For Immediate Release – November 29 , 2001
Toronto, Ontario - Spectra Inc., (SSA:CDNX) reports that its wholly owned subsidiary Spectra
Products Inc. has designed and developed a unique brake wear indicator for air brake equipped trucks, trailers, buses, motor coaches and off-road equipment. Patent applications have been filed for this new, innovative product.
The brake wear indicator visually provides an accurate reading of brake pad wear and early detection of potential internal brake drum component malfunction. The system consists of a wear indicator gauge that is mounted on the brake adjuster in a fixed position. A camshaft mounted pointer rotates with movement of the cam when brakes are applied indicating the wear condition of the pads, rollers and s-cam. The system can be installed in minutes on brake camshafts and will identify pad wear on existing or new brake pad installations.
Spectra’s unique brake wear indicator system can reduce the time required for brake pad and internal brake drum component wear inspections from approximately 20 to 30 minutes per vehicle to less than five minutes.
Industry statistics indicate approximately 2.8 million trucks, 5.1 million trailers and 0.8 million buses comprise the North American transportation industry (U.S. Census Bureau, U.S. Department of Transportation, Statistics Canada). This equates to a total potential aftermarket sales opportunity of approximately 42 million brake wear indicators. The OEM market segment presents an additional opportunity of approximately 2.8 million units annually.
“This brake wear indicator system was developed after extensive due diligence and direct consultation with fleet maintenance directors and brake safety experts who indicated that accurate monitoring brake pad life was very difficult and inspections were time consuming and labour intensive”, commented Andrew Malion, chairman of Spectra. “Currently in North America, there are approximately 260,000 brake pads changed daily in the commercial vehicle market. Our new product will prevent premature change out of brake pads resulting in extended brake pad life and reduced brake maintenance costs. The brake wear indicator represents a significant sales opportunity for Spectra.”
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-8RÒ line of anti-corrosion and extreme pressure lubricants.
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 |
