For Immediate Release – September 18, 2002
Toronto, Ontario - Spectra Inc., (SSA:TSX Venture) reports that its wholly owned subsidiary Spectra Products Inc. has acquired ownership in U.S. patent 5,730,507 for an anti-theft device for vehicles equipped with hydraulic braking systems. The transaction includes sufficient inventory to assemble approximately 1100 automotive systems for installation on automobiles, and light trucks. The previously announced distribution agreement (October 2, 2001) has been terminated.
Spectra has commenced the modification of the automotive product for use on air brake equipped vehicles and equipment including trucks, trailers and buses. The new anti-theft product is a revolutionary concept in truck and trailer theft prevention designed to prevent the flow of air through the air delivery line and the exhausting of air through the service supply line of trucks, trailers and off-road equipment. By managing the flow of air through these lines, the air brakes cannot be released, thus locking down and disabling the vehicle and equipment.
According to the Federal Bureau of Investigation the combined value of truck, trailer and cargo theft exceeds U.S. 12 billion dollars a year in the United States and in Canada that number is approximately 1 billion dollars a year. Cargo and equipment theft is potentially devastating for all types of carriers. A single theft has the potential to put a small trucking company out of business. Over the past two years insurance companies have dramatically increased premiums due to the theft crisis putting a financial strain on trucking companies.
Andrew Malion, Chairman of Spectra Inc. stated, “We are now in a position to supply an anti-theft product for automotive use while we finalize design modifications for use in the heavy duty transportation industry. We plan to introduce the automotive product to the market over the next few months and the trucking version early next year. Discussions with potential distributors in both automotive and trucking markets indicate significant sales potential in North America and Internationally for this anti-theft product. ”
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 SafeTM and SureStroke,TM visual brake stroke indicators, Brake Inspector,TM a new, advanced electronic air brake diagnostic system and the Termin-8R® 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 |
