CODE-ALARM ANNOUNCES EUROPEAN VENTURE
CODE-ALARM ANNOUNCES EUROPEAN VENTURE MADISON HEIGHTS, Mich., Jan. 30 /PRNewswire/ -- Code-Alarm, Inc.
(NASDAQ-NMS: CODL) announced today the formation of Code-Alarm Europe, a venture to manufacture and distribute its security products in Europe. Code-Alarm Europe is expected to begin operations by the end of March 1992. Alain F. Lombard, with headquarters in Paris, is an investor with international manufacturing and distribution associates, and will head up Code-Alarm Europe.
"The market and growth possibilities for security products in Europe is substantial," stated Rand Mueller, president, chairman and CEO of Code-Alarm, Inc., USA. "In fact, in Britain alone last year car, thefts cost the country about 400 million pounds in insurance claims, and in England and Wales, vehicle thefts were up 26 percent." This new venture is slated to assemble and manufacture from 10 to 12 different home and vehicle security products in a facility in Shannon, Ireland. Sales offices will be set up in both Paris and London to facilitate the growth of Code-Alarm Europe. "This new venture will help us realize our goal of becoming the internationally recognized leader in the security industry," Mueller said. Code-Alarm Europe will first focus its sales efforts in the United Kingdom, where market potential is significant due to a high vehicle theft rate and steady new-car sales. Additionally, immediate plans call for Code-Alarm's flagship stolen vehicle recovery products, "Intercept" and the "911CLS" by Chapman Security Systems to be marketed in select European countries. -0- 1/30/92 /CONTACT: Kenneth Mueller or Sheryl Gruener of Code-Alarm, Inc., 313-583-9595/ (CODL) CO: Code-Alarm, Inc.; Code-Alarm Europe ST: Michigan IN: AUT SU:
SB -- DE023 -- 5435 01/30/92 16:24 EST
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|Date:||Jan 30, 1992|
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