Printer Friendly

LOJACK U.K. LICENSE ANNOUNCES LAUNCH OF OPERATIONS

 DEDHAM, Mass., July 7 /PRNewswire/ -- LoJack Corporation (NASDAQ: LOJN) announced today that the licensee of its patented stolen vehicle recovery system in the United Kingdom, Tracker Network PLC, officially announced in a press conference held in London earlier today the launching of a stolen vehicle recovery system under the name "Tracker."
 The press conference was jointly attended by management of both LoJack and Tracker, as well as representatives of law enforcement and the AA, the largest automobile association in the United Kingdom, which will be marketing Tracker Units.
 Tracker has the backing of the Association of Chief Police Officers (ACOP) in England, Wales and Scotland. All 51 police forces in the three countries will have vehicles equipped with police tracking computers and the system will become operational on Aug. 16, 1993.
 Tracker's management reports that the United Kingdom has the highest vehicle theft rate in the European Community. In 1992 more than 630,000 vehicles were reported stolen -- an increase of 19 percent over 1990. Of these, more than 240,000 are not expected to be recovered.
 John Newing, chief constable of Derbyshire and secretary of ACPO's Technical Research Committee, said, "car crime dominates crime figures, threatens lives and plays a significant part in road accident statistics. LoJack's technology has a proven track record, and will provide an opportunity to improve recovery and catch offenders. By reducing car crime, it will help to improve police effectiveness generally."
 Pete Johnson, managing director of AA Commercial Services, said, "The AA believes that Tracker is a significant development in the battle to stop car crime and lower motoring costs. LoJack's experience in the U.S. shows that insurance premiums can be reduced. Indeed, many if the AA's own motor insurance panel have already agreed to offer discounted premiums to motorists with Tracker -- several underwriters have already agreed to offer discounts of up to 10 percent."
 Ralph Kanter, chairman of Tracker Network PLC, said "Every motorist in Britain has a 1-in-37 chance of having his or her vehicle stolen. LoJack has proved its worth in the United States where it has a 95 percent success rate in the seven states in which it has operated since 1986. Tracker means that motorists will get their cars back fast -- with minimum damage."
 C. Michael Daley, president of LoJack Corporation, said, "We are very excited about the future prospects for the success of LoJack's technology in the United Kingdom. We hope to be able to leverage our experience in the United Kingdom into similar arrangements in other countries in the European Community."
 Under the terms of LoJack's license agreement with Tracker, LoJack received a non-refundable license fee of $1 million, $750,000 in March and $250,000 in June. In addition, LoJack will receive ongoing revenues from Tracker in the form of royalties which are computed based upon a percentage of Tracker's revenues, generally 5 percent.
 -0- 7/6/93
 /CONTACT: Joseph F. Abely, senior vice president of LoJack, 617-326-4700, or John Swanson of Swanson Communications, 212-683-4890, for LoJack/
 (LOJN)


CO: LoJack Corporation ST: Massachusetts IN: AUT SU:

TS-SM -- NY040 -- 8685 07/06/93 14:14 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 6, 1993
Words:520
Previous Article:/THIRD AND FINAL ADD TO NY030 -- A.M. BEST RATINGS/
Next Article:MEDIMMUNE CHAIRMAN, CEO NAMED REGIONAL ENTREPRENEUR OF THE YEAR; WAYNE T. HOCKMEYER HONORED FOR CONTRIBUTIONS IN THE LIFE SCIENCES FIELD
Topics:


Related Articles
LOJACK'S CARSEARCH SYSTEM TO BE IMPLEMENTED IN CZECHOSLOVAKIA; THE NATIONAL POLICE WILL OPERATE THE STOLEN VEHICLE RECOVERY SYSTEM
LOJACK LICENSEE SECURES FINANCING TO BRING LOJACK TECHNOLOGY TO THE UNITED KINGDOM; SYSTEM EXPECTED TO BE OPERATIONAL IN 1993
LOJACK CORP. REPORTS 51 PERCENT INCREASE IN REVENUES FOR FOURTH QUARTER; ANTICIPATES PROFIT DURING CURRENT FISCAL YEAR
LOJACK ANNOUNCES EXPANSION INTO CONNECTICUT AND RHODE ISLAND; UPDATES STATUS OF INTERNATIONAL LICENSE ACTIVITIES
LOJACK ANNOUNCES EXPANSION OF FLORIDA STOLEN VEHICLE RECOVERY NETWORK TO TAMPA BAY AND ST. PETERSBURG
LOJACK CORPORATION REPORTS $.05 NET INCOME FOR FOURTH QUARTER ON $10,652,000 IN REVENUES
LOJACK STOLEN VEHICLE RECOVERY NETWORK BECOMES OPERATIONAL IN SAN DIEGO COUNTY
LOJACK RECEIVES FIRST ORDERS FROM NEW LICENSEES IN RUSSIA AND ARGENTINA
LoJack Announces License Agreement for Korea with Affiliate of Samsung
LoJack System to be Implemented in State of Maryland; Announcement by Lt. Gov. Kathleen Kennedy Townsend Terms Agreement A Partnership Between...

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters