RICHMOND, British Columbia, Nov. 9 /PRNewswire-FirstCall/ -- SmarTire Systems Inc. (OTC Bulletin Board: SMTR) announced today gross revenue of approximately $594,000 for the quarter ended October 31, 2005, an increase of approximately $292,000 or 97% from the same quarter of 2004. Total sales to the original equipment manufacturer (OEM) market for the quarter ended October 31, 2005 were approximately $437,000, an increase of approximately $264,000 or 153% from the same quarter of 2004. SmarTire will file its Form 10-QSB for the first quarter ended October 31, 2005 by December 15, 2005. Al Kozak, president and CEO of SmarTire, said, "We are beginning to see results from our shift in focus toward value-added systems for the OEM market. We are very encouraged by these results. Although they are well below where we expect to be in the coming quarters and years, it is clear we are moving in the right direction." About SmarTire Systems Inc. SmarTire develops and markets proprietary advanced wireless sensing and control systems worldwide, including tire pressure monitoring systems for global vehicle markets. The U.S. government, through the TREAD Act, has legislated that all new passenger vehicles must be equipped with tire monitoring systems beginning with a phased implementation in 2004. This has raised the awareness for tire monitoring throughout the vehicle industry, and SmarTire is capitalizing on the rapidly emerging OEM and aftermarket opportunities. SmarTire has offices in North America and Europe. A comprehensive investment profile regarding SmarTire Systems Inc. may be found at http://www.hawkassociates.com/smartire/profile.htm . Additional information about SmarTire Systems can be found at http://www.smartire.com . An online investor relations kit containing SmarTire press releases, SEC filings, current Level II price quotes, interactive Java, stock charts and other useful information for investors can be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com . Investors may contact Frank Hawkins or Julie Marshall of Hawk Associates at (305) 451-1888, e-mail: info*hawkassociates.com . This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward- looking statements. These factors include the effect of competitive pricing, the company's dependence on the ability of third-party manufacturers to produce components on a basis that is cost-effective to the company, market acceptance of the company's products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements. SOURCE SmarTire Systems, Inc.
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SmarTire Announces Manufacturing Agreement With Vansco Monday November 21, 9:13 am ET Current Relationship With Vansco Expanded
RICHMOND, British Columbia, Nov. 21 /PRNewswire-FirstCall/ -- SmarTire Systems Inc. (OTC Bulletin Board: SMTR - News) announced today that it has entered into a manufacturing agreement with Vansco Electronics LP. Under the agreement, Vansco will manufacture key subsystems for SmarTire's wireless gateway family of products. SmarTire also announced the termination of its contract manufacturing agreement with Hyundai Autonet Company, Ltd. ("HACO") in Korea, which was terminated as a result of HACO's acquisition by Hyundai.
ADVERTISEMENT SmarTire President and CEO Al Kozak said, "SmarTire has expanded its relationship with Vansco, co-developer of our wireless gateway receiver. The product is manufactured in Vansco's primary facility in Winnipeg, Canada, where we have valuable support from Vansco's development and test engineers. Under the new agreement, Vansco will manufacture our tire transmitter products in its recently acquired Morton, Ill., facility, which is registered to TS16949 quality standards and has a long record of producing reliable sensors and related products for vehicle manufacturers. Volume shipments of products from Vansco will commence this December and we will complete the transition with no interruption of supply to any of our customers."
Vansco Vice President Andre Granger said, "We are pleased to participate in SmarTire's business as a co-developer and manufacturer. By participating at the development and manufacturing levels, we are able to provide a high level of support to SmarTire and its customers. We look forward to building and enhancing a positive, long-term relationship with SmarTire."
About Vansco Electronics LP
Vansco Electronics LP specializes in the design and manufacturing of electronic, electro-mechanical and electro-hydraulic controls and instrumentation. The company offers engineering design expertise in system integration, hardware, software, wire harness and electronics packaging. Vansco was founded in 1978 by Ed and Terry Van Humbeck in Winnipeg, Canada. Focused on the global heavy equipment market, it has grown to more than 1000 employees and more than $200 million in sales. With the recent addition of the Morton, Ill., plant, Vansco will support its customer base from three North American and a more recent acquisition in Forssa, Finland. Vansco provides global sales, applications engineering, design, manufacturing and service support. In 2004, Vansco was acquired by Kilmer Capital Partners and Borealis Private Equity. Vansco serves a strong customer portfolio of top- tier, original equipment manufacturers ("OEMs"), many which are international leaders in their respective markets.
SmarTire develops and markets proprietary advanced wireless sensing and control systems worldwide, including tire pressure monitoring systems for global vehicle markets. The U.S. government, through the TREAD Act, has legislated that all new passenger vehicles must be equipped with tire monitoring systems beginning with a phased implementation in 2004. This has raised the awareness for tire monitoring throughout the vehicle industry, and SmarTire is capitalizing on the rapidly emerging OEM and aftermarket opportunities. SmarTire has offices in North America and Europe.
Additional information about SmarTire Systems can be found at http://www.smartire.com . An online investor relations kit containing SmarTire press releases, SEC filings, current Level II price quotes, interactive Java, stock charts and other useful information for investors can be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com . Investors may contact Frank Hawkins or Julie Marshall of Hawk Associates at (305) 451-1888, e-mail: info*hawkassociates.com .
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward- looking statements. These factors include the effect of competitive pricing, the company's dependence on the ability of third-party manufacturers to produce components on a basis which is cost-effective to the company, market acceptance of the company's products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements.
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SmarTire Announces SmartWave(TM) Brand for Wireless GateWay Product Line
RICHMOND, British Columbia, Dec. 5 /PRNewswire-FirstCall/ -- SmarTire Systems Inc. (OTC Bulletin Board: SMTR) announced today that its new wireless gateway product line will carry the SmartWave(TM) brand.
The SmartWave brand will apply to all products developed under SmarTire's wireless gateway architecture. Under the SmartWave brand, the company will initially introduce three versions of its tire pressure and monitoring systems to meet the varying needs of fleet customers. The first version will provide basic safety features, while the second will include additional functions that enable the fleet to achieve savings in fuel and tire costs. The third product will provide off-vehicle communications to the fleets' service centers. It will also provide additional information such as tire history, and diagnostic and prognostic information that will further increase the value of the original equipment manufacturers (OEMs) products to their customers. SmarTire is evaluating additional wireless sensing and control applications that will use the same architecture to provide value where traditional wired solutions are not competitive or are difficult to implement.
"SmartWave creates new ways for OEMs and their dealer channels to increase the value of their products to their customers," said Al Kozak, SmarTire President and CEO. "SmartWave products will enable the OEM's customers to achieve a higher return on their investments in fleet vehicles and a higher level of safety for their drivers."
Dana's Commercial Vehicle Systems Group recently signed an agreement to market and sell SmarTire's tire pressure and temperature monitoring systems to the commercial truck, bus and RV markets throughout North America, Mexico, Australia and New Zealand. Dana is a Tier 1 leader in the design and manufacture of commercial vehicle components for medium- and heavy-duty vehicles. Dana provides a full range of highly engineered products including axles, drive shafts, suspension, wheel-end and tire management products.
Kozak added, "Our plans for implementing additional functions into the SmartWave architecture fit closely with Dana's strategy of tire management and advanced system solutions for commercial vehicles. Together with Dana, we intend to develop additional wireless sensing and control applications that will increase the value of Dana's products to its OEM customers."
About SmarTire Systems Inc.
SmarTire develops and markets proprietary advanced wireless sensing and control systems worldwide, including tire pressure monitoring systems for global vehicle markets. The U.S. government, through the TREAD Act, has legislated that all new passenger vehicles must be equipped with tire monitoring systems beginning with a phased implementation in 2004. This has raised the awareness for tire monitoring throughout the vehicle industry, and SmarTire is capitalizing on the rapidly emerging OEM and aftermarket opportunities. SmarTire has offices in North America and Europe.
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