Tuesday July 31, 11:20 am Eastern Time
Press Release
Paradigm Licenses ServiTrack as the Exclusive Location Service Provider in Venezuela
TORONTO--(BUSINESS WIRE)--July 31, 2001--Paradigm Advanced Technologies, Inc. (OTCBB:PRAV - news), (http://www.powerloc.com) announced today that ServiTrack Tecnologias C.A. has selected the PowerLOC division of Paradigm to be their exclusive technology provider of location-based security products throughout Venezuela.
PowerLOC will provide its proprietary Tracker(TM) server system and software as well as Vehicle Location Devices (VLD's) to ServiTrack to assist ServiTrack's thousands of customers with enhanced vehicle security and precise location and tracking of their vehicles and other assets via the Internet. PowerLOC's unique Tracker system offers mapping, wireless network access and Internet connectivity to their users.
ServiTrack has agreed to acquire up to 12,000 Vehicle Location Devices over the next 15 months with an option to increase quantities under certain conditions. In addition, ServiTrack has exclusive right to market all PowerLOC products in Venezuela. ServiTrack is an affiliated company to Telecomunicaciones, Electronica y Control C.A. (Teletrol) (http://www.teletrol.com.ve), a long established high technology firm based in Caracas, Venezuela, that provides a variety of industrial control and security-based services as well as wireless solutions to the Venezuelan marketplace. The conclusion of this agreement follows extensive evaluation, business cooperation and testing of the PowerLOC Tracker system by ServiTrack.
Paradigm CEO Eduardo Guendelman said, ``This contract is another huge step forward for the Company in achieving its strategy to become a pre-eminent world provider of products which utilize Global Positioning System (GPS) technology for the purpose of vehicle and asset tracking. ServiTrack is ideally positioned to provide our location solution into the growing Latin American marketplace.''
William Ramirez, President and CEO of ServiTrack, said, ``The association with PowerLOC presents an incredible opportunity to enter a new and complementary business segment. With more than thousands of clients, the ability to provide the PowerLOC L-Biz(TM) tracking systems products and services is an incredible addition to our marketing, helps us develop new business prospects and allows us to capitalize on the wealth of dynamic and expanding asset-location opportunities. ''Donde estara`` (Where is?) could be a phrase used a great deal in Venezuela by our customers because the necessity for security and fleet management for vehicles is extremely large. We had extremely favorable response to the testing phase and our big customers such as insurance companies, petroleum industry and the power industry have been delighted with the performance and potential benefits of the system for their vehicles and fleets.''
The PowerLOC technology enables dispatchers, managers, and individuals to monitor the current position and status of vehicles, or other mobile assets like boats and construction equipment, track them and generate precise reports. The system has three main elements: (1) PowerLOC's Vehicle Location Device (VLD) which consists of a state-of-the-art GPS receiver that computes the location using information received from the GPS satellite constellation, a central processing unit and a cellular radio transceiver, (2) L-BIZ(TM) Tracker which is the Location Services Center, and (3) L-BIZ(TM) Client Software that allows customers to manage the fleets or find their assets through the Internet.
PowerLOC's solution also includes additional features such as a bi-directional message center, panic button, crash detection gear, and a geo-fence logic that sets an electronic fence around the asset or vehicle that can, for example, stop the vehicle's operation if it is reported stolen.
Paradigm Advanced Technologies looks to the developing South American marketplace as a tremendous growth opportunity. ServiTrack is well positioned to lead in development of this exciting market opportunity.
About Paradigm Advanced Technologies, Inc.
Paradigm Advanced Technologies, Inc. provides a full range of wireless location tracking technology solutions to service providers in the telematics, GPS, M-business, L-solutions and CRM markets. Paradigm's servers, software and devices locate, track, communicate with and manage vehicles and other assets. Paradigm owns the exclusive licensing rights to a broad-based wireless location patent (US Patent No. B1 5,043,736) covering the apparatus and method of transmitting position information from satellite navigational signals (such as GPS) over cellular systems to a base unit, and displaying the location of an object so equipped. Paradigm's ownership covers all fields of use for the patented system, excluding criminal justice applications. Paradigm wholly owns PowerLOC Technologies, Inc. For further information on Paradigm and PowerLOC, visit powerloc.com or call (905) 764-3701 ext. 229.
Paradigm is also listed on the Frankfurt Stock Exchange -- symbol -- PG8.
About ServiTrack Tecnologias C.A.
ServiTrack Tecnologias C.A. (http://www.servitrack.com) has been established as the commercial arm of its sister company Teletrol C.A. (http://www.teletrol.com.ve) to provide location, monitoring and tracking solutions based on PowerLOC's L-Biz(TM) LSP business model. The founders of Teletrol C.A., a private company created in 1988, have more than 20 years experience in SCADA Systems, GPS and DGPS. The Company is involved in the development, integration, installation and support of SCADA, GPS and DGPS systems in Venezuela and throughout Latin America and has broad experience in the development of GIS solutions based on Venezuelan maps as well as maps for other major cities in Latin America. Teletrol C.A. is a party to technology agreements with a number of U.S. and Canadian based automation companies such as GE-Harris E.C.S., Movatel Inc., Control Microsystems Inc. and Neles Automation Inc. among others.
This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Paradigm Advanced Technologies, Inc., and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly, Paradigm's actual results may differ significantly from the results discussed or implied in such forward-looking statements.
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Contact:
Paradigm Advanced Technologies, Inc.
Selwyn Wener, 905/764-3701
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