SmarTire Systems Applauds U.S. National Tire Safety Initiative; Company Teams Up With The Tire Rack To Promote Tire Monitoring Products

    RICHMOND, British Columbia--April 23, 2002-- SmarTire Systems Inc. , a leading developer of tire pressure and temperature monitoring technology, today announced a joint promotional campaign with The Tire Rack to support a U.S. national tire safety initiative. For the month of May, the two Companies will promote the importance of tire maintenance through the installation of SmarTire's tire monitoring products. Consumers from North America will be offered a discount on a SmarTire product during this period and should contact The Tire Rack at 888/541-1777 (USA) or visit www.tirerack.com for additional information.
    The Tire Rack is one of America's oldest and largest "customer direct" high performance tire and wheel distributors. Since 1979, The Tire Rack has grown to become a leading national distributor of high performance tires, road wheels and suspension products. The Tire Rack is also the oldest continuing distributor of SmarTire's pressure monitoring systems. The Company provides exceptional customer service and is committed to assist SmarTire build a strong product brand.
    The U.S. national tire safety initiative is the first industry-wide campaign dedicated to educating drivers about the importance of tire care and maintenance. The event is an initiative of the Rubber Manufacturers Association.
    "Never before has tire safety been so prevalent in the media and in people's minds. It was the tragic accidents during the summer of 2000 involving tires that prompted the creation of the Transportation Recall Enhancement Accountability and Documentation (TREAD) Act. This groundbreaking legislation calls for the National Highway Traffic Safety Administration (NHTSA) to define new tire safety standards that will require tire pressure warning devises on new passenger cars and light trucks sold in the U.S. after 2003," comments Robert Rudman, President and Chief Executive Officer of SmarTire Systems Inc.
    "We are delighted that the Rubber Manufacturers Association is spearheading this industry-wide tire safety initiative", added Rudman. "Increasing the awareness about the importance of tire care and maintenance through educational programs is an excellent step toward improving tire safety. With our distributor The Tire Rack, SmarTire intends to further promote tire safety and maintenance by introducing consumers to our tire monitoring products for passenger cars and light trucks."
    "This is an excellent opportunity for consumers to take advantage of a special promotional offer and improve the safety of their vehicle and tires."
    Since 1987, SmarTire has pioneered the research and development of tire monitoring technology and has advocated that tire monitoring will become the next major breakthrough in vehicle safety following airbags and anti-lock brakes. With the new Transportation Recall Enhancement Accountability and Documentation (TREAD) Act, improved tire safety standards will require tire pressure warning systems on new passenger cars and light trucks produced in the U.S. after 2003.
    SmarTire develops and markets technically advanced tire monitoring systems for all sectors of the automotive and transportation industries. Additional information can be found at www.smartire.com.
    Kevin A. Carlson, C.A., Chief Financial Officer and Managing Director
    This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Forward-looking statements in this release include, but are not limited to, those statements regarding, the anticipated demand for tire monitoring technology, sales of SmarTire's products and technology to original equipment manufacturers, the size of the market, the ability of the Company to complete additional financing, and, the impact and scope of the new United States legislation. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include general factors such as insufficient investor interest in the Company's securities, the impact of competitive products and pricing and general economic conditions as they affect the Company's customers, and specific risks such as the uncertainty of the requirements demanded and timing specified by U.S. government, reliance on third party manufacturers to product SmarTire products and technology, and, the Company's ability to source product components in timely manner. Readers should also refer to the risk disclosures outlined in the Company's annual report of Form 10-KSB for the last completed fiscal year filed with the SEC.