National Carrier to Install SI Technologies Lift Truck Scales at 15 Freight Terminals
TUSTIN, Calif., April 1 -- SI Technologies, Inc. , which designs, manufactures and markets high-performance industrial sensors, weighing and factory automation equipment and systems, today announced that it has received a contract from a national less-than-truckload (LTL) freight transportation company for its Allegany(R) lift truck scales. The equipment will be installed at 15 freight terminals located throughout the continental United States and will be delivered to the customer in the fiscal quarter ending April 30, 2003.
Lift truck scales are the accepted standard throughout the LTL industry and are used to verify the weights claimed by shippers. Lift truck scales also allow dock workers to accurately weigh freight without a reduction in cross-dock productivity. "A typical freight carrier will realize a payback on its investment in our lift truck scales within a month after installation through the correction of inaccurately stated shipper weights," commented Rick Beets, President and Chief Executive Officer of SI Technologies, Inc. "We are pleased that this national trucking company selected our Allegany(R) equipment after eight months of extensive testing in competition with equipment available from two other major lift truck scale manufacturers."
The Allegany(R) lift truck scale is certified "legal-for-trade" by all 50 states and provides weights accurate to within 0.01% of the applied load, even when weight is distributed in an out-of-level condition.
It is not a policy of SI Technologies Inc. to announce each contract received by the Company or its subsidiaries. Such announcements are made whenever it is appropriate to highlight some unique aspect pertaining product capability or application. This announcement illustrates the ability of SI Technologies' Allegany(R) weighing equipment to enhance operating efficiencies within the LTL freight transportation industry.
SI Technologies, Inc. is a leading designer, manufacturer and marketer of high-performance industrial sensors/controls, weighing and factory automation systems and related products. Its proprietary products enjoy leading positions in their respective markets, while sharing common technologies, manufacturing processes, and customers. The Company is positioned as an integrator of technologies, products and companies that are involved in the handling, measurement and inspection of goods and materials. SI Technologies' products are used throughout the world in a variety of industries, including aerospace, aviation, food processing and packaging, forestry, manufacturing, mining, transportation, warehousing/distribution, and waste management. The Company is headquartered in Tustin, California, and its common stock is traded on Nasdaq under the symbol "SISI."
This press release includes statements which may constitute "forward- looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward- looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
For further information, please contact: Rick Beets, President and CEO of SI Technologies at 714-505-6483 or RJ Falkner & Company, Inc., Investor Relations Counsel, 800-377-9893, or via email info@rjfalkner.com