SmarTire Signs Distribution Agreement with Travel Technology Innovations Detroit Chassis
and Redmer Industries create new company to distribute SmarTire products
RICHMOND, BC, Mar 15, 2005 (Canada NewsWire via COMTEX) -- SmarTire Systems
Inc. (OTCBB: SMTR) announced today that it has signed an agreement with Travel
Technology Innovations, LLC (TTI) to distribute SmarTire's active tire
monitoring systems. TTI is a newly formed joint venture between Detroit Chassis
LLC and Redmer Industries that was created solely to market and sell SmarTire
products. It is headquartered in Detroit, Michigan. Both companies bring an
extensive and successful track record of supplying original equipment and
aftermarket parts and services to the automotive, recreational vehicle and
transportation industries.
The agreement includes the distribution, sales, and marketing of SmarTire's
products for the automotive, bus, recreational and commercial vehicle
industries. TTI plans to rapidly introduce SmarTire products to both their
original equipment and aftermarket target customers. This agreement supersedes
and expands upon the distribution agreement with Redmer Industries previously
announced on October 18, 2004.
"We are very excited to take this important step with SmarTire," says Carlton
Guthrie, CEO of Travel Technology Innovations. "SmarTire's active tire
monitoring technology is the most advanced and proven in the market and will
make a significant improvement to both the safety and performance of vehicles
across the entire automotive, RV and transportation industries."
"Securing the combined experience, resources and track record of Detroit Chassis
and Redmer Industries in this new venture provides channels to market for many
of SmarTire's products," says Al Kozak, Chief Operating Officer at SmarTire.
"Their combined customer base and excellent reputation will greatly assist in
introducing SmarTire's products in a number of important markets. TTI plans to
deploy substantial resources to this new venture and we are looking forward to a
long and prosperous relationship with them."
About Redmer Industries
Redmer Industries is a privately held company based in Charlotte, Michigan with
an extensive background in electronic parts sales and supply chain management to
original equipment manufacturers (OEM) and to the aftermarket. In addition,
Redmer actively supplies wheel and tire components to the heavy truck,
recreational and specialty vehicle markets.
About Detroit Chassis L.L.C.
Detroit Chassis, a subsidiary of Spectra LLC, is a privately held company based
in Detroit, Michigan. Detroit Chassis assembles complete rolling chassis for
complex vehicles, including Class A motor homes, and buses, and electric and
conventionally powered vehicles. It also assembles major subassemblies such as
engines, axles and suspension modules. The company employs approximately 250
workers at its modern 218,000 square-foot facility.
Spectra, Detroit Chassis' parent company, also owns Magnys LLC, a provider of
process and manufacturing engineering services, Forward Vision LLC, a provider
of computer simulation and modeling services, and TruPac Logistics, a provider
of manufacturing support services such as inventory management, repacking and
kitting. All are located in Livonia, Michigan.
Additional information about Detroit Chassis can be found at
www.detroitchassis.com.
About SmarTire Systems Inc.
SmarTire develops and markets proprietary advanced tire pressure monitoring and
technology systems for the global automotive and transportation industries. The
U.S. Government, through the TREAD Act, has legislated that all new passenger
vehicles must be equipped with tire monitoring systems. SmarTire is capitalizing
on the rapidly emerging OEM and aftermarket opportunities. The company's vision
is to become the preeminent provider of wireless sensing and control systems for
vehicles worldwide. Incorporated in 1987, SmarTire has offices in North America
and Europe.
A comprehensive investment profile regarding SmarTire Systems Inc. may be found
online at www.hawkassociates.com/smartire/profile.htm.
Additional information about SmarTire Systems can be found on the website
www.smartire.com. An online investor kit containing SmarTire press releases, SEC
filings, current price Level II quotes, interactive Java, stock charts and other
useful information for investors can be found at www.hawkassociates.com and
www.hawkmicrocaps.com. Investors may contact Randy Halischuk, or Judy Leclercq,
SmarTire at (800) 982-2001, email: investor_relations(at)smartire.com or Frank
Hawkins or Julie Marshall, Hawk Associates at (305) 852-2383, email:
info(at)hawkassociates.com.
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
newswire.ca
CONTACT: For further information: Contact: Randy Halischuk/Judy Leclercq,
1-800-982-2001, Email: investor_relations(at)smartire.com, or Hawk Associates
at (305) 852-2383, Email: info(at)hawkassociates.com
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