Homeland Security Network, Inc. in Negotiations for Large Scale Manufacturing Of iTrax Product Tuesday March 8, 7:57 am ET
FRISCO, Texas--(BUSINESS WIRE)--March 8, 2005--Homeland Security Network, Inc. (HSNi formerly AutoCorp Equities, Inc) (OTCBB: ACOR - News) announced today that it is in negotiations with a significant multinational company to co-manufacture the hardware to be used for iTrax(TM), HSNi's proprietary vehicle and equipment tracking system,. The company and its partner are working on a Letter of Intent and expect to complete the transaction by April, 2005. ADVERTISEMENT [Blocked Ads]
"We believe that establishing this alliance will position us to become a leader in GPS tracking and capture a significant portion of what we expect will be a $22 billion industry by 2008. The iTrax product, to include the software developed by Rodwell Software Systems and ComTrak Solutions, which, as previously announced, HSNi recently agreed to acquire, will provide more features and better functionality, at a cost which is far below any similar system available today", says Charles Norman, President and CEO.
The iTrax system is used for consumer vehicles, commercial vehicles, containers and various other asset tracking solutions. This Internet- and GPS-based system allows anyone - ranging from an individual vehicle owner to the asset manager of a large multinational company to proactively monitor equipment location, on a real-time basis, either from a personal computer or from a web-based cell phone. Additionally, iTrax can give an historical information analysis of the travel pattern of a vehicle being tracked by iTrax. This feature will provide a valuable tool in many law enforcement and Homeland Security applications. The company will offer its products to several government agencies during the 2nd quarter of this year.
About Homeland Security Network, Inc.
Homeland Security Network, Inc. (ACOR), a publicly-traded holding company, has entered into acquisition agreements with Rodwell Software Systems and ComTrak Solutions. These companies, brought to HSNi by some of its major shareholders, produce and market revolutionary new GPS tracking devices and software. The Company, formerly known as AutoCorp Equities, Inc. changed its name to Homeland Security Network, Inc. on February 28th, 2005 to reflect the direction of its new course of business. The company will capitalize on rapidly-emerging, largely under-served, GPS tracking markets. These markets, whose scope was dramatically accelerated by the increased need for Homeland Security, have a potential demand in excess of 100 million units-plus in the United States, Canada and Mexico over the next decade. HSNi plans to lead the GPS tracking industry through the combined assets of its newly acquired companies' propriety software and market distribution capabilities. The re-structured company is also completing negotiations with a major international electronics manufacturer that will give it the ability to quickly and economically expand its sales efforts to all of its targeted markets. HSNi expects to capture a dominant share of the GPS market with its ability to provide, in large quantities, the lowest cost tracking hardware, and to offer the most cost-effective data transmission fees (wireless airtime consumer costs) in the industry. Airtime costs, which largely inhibit the current GPS market's product sales and deployments, will be nearly 2000% lower for HSNi than those of its nearest competitor for comparable data transmissions. The company's GPS products will incorporate state-of-the-art map tracking and trailing, geo-fencing alerts for designated parameter infringements, and the ability to uniquely control all vehicle functions from its customer's web-enabled mobile phones or personal computers, via the company's proprietary Internet website system software. iTrax is a trademark of HSNi for its real-time equipment-tracking system.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties. This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," "promise," "seeking to," "negotiating to" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
Mailing List
Interested investors are invited to contact MarketConnexxions at info@marketconnexxions.com in order to be added to HSNi's mailing list.
-------------------------------------------------------------------------------- Contact: MarketConnexxions, LLC Ken Lowman, 212-922-0573 info@marketconnexxions.com or Homeland Security Network, Inc. Terri Ashley, 214-618-6400 tashley@autocorp.net
-------------------------------------------------------------------------------- Source: Homeland Security Network, Inc.
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