NEWS RELEASE
For Immediate Release OTCBB:CNXX
CENTRAXX WIRELESS TECHNOLOGY GOING TO CHINA
Las Vegas, Nevada, February 23, 2000? Centraxx Inc. (OTCBB:CNXX) today
announced that it has signed a Memorandum of Understanding for the purpose
of entering into a Distribution and Licensing Agreement with First Fair
Technologies Limited (FFT) of China.
Under the terms of the proposed agreement FFT will form a new corporation in
which Centraxx will take a minority position. The new corporation will be
the exclusive Centraxx distributor and licensee for a territory that
includes Beijing, Tianjin, Hebei Province, Guangdong Province and Hong Kong.
The agreement calls for installation of the Centraxx wireless network within
18 months.
The territory has an approximate population of 145 million, including the
capital city of Beijing with a population of over 12 million. The Guangdong
Province, located north of Hong Kong, includes the fast developing Pearl
River Delta region.
?This deal has tremendous potential for our company,? stated First Fair
Technologies Managing Director, Mr. Hongchao Mu. ?Centraxx provides us with
an excellent opportunity to become involved in the developing phase of a
revolutionary wireless technology, and to greatly expand our core business.
We are network specialists and with Centraxx it is all about the network.
Vehicle tracking is just the beginning.?
?There is considerable international interest in our technology and
products,? remarked Centraxx Chairman and CEO, Michael Ivezic.
?Strategically, it makes sense for Centraxx to pursue high potential
opportunities outside of North America. We are very proud that our first
international agreement is with a quality partner like First Fair
Technologies that will in turn enable Centraxx to enter the significant
China market.?
?In terms of market potential for Centraxx?s first product offering?the
AutoRescue(TM) system, China is a vast market with an emerging auto
industry,? said Centraxx V.P. Sales, Network Development, Michael St. Eve.
?Consumer demand for vehicles is rising and this trend is being supported by
initiatives such as the Chinese banking sector increasing the availability
of loans to automobile buyers. Concerns for auto security and personal
safety are universal so the Chinese market for Centraxx products is immense.
We expect to sell in excess of 500,000 units to the Chinese market in the
first three years of operating.?
FFT has been involved in the Chinese wireless industry since 1990,
installing network systems and selling products on a wholesale and retail
basis. The company is the exclusive Mainland China distributor for EF
Johnson Company, a wholly owned subsidiary of Transcrypt International, Inc
(OTCBB:TRII). FFT also sells the Marantz Standard Brand line of marine and
portable radio products. The company is also one of the key contractors for
installation of two-way radio networks for Motorola (NYSE:MOT) in China.
Centraxx Inc. is a wireless data communications company currently focusing
on providing location technology solutions to the mass market. Centraxx has
a patent pending RF land-based system that it intends to deploy in a network
configuration in key markets across North America. Centraxx UNI-POINT(TM)
technology is capable of providing high-speed, two-way data transfer and
single point tracking and locating information. Over time, this
proprietary, high capacity network will facilitate the wireless transfer of
data for a wide range of products and applications.
Centraxx will first introduce an automotive application, the AutoRescue
vehicle tracking and recovery system with AutoRescue PLUS(TM)roadside and
emergency notification service. This will be the world?s first vehicle
tracking system combining high accuracy, self-arming reliability and
affordability.
More information regarding Centraxx and its products and services can be
found on the World Wide Web at www.centraxx.com.
###
For more information contact:
CNXX Investor Relations Contact:
Chuck Courson, Director
Frankopan & Co.
Tel. 1-800-355-1564 Ext. 243
E-mail: ccourson@frankopan.com
Centraxx Inc. Contact:
Michael Ivezic
Chairman and CEO
Tel. 905-826-9988 Ext. 224
E-mail: mivezic@centraxx.com
First Fair Technologies Inc. Contact:
Hongchao Mu, Managing Director
Hoi Cheng, Director
Tel. 852-2578-3063
E-mail: hcfft@netvigator.com |
