected the prime market of oil and gas as a starting point for our fixed asset services, we have also now moved into the prime mobile asset market", said Dr. J.T. Knight, Chairman and Chief Executive Officer of WIRELESS MATRIX. "The additional technical skill, customer base, industry experience, and market leadership that StarTrak provides is tremendous. It also bridges WIRELESS MATRIX immediately and materially into other key vertical and geographic markets. We believe this is a forceful and impactful step towards our goal of emerging as the industry-standard wireless industrial application service provider in our selected markets." StarTrak currently has over 700 terrestrial and wireless monitoring and control units installed. Customers include five of the six major North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. railroads (Union Pacific, Burlington Northern Sante Fe, CSX CSX Chessie Seaboard Multiplier (railroad transportation company) CSX Cayman Islands Stock Exchange CSX Changsha, China (Airport Code) CSX Cardiac-Specific Homeobox CSX Seaboard Coastline Railroad , Canadian National, and Norfolk Southern), integrated shipping companies, such as E.I. DuPont Nemours, and two companies comprising a large portion of the mobile refrigerated asset market (Carrier and ThermoKing). "Our work and investment over the past eight years has resulted in unique services and technologies, strong industry knowledge, and a growing customer base. We believe that this transaction positions us firmly to leverage this background, together with the technology and support of WIRELESS MATRIX, to emerge as the clear leader in this industry," said Tim Slifkin, StarTrak's President. Subject to the approval of applicable regulatory authorities, Mr. Slifkin will join the Board of Directors of Wireless Matrix Corporation upon completion of the transaction. WIRELESS MATRIX expects the acquisition to add $4.0 million, $9.5 million, and $15.9 million to its revenue in the fiscal years ended April 30, 2001, 2002, and 2003 respectively, under the current business plan and as a result of this acquisition. Earnings impacts will be provided as the integration of the two companies proceeds. About WIRELESS MATRIX WIRELESS MATRIX is a leading developer and value-added provider of wireless data and fax services to corporate markets. WIRELESS MATRIX's industry-leading IP Anywhere wireless data service is targeted to internet/IP-enable an estimated 200 million corporate non-PC data devices worldwide, an area which is expected by many to represent the next major wireless data/internet communications growth market. With a primary focus on non-urban, industrial markets, the first target market for IP Anywhere penetration and dominance is the Canadian oil and gas industry, although expansion into other vertical and geographical markets is currently underway. WIRELESS MATRIX's U.S.-based subsidiary Telemerge Inc., provides INTERFAX services which are designed to internet/IP-enable fax machines, and are recognised as leading the internet fax industry in the area of IP-enabled fax machine-to-fax machine transmissions. This release is for information purposes only and does not constitute and should not be construed in any way as an offer to sell or a solicitation of an offer to purchase any of the securities of any of the companies mentioned herein. WIRELESS MATRIX cautions investors that any forward-looking statements made are not guarantees of future performance and that actual results may differ materially from those in the forward-looking statements. The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has neither approved nor disapproved the contents hereof. |
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