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Anyone have any thoughts on this company? Nice contract announcements lately...
Satelinx International Inc. Signs $84 Million U.S. Deal with Elkay Finance Ltd. of India Tuesday May 24, 4:00 pm ET
MONTREAL, May 24, 2005 (PRIMEZONE) -- Satelinx International Inc. (Other OTC:SLXI.PK - News), a global provider of satellite vehicle tracking services, announced today that it has signed a multi-year agreement valued at $84 million U.S. with India-based financial services provider, Elkay Finance Ltd. Under the terms of this five-year agreement, Elkay Finance Ltd. will market Satelinx's tracking device in India, where it is expected that yearly residual revenues alone will grow to over $18 million U.S. over the next 18 months. ADVERTISEMENT
``Satelinx's technology is exactly what we have been searching for and we have just begun to scratch the surface of this five-year deal, and we expect thousands of units to be installed over the next years,'' said Shirish Suhak, President of Elkay Finance Ltd.
``A deal with Elkay Finance Ltd. will open this very lucrative and giant market for Satelinx and we are overwhelm by such a large order,'' said Sam Grinfield, President of Satelinx International.
About Satelinx
Satelinx International Inc. provides satellite vehicle tracking units that integrates GSM/GPS/GPRS wireless technologies and the Internet to deliver wireless vehicle tracking and location services. Satelinx seeks to be recognized as the world leader in providing safety and security solutions on a global scale in a cost effective manner for vehicle owner, trucking or private vehicle fleet and insurance companies.
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as ``anticipates'', ``believes'', ``could'', ``expects'', ``intends'', ``may'', ``should'' and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
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