HERE WE GO !!!!NR from TRKR.Just the start.We will comment later
"The Tracker Corporation Signs 4 Year Agreement With Warrantech
Corporation
Expected Revenues to Top $6 Million Warrantech to Receive Options to
Purchase 2 Million Tracker Shares at $.50
TORONTO, Feb 12, 2001 /PRNewswire via COMTEX/ -- The Tracker Corporation of
America (OTC Bulletin Board: TRKR) announced today that they have entered into a
4-year agreement with Warrantech Corporation of Euless, Texas (OTC Bulletin
Board: WTEC) expected to produce revenues in excess of $6 million for Tracker.
Beginning in February 2001, Warrantech will offer to its distribution channels,
Tracker's confidential identification and recovery service. This new service
will reduce the risk of accidental loss or theft of product purchases, in
addition to the repair and replacement benefits already offered by Warrantech.
Under the program, Tracker will arrange for the safe return of any recovered
item anywhere in the world to the customer at no charge.
In consideration for completing the agreement, Warrantech will be issued options
to purchase 2 million Tracker common shares at $0.50 per share.
"Adding a global recovery and return system for our customer's purchases is a
natural fit with our vision of 'Protecting Your Future,'" said Joel SanAntonio,
CEO of Warrantech Corporation. "Successful recoveries breeds excellent goodwill
that is often conveyed to friends, family and acquaintances, all of which may be
new customers for Warrantech."
"As Tracker's mobile wireless application, WebTrack comes on stream, we foresee
other powerful database functions that can be added to extended warranty
capabilities," added Steve Williams, Vice President, Consumer Products Services,
Inc., Warrantech Corp.
"I am very gratified and excited by this opportunity to be of service to so many
new customers and to work closely with America's premier warranty company," said
Bruce Lewis, CEO, Tracker Corporation of America.
ABOUT TRACKER
The Tracker Corporation of America is a company that develops, markets, sells
and operates asset management, inventory control and personal property
identification and recovery systems using advanced barcode and laser scanning
technology.
ABOUT WARRANTECH
Warrantech Corporation, headquartered in Euless, Texas, through its
subsidiaries, administers and markets service contracts and after-market
warranties on automobiles, automotive components, recreational vehicles,
appliances, consumer electronics, homes, computer and computer peripherals for
retailers, distributors and manufacturers. The company continues to expand its
domestic and global penetration, and now provides its services in the United
States, Canada, Mexico, Puerto Rico and Latin America. For more information
about Warrantech, access www.warrantech.com.
For more information visit the Company's web site at www.tracker.com.
Forward-looking statements made herein are pursuant to the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995. Investors
are cautioned that actual results, performance or developments could differ
materially from those expressed or implied by these forward-looking statements
as a result of known or unknown risks, uncertainties and other factors described
from time to time in the company's filings with the Securities and Exchange
Commission, press releases or other communications.
For further information, please contact, Bruce Lewis, CEO of The Tracker
Corporation, 416-663-8222; or Steve Williams, Vice President of Warrantech
Corporation, 800-544-9510; or Fran Daniels, Investor Relations of Financial
Sciences of America, 310-278-4413, finsci@earthlink.net, for The Tracker
Corporation.
SOURCE The Tracker Corporation of America |
