For Immediate Release – November 15, 2001
Toronto, Ontario - Spectra Inc., (SSA:CDNX) reports that its wholly owned subsidiary Spectra Products Inc. has signed a memorandum of understanding with Toronto based Tri-Vision Electronics Inc. for an agreement to exploit market opportunities for Spectra’s air brake monitoring technology in the Japanese commercial vehicle market. Tri-Vision (TVL: TSE) is a leader in innovative technologies, system design, development and manufacturing of superior hardware and software products.
During the 120-day term of this Agreement both parties shall complete their own investigations and research on product and market opportunities to a point whereby the parties can commence negotiations for a mutually acceptable, exclusive master distributor agreement for Spectra’s brake monitoring technology in Japan.
Spectra previously contracted with Tri Vision for the development of a multiplex two wire and RF Electronic (wireless) system application of the visual Brake SafeTM product. The electronic Brake SafeTM product is intended to provide Spectra with leading edge technology to enable electronic and wireless monitoring of out of adjustment air brakes and diagnosing performance of the foundation braking system. Spectra expects to commence field testing of the multi-plex and wireless systems in December 2001.
“With over 48,000 trucking companies in Japan representing approximately 10 million trucks, the market potential for Spectra’s brake related products is immense,” stated Andrew Malion Chairman of Spectra Inc.. “Japan has one of the most stringent and comprehensive truck safety inspection programs globally with approximately 9 million inspections performed annually. By comparison, an estimated 2 million inspections are conducted annually in North America on approximately 10 million commercial vehicles. Spectra’s product should improve inspection productivity and reduce fleet maintenance costs significantly.”
Spectra Inc. is a vertically integrated supplier of innovative products and services to the Commercial Transportation Industry and the Professional Trucker. Spectra’s product line increases productivity, reduces maintenance costs and improves fleet safety and includes Brake Safe TM and SureStroke TM, visual brake stroke indicators, and the Termin-8R TM line of anti-corrosion and extreme pressure lubricants. Spectra is positioned with its future ISP portal, Truckinguniverse.com to be a leading supplier of information to the transportation industry on the Information Superhighway.
Except for the historical information contained herein, this news release contains forward looking statements that involve risks and uncertainties, including the impact of competitive products and pricing and general economic conditions as they affect the Company’s customers. Actual results and developments may therefore differ materially from those described in this release.
On behalf of the Board of Directors,
Andrew J. Malion, Chairman, Spectra Inc. www.spectra-ssa.com
Investor Relations: 1-800-308-5255 E-Mail: ssa@spectra-ssa.com
The TSX VENTURE Exchange has neither approved nor disapproved the information contained herein |
