Current Technology's Subsidiary Signs Memorandum of Understanding With Leading Multi-National Group
Tuesday August 12, 8:00 am ET
NEW YORK, Aug. 12 /PRNewswire-FirstCall/ -- MSGI Security Solutions Inc. (OTC Bulletin Board: MSGI - News) and Current Technology Corporation today announced Current Technology's 51% owned Texas-based subsidiary Celevoke, Inc. ("Celevoke") has signed a Memorandum of Understanding (MOU) with the division of a leading multi-national group specializing in the design, manufacture and marketing of advanced systems and components for motor vehicles, which generates several billion dollars in sales per year. The MOU contemplates the integration of Celevoke Inc.'s (Celevoke) proprietary web-based Universal Telematics Solutions with the multi-national group's hardware, addressing global market opportunities. It is the intention of the parties to immediately commence the integration process, with the objective of having a market ready product during the fourth Quarter of 2008.
"This is a material event," states Current Technology CEO Robert Kramer. "The MOU provides for a formal joint press release within the next few weeks. However, we feel it appropriate to advise the market of the completion of the MOU, as its existence may become known in the business community prior to the proposed joint press release, at which time more particulars will be announced."
The multi-national group has several dozen manufacturing facilities and numerous research and development centers, located in many countries around the world. The group supplies leading automobile manufacturers in Europe, North and South America and the Far East.
About Celevoke
Celevoke is poised to become a market leader in the projected $38.3 billion (by 2011) global market for Telematics (according to ABI Research), which is the integrated use of telecommunications and informatics. More specifically, it is the science of sending, receiving and storing information wirelessly via telecommunication devices. Celevoke has integrated Telematics and Global Positioning Systems (GPS) with sensing technology. This proprietary suite of hardware and software products enables users to remotely monitor, track, control and protect a wide variety of asset classes. Examples include people, automobiles and trucks, shipping containers and covert vehicles used for law enforcement and intelligence gathering in a global marketplace.
About MSGI Security Solutions, Inc.
MSGI Security Solutions, Inc. is a leading international provider of proprietary security solutions to commercial and government organizations. MSGI is developing a combination of innovative emerging businesses that leverage information and technology with a focus on encryption technologies for actionable surveillance and intelligence monitoring. The Company is headquartered in New York City where it serves the needs of counter-terrorism, public safety, and law enforcement in the United States, Europe, the Middle East and Asia. More information on MSGI is available on the company's website at www.msgisecurity.com |
