Paradigm Announces Deal With Consortium to Launch PowerLOC Germany
GERMANY--(BUSINESS WIRE)--Sept. 24, 2001--PowerLOC Technologies Inc., a subsidiary of Paradigm Advanced
Technologies, Inc. (OTCBB:PRAV - news), (www.powerloc.com) announced today that it has signed an agreement with a group of
senior executives experienced in the field of location based services that have come together to create PowerLOC Germany Limited.
The newly incorporated German company has been set up specifically for the distribution of PowerLOC products in Germany,
Austria and Switzerland. As a part of the agreement signed with the group, PowerLOC Germany will commit to a minimum
purchase of 2000 Vehicle Locating Devices (VLD), and 2000 Destinator units up to the end of December 2001. Five hundred (500)
units are expected to be shipped in November. As well, PowerLOC Germany has indicated its intention to purchase a Tracker by
year-end.
``We have assembled a very aggressive team, since we feel that the market for these products is huge and the window of opportunity
is now open,'' said Gil Sberlo who heads up the group. The Board of Advisors of PowerLOC Germany includes a number of
influential people from the European business community, the members of which will be announced shortly. The PowerLOC
products and systems were recently showcased at the International Automobile Exhibition in Frankfurt, Germany. ``There was a
high degree of interest from significant major automotive manufactures resulting in several test programs,'' said Josef Girsch,
Managing Director.
``We are very pleased with the deal since it is representative of the type of licensing and distribution structures we have opted to use
as the vehicle to bring our product lines to market,'' said Paradigm's President and CEO, Eduardo Guendelman. ``This relationship
creates the means and business model which will allow independent companies to operate their own profit centers with our products
and technology. With the assistance of our global strategic partners, we can offer support on a worldwide basis. This agreement also
signifies our entrance into the European market. We believe that the European market represents a significant opportunity for our
location based technologies.'' |
