News:
LAS VEGAS, Nevada (May25, 1999) -- Composite Design, Inc. today announced that it has acquired all of the outstanding shares of location technology innovator Centraxx Corp. of Mississauga, Ontario. Pursuant to the Share Exchange Agreement, Composite Design issued 15,234,415 restricted shares to the stockholders
of Centraxx Corp. Immediately following the acquisition the corporate name was changed to Centraxx Inc. to better reflect the nature of the ongoing business. Centraxx Corp. will operate as a wholly owned subsidiaryof Centraxx Inc. and continue to be based in Mississauga.
Centraxx is a wireless datacommunications company specializing in providing location technology solutions. Location technology as an industry has emerged in the past 10 years and in North America it has become a multi-billion dollar business. With safety and security needs on the rise the industry is expected to continue its phenomenal growth trend in step with technology advancements.
Centraxx has developed anadvanced technology utilizing RF single-point tracking which canbe deployed to provide cost-effective and efficient solutions for numeroussafety, security and location information needs. This revolutionary UNI-POINT™ technology operates within a network environment and does not rely on the Global Positioning System (GPS). Centraxx has filed a broad basedpatent application to protect its unique technology.
Centraxx is set to introduceits first location based products in response to consumer driven demand for stolen vehicle recovery and emergency assistance devices. The Centraxx Vehicle Tracking & Recovery System will offer superior pinpoint, real-time tracking and locating at a price well below existing systems, making it the first automobile locating system with mass market appeal. Features will include 24/7 monitoring, automatic arming/disarming, 30 second response to theft and 10 meter locating accuracy. The Company will also offer optional roadside and emergency notification service with Centraxx PLUS. Drivers will be able to summon help to their exact location, including tow truck, ambulance and police--all at the touch of button. Product availability is anticipated in Q1 2000 in certain select areas.
The Company intends to ultimatelyoffer national coverage to its customers and to achieve this an aggressive network deployment strategy is being implemented. In order to accelerate the establishment of a North American network Centraxx is in the processof licensing certain regional territories. |
