Celtron International's CEO Appointed Chairman of Vehicle Security Association
MIDRAND, South Africa--July 13, 2005--Celtron International Inc. (OTCBB:CLTR) announced today that its Chief Executive Officer, Mr. Allen Harington, has been appointed Chairman of the Vehicle Security Association of South Africa (VESA).VESA is a regulatory body that ensures and enforces quality and standards in the vehicle security environment and plays a major role in setting up and maintaining the standards in the industry to ensure that clients derive maximum benefit and peace of mind from their investment in such products.
"I believe that my appointment is a reflection of the high standards and integrity maintained by Celtron's service offering through Orbtech over the past years, and a reflection of our group's commitment to providing the leading vehicle tracking technology in the industry," commented Mr. Harington.
VESA enforces standards and regulates quality of products and installation thereof through an accreditation process that includes stringent testing of products, validation of company viability, validation of fitment procedures, as well as ongoing monitoring, validation and maintenance of these standards. The activities of VESA are controlled through five Sub-Committees that categorises the five main sectors VESA regulates in this industry being the Mechanical Committee (Gearlocks, etc.), Electronic Committee (Alarms/Immobilisers), Stolen Vehicle Recovery Committee (Vehicle Tracking), Fleet Management Committee and the Installation Centre Committee.
Orbtech is represented on two of these Committees, the Stolen Vehicle Recovery Committee and the Fleet Management Committee through accreditation of its product range, the Buddi-Track Management, Tracking and Recovery systems.
"An organization such as VESA is reliant on the support and acceptance from its members, clients, related industry associations and business/channel partners. It is therefore important to secure, rectify, re-establish and reconcile relationships within this support structure to maintain the company's commercial focus and future stability," said Mr. Allen Harington. "We will therefore focus our attention on Conciliation and Relationship building, while not losing focus of the charter that VESA has to deliver on. In relation to this, we have re-established our communication channels with the South African Insurance Association (SAIA) to formulate a formal working relationship that has produced very positive results."
VESA traditionally plays a major role in the insurance industry where it acts as a regulator and enforcer of quality product supply and quality fitment of these products. The client and the Insurer are assured of these quality standards through a Certification Process that has been proven to be very successful in the industry.
"VESA recently issued its One Millionth Certificate. This is an indication of the role VESA plays in the industry and the acceptance level of its standards. We intend capitalising on and expanding this base to ensure that the quality and principles supported by VESA's accreditation process is maintained and filtered through to our clients, being the Vehicle Owner, The Automotive Industry and the Insurance Industry," Mr. Harington added.
Mr. Harington is supported in his role as Chairman by fellow Board Members, Mr. Sean Staley, Mr. Tyrone Hanna -- both existing Board Members that have been re-elected, and the newly appointed directors, Mr. Jason Finney, Mr. Nick Van Zijl, Mr. Nihal Khan and Ms. Mellony Morelli-Howes.
About Celtron International, Inc.
Celtron International, Inc. is engaged in the business of marketing products and services in mobile commerce, vehicle locating and management, and asset tracking and telemetry solutions. Celtron's products and services incorporate the latest, state-of-the-art technology, including cellular, global positioning, and satellite technology with our tracking and management systems, and the latest mobile technology and its applications in providing mobile technology solutions. Celtron through its subsidiary Orbtech Holdings Ltd. recently signed a commercial delivery partnership agreement with Global Asset Tracking Technologies (Pty), Ltd., who in turn has secured an agreement with a large banking institution in South Africa, to install its Buddi-Track tracking system in an estimated 2,500 vehicles per month as previously announced on April 15, 2005. The value of the contract equates to US$ 953,000 per month ($11.43 million annually) on the minimum contract requirement of 2,500 installations per month and in addition to that the monthly recurring revenue will increase by US$ 72,000 per month making Orbtech highly profitable. It is expected that the installation number will increase to over 5,000 vehicles per month, or $1.9 million in hardware revenues per month over the next 18 months. Monthly recurring revenues would increase by $144,000 per month as well.
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Celtron International Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
For further information, contact Allen Harington CEO, at + 27 11 652-6350.