For Immediate Release – March 1, 2004
Toronto, Ontario – Spectra Inc. (SSA: TSX VENTURE) reports that it’s wholly owned subsidiary, Spectra Products Inc., has signed a exclusive Global marketing and development agreement with 1552530 Ontario Limited, dba GeoGuidance Corp.www.geoguidance.com. GeoGuidance Corp. vertically integrates innovative “Web enabled”, real time “Vector” based mapping, and “Dynamic” routing with GPS tracking and vehicle security monitoring and immobilization technologies for the Transportation Industry.
Under the terms of the agreement, GeoGuidance will fund development and commercialization of several major functional innovations to Spectra’s current Brake InspectorÒ air brake diagnostic system. Product development will encompass a wireless control module using industry standard 802.11g and/or Bluetooth wireless protocols for transmitting trailer brake data to the Brake Inspector® in-cab display module without a tethered connection between the truck and trailer. GeoGuidance will embed Brake InspectorÒ protocols into their Satellite/Telematics platform currently under development, and provide a Brake Inspector® bridge to third party providers of Telematics products to permit remote monitoring via the Internet.
“Spectra is very excited with this strategic alliance that effectively combines the resources of both companies and meets both parties growth objectives by providing innovative monitored diagnostics to the transportation industry”, commented Andrew Malion, Chairman of Spectra Inc.
GeoGuidance Corp. will be Spectra’s exclusive distribution and marketer of the telematic based version of Brake Inspector®. The distribution agreement provides for annual performance milestones and a royalty payment to Spectra on all product purchases of Brake Inspector® by GeoGuidance. Spectra will hold a minority interest in 1552530 Ontario Limited.
“The addition of Spectra’s Brake Inspector® protocols to the GeoGuidance wireless platform combined with the ability to market the Brake InspectorÒ interface to third party suppliers of tracking and monitoring systems greatly increases the reach of our safety, security and productivity enhancing platform”, stated Brain Fleury, Chairman of GeoGuidance Corp.
Spectra 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 SureStoke®, 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 Corporation’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 |
