Current Technology Reports Growth of Contract Values in Brazil and Increases Stake in Celevoke, Inc.
Monday November 17, 8:00 am ET
VANCOUVER, British Columbia, Nov. 17 /PRNewswire-FirstCall/ -- Current Technology Corporation (OTCBB: CRTCF - News) today reported StarOne Telematica SA, the 51% controlled Brazilian subsidiary of Celevoke, Inc. (Celevoke) and the most recent entry into the fast growing Brazilian market for Telematics Solutions and Tracking Systems, during October 2008, has closed contracts for the provision of tracking services with a value of over 1,900,000 Brazilian Reals (approximately $815,000 USD). This represents a greater than 75% increase in contract value over the 1,070,000 Brazilian Reals estimated for the month of October as stated in our news release of October 9, 2008.
During November, StarOne Telematica has already reached agreements with additional customers for a further 2,000,000 Brazilian Reals in contract value. It is anticipated these contracts will be formalized by the end of this month. StarOne Telematica hopes to close contracts worth a further 2,000,000 Brazilian Reals for the balance of the month of November, thus bringing the total projected contract value for November to over 4,000,000 Brazilian Reals (approximately 1,715,000 USD at the current exchange rate).
StarOne Telematica's program 24 Horas(TM) (24 hours) ensures round-the-clock service and support for its Brazilian clients requiring active, real-time information about the location and status of their mobile assets. Principal customers include local bus operators, regional trucking companies and tertiary service providers.
Current Technology Director of Business Development and executive responsible for Brazilian operations Carl Ottersen stated, "The success to date confirms our strategy of addressing the business needs of customers well before implementation of the law requiring tracking devices in vehicles commencing in August 2009. We expect this strategy to continue to generate significant long-term contracts."
Current Technology CEO Robert Kramer said, "Carl and his team are doing an outstanding job. The growth in contract value from the previously reported 990,000 Brazilian Reals for the first three months ended September 30, 2008 to 1,900,000 Brazilian Reals in October and an estimated 4,000,000 Brazilian Reals for November is truly impressive. While we have to be mindful of the impact of the Christmas and summer holiday period during December and January in Brazil, we believe we are on the right track and look forward to a very successful 2009 and beyond."
Current Technology has increased its stake in its Texas-based subsidiary Celevoke, from 55.95% to 59.68%, with the purchase of 21 common shares from Celevoke for $700,000 (all funds USD). Current Technology now owns 148 of 248 issued common shares in Celevoke, for a total stake of 59.68%. To fund the acquisition, Current Technology has issued 5 million units (Unit) for $700,000. Each Unit consists of one share and one warrant. Each warrant entitles the holder to purchase on additional share for $0.25 for 5 years. |
