Airtrax Commences Operations at New U.S. Manufacturing Facility Thursday September 29, 8:00 am ET -- Targets Production of 84 Trucks to Generate Sales of Up to $4 million in Q4 2005 --
BLACKWOOD, N.J., Sept. 29 /PRNewswire-FirstCall/ -- Airtrax, Inc. (OTC Bulletin Board: AITX - News), a developer of patented, omni-directional technology with military and commercial applications, announced today that it has begun production of its flagship product, the SIDEWINDER(TM) Omni-Directional Lift Truck, at its new 30,000 sq. ft. of assembly operations in Blackwood, New Jersey. Subject to receiving sufficient parts and supplies from its supply chain manufacturers on time, the Company expects to assemble 84 Sidewinders in the fourth quarter ending December 31, 2005. ADVERTISEMENT
Peter Amico, President of Airtrax, stated, "We are truly excited to officially open our Blackwood, New Jersey plant. U.S. Plant Manager Frank Cooper, a former Production Manager at General Motors, has worked tirelessly to create a state-of-the-art assembly plant in the U.S. with what we believe is a scalable, cost-effective infrastructure. This month alone, we expect to manufacture and deliver eight Sidewinders and to accelerate production by up to 84 trucks by year's end. Contingent upon receiving all necessary supplies, we believe that production and delivery of approximately 84 trucks will increase our revenues by up to $4 million in 2005. By early next year, we anticipate to begin assembly of the Airtrax-MEC Cobra(TM) Aerial Work Platforms, as well as increase our production and deliveries of the Sidewinder to further build revenues."
About Airtrax, Inc.
A U.S.-based developer of omni-directional technology, Airtrax designs and manufactures omni-directional vehicles. The Airtrax patented wheel was designed and developed by Airtrax after receiving a technology transfer from the US Navy in the form of a Cooperative Research and Development Agreement (CRADA).
The SIDEWINDER(TM) Omni-Directional Lift Truck and the Airtrax-MEC Cobra(TM) aerial work platform (AWP) are the first omni-directional vehicles using omni-directional technology and the patented Airtrax wheel to be commercially produced. The nearly maintenance-free design also reduces maintenance costs, delivering cost efficiencies to companies both large and small. The Airtrax patented Omni-Directional wheel is manufactured exclusively for Airtrax vehicles. For more information and to view a must-see product demonstration, visit http://www.airtrax.com.
The Private Securities Litigation Reform Act of 1995 provides a "Safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involved risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
At the Company: Investor Relations: Airtrax The Equity Performance Group, Peter Amico an affiliate of OTC Financial Network President Gary Geraci 609-567-7800 617-723-2373 pamico*airtrax.com gary*equityperfgp.com http://www.airtrax.comhttp://www.otcfn.com/aitx
-------------------------------------------------------------------------------- Source: Airtrax, Inc.
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