Airtrax Closes Contract for Long-Term Exclusive Canadian Distribution of the SIDEWINDER(TM)
-Valued to Potentially Add Sales of $9.2 million in 2005-
HAMMONTON, N.J., Feb. 10, 2005 /PRNewswire-FirstCall via COMTEX/ -- Airtrax
(OTC Bulletin Board: AITX), a developer of patented, omni-directional technology
with military and commercial applications, announced today that the Company has
finalized its contract with The Vision Company and 1148732 Alberta Ltd. granting
exclusive Canadian distribution rights of Airtrax's SIDEWINDER(TM)
Omni-Directional Lift Truck. According to the contract, The Vision Company and
1148732 Alberta Ltd., operating under the name "Airtrax Canada," will
immediately purchase 10 units of the SIDEWINDER(TM) for the purpose of
demonstration, marketing and promotion to its network of dealers. Airtrax Canada
also has agreed to purchase no less than 250 Airtrax units in 2005 to meet the
requirements of the distribution arrangement to retain exclusive Canadian
distribution rights.
(Photo: newscom.com )
Airtrax CEO Peter Amico stated, "This agreement cements our original letter of
intent announced in December 2004. Through this partnership, Airtrax benefits
from Airtrax Canada's expertise in servicing the Canadian material handling
industry. Airtrax Canada will market our vehicles to their existing database of
over 250,000 warehouse and distribution facilities in Canada - all potential
purchasers of the Airtrax product line. Airtrax Canada is confident in meeting
its initial sales targets of at least 250 additional SIDEWINDER units, which we
anticipate would add approximately $9.2 million to our annual revenues in 2005."
President of Airtrax Canada, George Gonzo, stated, "We recently participated
with Airtrax at ProMat-2005, the largest material handling and logistics trade
show for industry professionals worldwide. At ProMat, we witnessed first hand
the excitement surrounding Airtrax's omni-directional technology. During
demonstrations of the SIDEWINDER, we received an overwhelming positive response
for the entire Airtrax product line. A number of manufacturers, warehouse
operators and industrial equipment buyers in attendance indicated a strong
interest in purchasing vehicles, specifically noting Airtrax's logical,
intuitive and highly innovative omni-directional technology. We expect Airtrax
Canada's operations to be successful in expanding upon new demand from our
existing clients and those leads generated at ProMat."
Airtrax and its sales and marketing consultant Crossfire Network have agreed to
provide sole and exclusive Canadian distribution rights, including all provinces
and territories, for its full line of manufactured products to Airtrax Canada.
Airtrax Canada will establish a distribution network including dealers, leasing,
service centers and direct sales and marketing offices. The initial agreement is
for a period of five years beginning February 4, 2005, subject to the
distribution company meeting predetermined and specific sales performance
targets. Sales and unit projections mentioned in this release are dependent upon
the timely delivery of manufactured SIDEWINDERS to the distributor.
About Airtrax Canada
Airtrax Canada is a sales, marketing, and distribution company with offices in
Calgary and Cochrane, Alberta. The primary purpose of Airtrax Canada is to
facilitate the Canadian distribution and sales of the innovative products
produced by Airtrax, Inc. Airtrax Canada currently has a database of over
250,000 warehouse and distribution facilities in Canada - all potential
purchasers of Airtrax products. Airtrax Canada is in the process of expanding a
dedicated sales force and dealer network for the exclusive intended purpose of
selling, marketing, and distributing Airtrax products in Canada.
About Airtrax, Inc.
A U.S.-based developer of omni-directional technology, Airtrax designs and
manufactures omni-directional vehicles. A patented wheel was designed and
developed by Airtrax after receiving a technology transfer from the US Navy in
the form of a Cooperative Research and Development Agreement (CRADA).
The SIDEWINDER(TM) Omni-Directional Lift Truck and the Airtrax-MEC Cobra (TM)
aerial work platform (AWP) are the first omni-directional vehicles using
omni-directional technology and the patented Airtrax wheel to be commercially
produced. Unlike any other lift truck, the SIDEWINDER or the Cobra AWP can turn
360 degrees in its own footprint, travel sideways or move in any direction,
allowing warehouses to utilize 20 to 30% more of existing space. The nearly
maintenance-free design also drastically reduces maintenance costs, delivering
tremendous cost efficiencies to companies both large and small. The
omni-directional wheel is manufactured under exclusive production rights to
Airtrax. For more information and to view a must-see product demonstration,
visit airtrax.com.
U.S. Investor Relations: European Investor Relations:
OTC Financial Network EU-IR.com
Gary Geraci Herbert Strauss
781-444-6100 x629 +43 316 296 316
garyg@otcfn.com Herbert@eu-ir.com
otcfn.com
SOURCE Airtrax, Inc.
CONTACT: U.S. Investor Relations: Gary Geraci, OTC Financial Network, +1-781-444-6100 x629,
garyg@otcfn.com; or European Investor Relations: Herbert Strauss, EU-IR.com, +43 316
296 316, Herbert@eu-ir.com, both for Airtrax
URL: prnewswire.com
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