Looks good at 1 3/32!
Tuesday February 6, 9:35 am Eastern Time
Press Release
Paradigm Advanced Technologies Signs Location Services Agreement With RACO Industries
Paradigm's L-Biz(TM) Location Technology expected to significantly augment RACO's bar-coding and data collection product line
TORONTO--(BUSINESS WIRE)--Feb. 6, 2001-- Paradigm Advanced Technologies, Inc. of Toronto (OTCBB:PRAV - news), (www.powerloc.com), announced today that it has entered into a Location Services Provider (LSP) agreement through its PowerLOC wireless-position-location division with RACO Industries of Cincinnati, OH (www.racoindustries.com). RACO Industries is a leader in the bar-coding and data collection industry and sells its products and services to major accounts and value add channels.
In terms of the agreement, PowerLOC will sell and license its turnkey, (L-Biz(TM)) wireless location-based solution to RACO Industries. This includes PowerLOC's Vehicle and Asset Location Devices (VLD and ALD series) and its TR101 Tracker - an LSP Server developed in Java, offering mapping, wireless network access, Internet connectivity and security, billing and numerous other advanced functions. RACO will sell and distribute the mobile units and provide the Internet-enabled location tracking services to key accounts and also to thousands of value-added resellers of Data Collection equipment in North America.
``This agreement is yet another example of the strong demand that has been generated for our location-based technology. As a valued LSP, we believe that RACO Industries will quickly derive benefits from deployment of our advanced asset tracking system,'' says Paradigm's President/CEO Eduardo Guendelman. ``We are continually discovering exciting new applications for our innovative PowerLOC L-Biz(tm) L-Commerce products. We are delighted to be partnering with an industry leader such as RACO Industries to provide location tracking solutions to their customers across North America.''
``As a leading player in the Data Collection and bar-coding space, PowerLOC's technology allows us to provide our customers with a way to collect data about, and from, their mobile assets,'' adds RACO's Chief Executive Officer Rob Adams. ``As an application service provider (ASP), and with more than 18,000 clients and value-added resellers nationwide, the ability to provide the PowerLOC L-Biz(tm) tracking systems products and services is a strong addition to our business model. This opportunity with Paradigm adds a strategic component to our marketing, helping us develop new business prospects and capitalize on the rapidly expanding asset-location space.''
On January 16, 2001, Paradigm announced that it had executed a term sheet with NaftEL Technologies, Ltd. of Israel (www.nafteltech.com) to acquire all of NaftEL's navigation technology and intellectual property. NaftEL develops and markets navigation system software, enabling detailed street maps to be viewed on devices with limited on-board memory. This advanced technology also provides graphic or voice commands on portable computers, hand held devices and cellular phones to enable dynamic navigation for persons and vehicles.
About Paradigm Advanced Technologies, Inc.
Headquartered in Toronto, Paradigm Advanced Technologies, Inc. (www.powerloc.com) provides wireless location-based electronic commerce (L-Commerce) solutions. Paradigm owns the exclusive licensing rights to a broad-based wireless location patent (US Patent #B1 5,043,736) covering the apparatus and method of transmitting position information from satellite navigational signals (like GPS) over cellular systems to a base unit, and displaying the location of a person or object so equipped. Paradigm's ownership covers all fields of use for the patented system, excluding criminal justice applications. Paradigm wholly owns PowerLOC Technologies Inc. and Power Point Micro Systems Corporation. PowerLOC anticipates providing a comprehensive range of L-Commerce and L-Business products and services including a family of proprietary wireless-location devices for this emerging industry and for location-based service providers (LSPs) in particular.
Paradigm is also listed on the Frankfurt Stock Exchange - symbol - PG8.
For additional information, please call CFSG at 800-625-2236. Visit Paradigm's web site at www.powerloc.com that showcases some of its advanced new wireless location technologies and products.
This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Paradigm Advanced Technologies, Inc., and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly, Paradigm's actual results may differ significantly from the results discussed or implied in such forward-looking statements.
--------------------------------------------------------------------------------
Contact:
For Paradigm
Media Relations:
John Sacke, President
Sacke & Associates
416-218-1102
johns@sackepr.com
or
For Paradigm:
Investor Relations:
Selwyn Wener, CFO
Paradigm Advanced Technologies, Inc.
905-764-3701 Ext. 229
swener@powerloc.com
or
For Paradigm:
Public Relations:
Stanley Wunderlich, President
Consulting for Strategic Growth
800-625-2236
cfsg@iname.com
or
For Raco Industries:
Rob Adams, CEO
513-984-2101
roba@racoindustries.com
Email this story - Most-emailed articles - Most-viewed articles
--------------------------------------------------------------------------------
biz.yahoo.com |
