PRAV, anyone see this news today? Just think I had over 200k of this puppy below .10 and sold it all for less than .25 back in Feb, 2000. Give me another beer!
Wow,Wow,Wow,Wow.
Can you say gap up tomorrow morning????????
Tuesday August 29, 3:56 pm Eastern Time
Press Release
Paradigm Advanced Technologies, Inc. Signs US$85 Million Agreement For Unique Asset Recovery Solution For Financial Institutions
Another Strategic Partner For PowerLOC Division Increases Value Of L-Biz (TM) Technology
TORONTO--(BUSINESS WIRE)--Aug. 29, 2000-- Paradigm Advanced Technologies, Inc. of Toronto (OTCBB:PRAV - news), (www.powerloc.com), through its PowerLOC wireless-position-location division, announced it has executed a purchase and licensing agreement with Guardian Location Corp. of Chesapeake, VA. Guardian will license a specialized version of PowerLOC's L-Biz advanced location technology and will purchase its mobile devices. The system will be used to provide a new generation of financial asset recovery services to leading financial institutions that provide consumer and business loans and leases secured by mobile assets. The initial part of this agreement is valued at (US)$1.7 million.
Guardian will deliver the solution through its network of over 30 distributors across the United States. Each distributor has established major clients in the financial services industry for asset recovery and Guardian has several major institutions eager to test and deploy this technology.
According to the terms of the agreement, PowerLOC will begin delivery of the VLD-R1 mobile tracking devices to Guardian during Q4/00 and additional product in volume during the subsequent four years. The value of this five-year initial contract is estimated at (US)$85 million. Guardian, with its relationship with lenders, manufacturers, new and used car dealers and auto specialty shops is poised to provide a new solution for vehicle anti-theft.
``This agreement is yet another example of the strategic approach we are taking to partner with leading people and organizations in selected industries and markets,'' says Paradigm's President/CEO Eduardo Guendelman. ``We are now moving quickly to build strong partnerships to establish our L-Biz system and architecture as the industry leader in advanced GPS-based tracking solutions for unique applications in the transportation marketplace.
``Guardian's management team comprises of the most outstanding industry leaders and veterans in the automotive asset recovery sector. With this team on our side, we have access to their wide distribution network throughout North America.''
``With the PowerLOC technology and mobile devices, we can provide a new level of service to our clients in the financial community allowing them to cost effectively minimize losses and improve their efficiency in recovering their assets,'' adds Guardian's President David Craze. ``Our distributors and their customers eagerly waiting for first product shipments scheduled for later this year. Our network of repossession agents is expecting this unique solution to help them deliver improved services to their customers and will allow them to enhance their relationships. By allowing searches by the financial institution over the Internet, they can in a timely manner ensure speedy recovery of the asset.''
Paradigm is the exclusive worldwide agent of a broad-based wireless location patent (US Patent #B1 5,043,736) covering the apparatus and method of transmitting position information from satellite navigational signals (like GPS) over cellular systems to a base unit, and displaying the location of a person or object so equipped.
Paradigm's ownership covers all fields of use for the patented system, excluding criminal justice applications. The company announced on May 23, 2000 that it has secured an agreement to acquire the above rights for US Patent #B1 5,043,736. Visit Paradigm's web site at www.powerloc.com that showcases some of its advanced new wireless location technologies and products.
About Paradigm Advanced Technologies, Inc.
Headquartered in Toronto, Paradigm Advanced Technologies, Inc. (www.powerloc.com) is a world-leader in wireless location-based electronic commerce (L-Commerce). Paradigm fully owns PowerLOC Technologies Inc. and Power Point Micro Systems Corporation. PowerLOC provides a comprehensive range of L-Commerce and L-Business products and services including a family of proprietary wireless-location devices for this emerging industry and for location-based service providers (LSPs) in particular. PowerLOC has established a strategic alliance with Compugen Systems Ltd. (www.compugen.com), one of Canada's largest and most respected systems integrators with over 500 employees operating from eight locations nationwide. According to the agreement, Compugen will license PowerLOC's technology and receive distribution certain rights to products developed by PowerLOC. PowerPoint Micro Systems is a telecom consulting organization, which has successfully completed more than 100 turnkey telecommunications projects in 11 countries worldwide.
About Guardian Location Corp.
Guardian's Asset Recovery Services is the brainchild of founders David Craze, John W. Kilpatrick and Mark Lacek who boast a combined 80 years in the collateral recovery business. David Craze, president of Guardian also developed and owned patents on the most successful tow-away technology used in the automotive recovery business. Mr. Kilpatrick and Mr. Lacek, are the founders and publishers of Professional Repossessor Magazine (www.prorepomag.com), the preeminent worldwide trade publication.
This experienced management team is very well-established in the recovery business. According to Mr. David Craze, by employing this powerful technology for the first time in such a cost effective solution, Guardian expects to quickly establish itself as the industry leader in deploying this solution to the financial community. ``Our customers will be able to install this device, smaller than a television remote control, and through the use of global positioning satellites orbiting Earth, can log into a website and immediately determine the location of the vehicle'', said John W. Kilpatrick. Guardian's Law Enforcement and Investigative Services Division will provide tracking devices that will be used by government and private investigators conducting theft and undercover investigations. The ability to track stolen or mobile property is expected to dramatically increase the success rate for investigators conducting those types of investigations. Traditionally, investigators have conducted physical surveillance that often times expends many man-hours with little or no results. Traditionally, investigators have conducted physical surveillance that often times expends many man-hours with little or no results. At a retail price of less than $500, this new technology provides a cost-effective alternative for law enforcement and private investigative agencies.
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Contact:
Sacke & Associates
Media Relations:
Sheldon Rose, VP Client Services
416/218-1102
sheldonr@sackepr.com
OR
Paradigm Advanced Technologies, Inc.
Investor Relations:
Selwyn Wener, CFO
905/707-2158
swener@powerloc.com
OR
Guardian Location Corp.
John Kilpatrick
Vice President
John@FalconRepo.com
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