For Immediate Release – May 14, 2003
Toronto, Ontario – Spectra Inc. (SSA: TSX VENTURE) would like to update shareholders on developments at its wholly owned subsidiary Spectra Products Inc. The Company’s strategic focus during the past 12 months has been the extensive testing and product enhancement of the Brake Inspector™ in cab air brake diagnostic system. The Brake Inspector ™ system provides trucking and bus fleets with continuous, real time performance on the braking capabilities of trucks buses and tractor-trailers. The system significantly reduces the time required to diagnose foundation brake faults thereby reducing fleet maintenance costs.
Spectra personnel have presented and demonstrated Brake Inspector™ to targeted vertical markets including construction, waste management, municipal fleets, motor coach and transit. As a result, Brake Inspector ™ is currently being installed on waste management vehicles for a major municipality in Canada as well as being spec’d on all new vehicles on order. Significant cost savings have resulted in the waste management division recommending Brake Inspector™ to other municipal groups.
Brake Inspector ™ systems have been purchased for trial evaluation by one of Canada’s leading redi-mix companies, a large motor coach fleet and a regional Ontario Fire Department. These key segment trials are in the final stages of evaluation and represent a potential of over 1,000 system sales.
Andrew Malion, Spectra’s chairman commented, “We have targeted specific industry segments to create awareness and increased exposure for the Brake Inspector ™ system. As the product proves its effectiveness in reducing maintenance costs and improving fleet safety, we anticipate using the key fleets to accelerate product sales to other players in each segment.”
Spectra Products is actively discussing marketing and distribution opportunities with sales groups including transportation aftermarket dealers and distributors in both Canada and the United States. The goal is to establish a select group of sales and distribution professionals specializing in the vertical market segments targeted by 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™ and SureStroke™, visual brake stroke indicators, Brake Inspector™ 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 |
