Great news for BMG, coupled with the increase in PR's and media coverage over the next few months this stock should easily reach new highs.
Boomerang Tracking Signs Agreement With Cingular Wireless To Offer Asset Tracking System In U.S.
Montreal, Quebec --
Agreement with U.S. wireless carrier marks Boomerang's entry
into American market
Boomerang Tracking Inc. (TSE:BMG), Canada's leading provider of
asset protection and recovery technology, today announced that it
has completed the first step toward its entry into the U.S.
market by signing an agreement with Cingular Wireless LLC, the
second largest wireless carrier in the U.S. This agreement
provides Boomerang access to the Cingular cellular network and
thereby permits Boomerang to begin marketing and distributing its
tracking system in the U.S., the largest market in the world.
"The U.S. has very high stolen vehicle rates, with more than 1.2
million stolen vehicles each year," says Peter Lashchuk,
President and CEO of Boomerang Tracking Inc. "Consumers,
corporations, fleets and vehicle insurers are all looking for
proven solutions that can offer seamless, cost-efficient asset
protection. The Boomerang Tracking System provides quick recovery
of stolen vehicles, allows for higher profitability resulting
from reduced downtime when a theft occurs, and may also result in
reductions in insurance premiums for consumers."
With over 210 million registered vehicles and more than 8.7
million new vehicles being sold each year, the U.S. represents an
important business opportunity for Boomerang. Boomerang plans to
capitalize on this high growth area while at the same time
maintaining its strong foothold in the Canadian market.
Boomerang will enter the U. S. with its most advanced proprietary
tracking device providing instant theft notification. This will
be achieved through the use of Cingular Wireless' GSM network.
This Boomerang uses Cingular Wireless' GSM network. This will
mark the first time Boomerang's asset protection and recovery
technologies will be available over a GSM network, the most
widely deployed wireless communications platform worldwide.
The Boomerang tracking device is a proprietary device that can be
hidden in vehicles, marine craft or heavy equipment. If the asset
is stolen, Boomerang is alerted and the asset can be quickly
located using the Company's unique, cellular tracking system
delivered through the cellular-based system of wireless
companies. The Boomerang can locate assets wherever they may be
including those located underground or in metal containers within
one foot of their location and in less than one hour, on average,
using Boomerang's own in-house tracking team.
The Boomerang Tracking System boasts an average recovery rate of
95 per cent and is supported in Canada by police and law
enforcement representatives and by over 30 insurance companies
which, in most cases, either mandate or recommend the
installation of the Boomerang tracking device in high-end and
high-risk vehicles and equipment provide discounts for its
installation in tracking device. To date, the Company has
recovered over 1,150 vehicles and units of heavy equipment,
having a total value of more than CDN $59 million.
About Boomerang Tracking Inc.
Boomerang Tracking Inc. assembles, markets and distributes the
Boomerang(R) tracking device, a proprietary product using
technology patented by the Company. Its head office, research and
development, production and corporate installation facilities are
located in Montreal, Quebec. The Boomerang tracking device is
also installed through a network of authorized dealers located
throughout the provinces of Quebec, Ontario and British Columbia.
The Boomerang is the central device in a cellular-based asset
tracking system, capable of locating stolen automobiles, heavy
equipment and valuable objects utilizing the cellular systems of
major regional telecommunications companies. The Company's proven
recovery record has received endorsements by members of the
insurance industry and of the law-enforcement community.
Boomerang is a registered trademark of Boomerang Tracking Inc.
The shares of Boomerang Tracking Inc. are currently being traded
on the Toronto Stock Exchange under the symbol BMG.
This press release may contain forward-looking statements, which
reflect the Company's current expectations regarding future
events. The forward-looking statements involve risks and
uncertainties. Actual events could differ materially from those
projected herein and depend on a number of factors. Investors
should consult the Company's ongoing quarterly filings, annual
reports and proxy solicitation filings for additional information
on the risks and uncertainties relating to these forward-looking
statements. The reader is cautioned not to rely on these
forward-looking statements and the Company disclaims any
obligation to update them.
No regulatory authority has approved or disapproved of the
information contained herein.
For more information:
Linda Farha
Director of Marketing,
Communications & Investor Relations
514.234.8722 or toll free at
1.877.777.8722 extension 311
lfarha@boomerangtracking.com
www.boomerangtracking.com |
