STOCKHOLM, Sweden--(BUSINESS WIRE)--May 25, 1999--
Technor International (NASD:TNOR) (www.technorinc.com) and Matrix Vehicle Tracking have signed an agreement to collaborate on expanding their vehicle position-location technology services beyond South Africa where it has established a
The Matrix Vehicle Tracking system is a turnkey system that is already successfully built upon Technor's own position-location technology. The Matrix system currently is installed in more than 15,000 cars, trucks and buses and is used not only for vehicle recovery but, on a more routine basis, for tracking and comprehensive fleet management of commercial and consumer vehicles. Technor will now call upon Matrix's experience and expertise to market and deploy this system worldwide, both independently and in conjunction with strategic partners such as insurance companies and GSM operators.
Matrix recently received its second consecutive Golden Arrow Award from Professional Management Review and was named as the "best technology solution provider for tracking, location, theft recovery and fleet control" in the business.
"Matrix's experience in applying our technology will be invaluable as we bring this vital system to vehicles and fleets on five continents of the world," said Peter Henricsson, President and CEO of Technor International. "The fact that we've further expanded the technology so it can be directly incorporated into digital cellular phones only enhances its value in related and new applications such as security/safety applications and location-based information services."
Stefan Joss, CEO of Matrix, concurred: "This technology platform now makes it possible to provide highly portable, transferable services to businesses and consumers alike. We are looking forward to working with Technor to bring this proven concept worldwide."
Technor International is a US company whose CellPoint System(tm) technology uses the wireless Global System for Mobile Communications (GSM) to determine physical locations similar to satellite-based Global Positioning Systems (GPS) but with the additional capability of determining location inside buildings, parking garages and other shielded areas such as inside a pocket or briefcase that are inaccessible to GPS systems. There are more than 160 million GSM subscribers worldwide. The CellPoint System(tm) uses a standard computer terminal and Internet connections for end-user access. Technor recently announced a contract with Tele2 in Scandinavia, has filed the Form 10SB to qualify for trading on the NASDAQ exchange, has established alliances with companies throughout the world, and has several significant contracts pending or in negotiation.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. Actual results may differ materially from those projected in any forward-looking statement. Investors are cautioned that such forward-looking statements involve risk and uncertainties which may cause actual results to differ from those described.