Gabriel Technologies and OOIDA Alliance Strengthens Homeland Security on Nation's Highways
OMAHA, Neb.--Jan. 1, 20059, 2005--| Major Insurance Savings and WAR-LOK Security Locking System Distribution Program Unveiled |
Gabriel Technologies Corp (OTCBB:GWLK) founders of the WAR-LOK(TM) transportation security product line, today announced an unprecedented truck and cargo security and insurance alliance with OOIDA, the 119,061 member Owner-Operator Independent Drivers Association. The alliance has the potential to provide economic benefits to the two companies and their customers, and strengthen homeland security.
The agreement calls for OOIDA's wholly owned subsidiary, Owner Operator Services, Inc. (OOSI) to offer 10% premium discounts on the key Physical Insurance and Cargo Coverage insurance it sells to OOIDA members, provided they buy and use Gabriel Technologies' WAR-LOK TSK-50 Security System. The WAR-LOK system, in turn, comes with its own insurance covering the deductibles on the OOSI policies.
Gabriel Technologies recently insured the WAR-LOK TSK-50 through a Lloyd's of London underwriter, Adriatic Insurance Company. The insurance covers the deductible payments on WAR-LOK users' truck and cargo insurance policies -- up to a $10,000 deductible on tractor insurance and up to a $25,000 deductible on cargo insurance. Since these limits meet or exceed the deductibles on the OOSI Physical/Bobtail and Cargo products, holders of these policies who order the WAR-LOK TSK-50 systems get full coverage on the deductibles applied to insured losses that occur while the WAR-LOK systems are in use. OOSI is supplying the WAR-LOK TSK-50 systems at the specially reduced price of $189.00 (vs typically $299.50 at retail). The 10% discount saves the OOSI coverage buyer more than the cost of the system in the first year alone -- and the 10% savings will continue year after year.
"This alliance will bring major benefits to Gabriel Technologies, OOSI and the OOIDA members it insures and to all Americans," said Keith Feilmeier, President and Chief Executive Officer of Gabriel Technologies. "Our goal is to get 100% of OOSI's insurance buyers to participate in the WAR-LOK insurance security program. But first year penetration of even 60% could produce net income up to 40 cents a share for our shareholders," he said. "The partnership will also increase OOSI's revenue and reduce the incidence and financial impact of the losses it insures. Most important, it will strengthen our homeland security by denying terrorists access to tens of thousands of trucks and their cargoes," Feilmeier added.
"A significant number of OOIDA's members already insure their tractors and cargoes with OOSI and we estimate this alliance will help drive 10% annual growth in the number of our Insureds," said Michael Shermoly, Director of Marketing for OOIDA. "In addition, the alliance with Gabriel Technologies and the WAR-LOK product line will reduce insured losses and hence costs, helping OOSI continue to offer its valuable coverage at highly favorable rates," he added.
The WAR-LOK TSK-50 package includes a TL-10 (a cast steel barrier box with a reusable, removable, keyed locking device that fits securely over the hasp of most trailers with swing-out doors), TKP-10 (a king pin lock designed for dropped trailers), TAB-10 (a truck air brake lock that protects idling trucks from theft by completely encasing the air valves), TGH-10 (a glad hand lock that protects a trailer's air brake system from being connected to the tractor) and a Top Security Padlock, all in a convenient carrying case. All locks can be keyed alike or individually.
OOSI's current Insureds and all OOIDA members are eligible to save 10% on both the Physical Insurance and on the Cargo Coverage. To do so they may simply call OOIDA at 1.800.444.5791 and request the OOSI savings.
All WAR-LOK security products have over 260 million possible key combinations and the ability to master key 20,000 different locks. Each product's locking core is designed with a flat-keyed locking system. Each component of the disc type cylinder has been designed to withstand the harsh environments of the transportation industry. All components are made of chrome-plated steel. The locking cores are pick resistant, drill resistant and key duplication is virtually impossible.
About OOIDA:
Founded in 1973, OOIDA is the national trade association representing the interests of small business trucking professionals in the United States of America. Small business truckers (companies operating six or fewer trucks) comprise over 70% of the motor carrier industry. OOIDA represents more truck drivers and more trucking companies than any other association in that industry. The Association's 119,061 active membership is spread through all 50 states.
About Gabriel Technologies Corporation:
Gabriel Technologies of Omaha, Neb, develops proprietary technology for, and manufactures and sells, a series of physical locking systems for the transportation/shipping industry collectively known as the WAR-LOK Security System. Security within the transportation/shipping industry has evolved substantially in recent years due to the increased risks in theft and terrorism. In the United States alone cargo theft accumulates for $15 billion in annual losses.
With the implementation of our award winning physical security product line, the WAR-LOK, Gabriel Technologies now provides the transportation/shipping industry cost efficient security measures to prevent theft and other security problems that affect our nation and global economy. Homeland security is Gabriel's top priority and the company is poised with a proven product line to help deter terrorists who try to threaten our nation's security and disrupt the flow of commerce.
Gabriel Technologies' mission is clear, to provide the highest quality security products available to the transportation and shipping industry - by creating innovative, proven technologies that can be implemented on a realistic basis in today's post 9/11 economy. For more information visit us on the web at www.gabrieltechnologies.com.
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