SmarTire Gets Multi-Year Pact From European Car Maker

Wednesday 10:12 am ET

RICHMOND, British Columbia December 4, 2002; Dow Jones reported that SmarTire Systems Inc. received an eight-year contract from an undisclosed European car manufacturer.

In a press release Wednesday, SmarTire said it expects revenue between $3.7 million and $6.2 million over the life of the contract, beginning in the middle of 2003.

SmarTire, which provides direct-measurement tire-monitoring technology, reported revenues of $1 million for its fiscal year ended July 31.

Shares of the company were recently trading up 9 cents, or 13.7%, at 73 cents on Nasdaq volume of 102,825 shares. Average daily volume is 47,889 shares. The stock hit a 52-week low of 38 cents Oct. 31, and traded at a 52-week high of $ 2.36 Dec. 13.