CODE-ALARM SIGNS AGREEMENT WITH MITSUBISHI
CODE-ALARM SIGNS AGREEMENT WITH MITSUBISHI MADISON HEIGHTS, Mich., July 28 /PRNewswire/ -- Code-Alarm, Inc.
(NASDAQ-NMS: CODL) announced today its Code-Alarm Security Systems division signed an agreement to supply Mitsubishi Motor Sales of America, Inc. with remote-control vehicle security products. The technically advanced security systems will be sold and distributed through more than 500 Mitsubishi dealers nationwide.
"Code-Alarm is very pleased to enter into this mutually satisfying relationship with such a quality-driven company," John Moffat, national sales manager for Code-Alarm's Original Equipment division, said. "With increasing vehicle theft rates and rising new-car sales, we anticipate sales to Mitsubishi to reach approximately $1 million over the next 18 months." Code-Alarm's private-label security sales have advanced 35 percent over the past six months. According to a study done in 1991 by the Freedonia Group, a Cleveland-based market research firm, the overall automotive security market is expected to increase at a 17-percent annual growth rate and approach $800 million by 1994. -0- 7/28/92 /CONTACT: Sheryl Gruener of Code-Alarm, 313-583-9595/ (CODL) CO: Code-Alarm, Inc.; Mitsubishi Motor Sales of America, Inc. ST: Michigan IN: AUT SU:
SB -- DE014 -- 4115 07/28/92 12:53 EDT
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|Date:||Jul 28, 1992|
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