WPI GROUP Announces Key Agreement For Rugged, Handheld Solutions
WPI GROUP Partners With Environmental Digital Services, Inc. (EDSI) On Innovative Measurement System For Gasoline Storage
MANCHESTER, N.H.--(BUSINESS WIRE)--Oct. 4, 1999-- WPI GROUP, INC. (WPIC:NASDAQ/National) has signed a significant agreement with Environmental Digital Services, Inc. (EDSI), a US manufacturer of advanced tank monitoring technology - EDSI CAPSCAN(TM). The agreement, negotiated over 12 months, will see WPI's HUSKY PT60 handheld terminals at the heart of the CAPSCANTM system.
It is estimated that there are in excess of 100 million petroleum and related tanks worldwide. With a market potential that large, the Company estimates that this partnership could produce upwards of $10 million in WPI revenues over the next decade.
WPI Husky Technology PT60 terminals, equipped with 315MHz radio technology, will be used to retrieve, store and transmit critical measurement data from the CAPSCANTM system installed within the tanks, enabling service stations to accurately measure and analyze their contents. The CAPSCANTM has an ultrasonic transducer, receiver, transmitter and an internal computer that is programmed according to the dimensions of the specific tank. The computer converts ultrasonic signals into volume and contamination data, allowing for variables that will affect the readings such as water content and temperature. These are transmitted to the HUSKY PT60 terminal by radio. The HUSKY PT60 terminal then sends these to a central database via telephone line. The system will ensure conformity with legislation and liability insurance designed to reduce the risks of leakage and environmental catastrophe. Accurate measuring of tank contents is critical to effectively manage the high volume throughput of modern stations and to ensure that no leak, however minor, will cause environmental damage. The new technology also ensures that tankers deliver contracted volumes of fuel, avoiding short deliveries.
William Wolters, Executive Vice President, EDSI, said, ''Every gas station and fueling operation in the world has the potential to create problems. The HUSKY PT60 terminal-based CAPSCANTM system is the first technology to manage these environmental risks effectively and economically. HUSKY PT60 terminals were chosen for their reliability and accuracy in difficult environments.''
WPI GROUP President and COO, John R. Allard, talked about this new solutions partnership, ''We are evolving quickly from our position as a world-leading supplier of rugged, handheld computers and terminals to a role as a full partner in solutions-based data handling. This important strategic agreement underscores our expertise in data reliability, data communications and our experience with mobile applications. As we go forward, WPI will deliver ever-greater value to our business partners and their customers in the fast-growing, worldwide demand for mobile data solutions. Opportunities for both our HUSKY rugged, handheld products and our MPSI diagnostic products and services for the transportation industry will grow rapidly as we become full-fledged solutions partners in many areas of our business.''
WPI GROUP, INC. manufactures and markets high value-added products used in advanced systems across many industries and applications. The Company offers the world's broadest range of rugged, handheld H/PCs, PCs, notebook computers and terminals designed for use in harsh environments across a wide array of industries. In addition, WPI provides applications software for selected vertical markets and industry-leading diagnostic hardware and software to the transportation industry. They also manufacture avionics components and subsystems, inertial sensors, panel meters, industrial power conversion systems, electronic ballasts and precision solenoids for a variety of industrial, medical and consumer products.
THE STATEMENTS CONTAINED IN THIS RELEASE CONCERNING THE COMPANY'S GOALS, STRATEGIES AND EXPECTATIONS FOR BUSINESS AND FINANCIAL RESULTS ARE ''FORWARD-LOOKING STATEMENTS'' BASED ON CURRENT EXPECTATIONS. NO ASSURANCES CAN BE GIVEN THAT THE RESULTS IN ANY FORWARD-LOOKING STATEMENTS WILL BE ACHIEVED AND ACTUAL RESULTS COULD DIFFER MATERIALLY. PLEASE REVIEW THE REPORTS THAT THE COMPANY FILES WITH THE SECURITIES AND EXCHANGE COMMISSION FOR INFORMATION CONCERNING FACTORS WHICH COULD AFFECT THE COMPANY'S BUSINESS.
Contact:
WPI GROUP, INC., Manchester
Michael Foster, Chairman of the Board, CEO
mfoster@wpigroup.com
John Allard, President & COO
jrallard@wpigroup.com
John Powers, Vice President & CFO
jpowers@wpigroup.com
Michele Normandin
Investor Relations
mnormandin@wpigroup.com
603/627-3500
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