SmarTire Signs Distribution Agreement with Travel Technology Innovations
Detroit Chassis and Redmer Industries create new company to distribute SmarTire products
RICHMOND, BC, March 15 -- SmarTire Systems Inc. (OTCBB: SMTR) announced today that it has signed an agreement with Travel Technology Innovations, LLC (TTI) to distribute SmarTire's active tire monitoring systems. TTI is a newly formed joint venture between Detroit Chassis LLC and Redmer Industries that was created solely to market and sell SmarTire products. It is headquartered in Detroit, Michigan. Both companies bring an extensive and successful track record of supplying original equipment and aftermarket parts and services to the automotive, recreational vehicle and transportation industries.
The agreement includes the distribution, sales, and marketing of SmarTire's products for the automotive, bus, recreational and commercial vehicle industries. TTI plans to rapidly introduce SmarTire products to both their original equipment and aftermarket target customers. This agreement supersedes and expands upon the distribution agreement with Redmer Industries previously announced on October 18, 2004.
"We are very excited to take this important step with SmarTire," says Carlton Guthrie, CEO of Travel Technology Innovations. "SmarTire's active tire monitoring technology is the most advanced and proven in the market and will make a significant improvement to both the safety and performance of vehicles across the entire automotive, RV and transportation industries."
"Securing the combined experience, resources and track record of Detroit Chassis and Redmer Industries in this new venture provides channels to market for many of SmarTire's products," says Al Kozak, Chief Operating Officer at SmarTire. "Their combined customer base and excellent reputation will greatly assist in introducing SmarTire's products in a number of important markets. TTI plans to deploy substantial resources to this new venture and we are looking forward to a long and prosperous relationship with them."
About Redmer Industries
Redmer Industries is a privately held company based in Charlotte, Michigan with an extensive background in electronic parts sales and supply chain management to original equipment manufacturers (OEM) and to the aftermarket. In addition, Redmer actively supplies wheel and tire components to the heavy truck, recreational and specialty vehicle markets.
About Detroit Chassis L.L.C.
Detroit Chassis, a subsidiary of Spectra LLC, is a privately held company based in Detroit, Michigan. Detroit Chassis assembles complete rolling chassis for complex vehicles, including Class A motor homes, and buses, and electric and conventionally powered vehicles. It also assembles major subassemblies such as engines, axles and suspension modules. The company employs approximately 250 workers at its modern 218,000 square-foot facility.
Spectra, Detroit Chassis' parent company, also owns Magnys LLC, a provider of process and manufacturing engineering services, Forward Vision LLC, a provider of computer simulation and modeling services, and TruPac Logistics, a provider of manufacturing support services such as inventory management, repacking and kitting. All are located in Livonia, Michigan.
Additional information about Detroit Chassis can be found at www.detroitchassis.com.
About SmarTire Systems Inc.
SmarTire develops and markets proprietary advanced tire pressure monitoring and technology systems for the global automotive and transportation industries. The U.S. Government, through the TREAD Act, has legislated that all new passenger vehicles must be equipped with tire monitoring systems. SmarTire is capitalizing on the rapidly emerging OEM and aftermarket opportunities. The company's vision is to become the preeminent provider of wireless sensing and control systems for vehicles worldwide. Incorporated in 1987, SmarTire has offices in North America and Europe.
A comprehensive investment profile regarding SmarTire Systems Inc. may be found online at www.hawkassociates.com/smartire/profile.htm.
Additional information about SmarTire Systems can be found on the website www.smartire.com. An online investor kit containing SmarTire press releases, SEC filings, current price Level II quotes, interactive Java, stock charts and other useful information for investors can be found at www.hawkassociates.com and www.hawkmicrocaps.com. Investors may contact Randy Halischuk, or Judy Leclercq, SmarTire at (800) 982-2001, email: investor_relations@smartire.com or Frank Hawkins or Julie Marshall, Hawk Associates at (305) 852-2383, email: info@hawkassociates.com.