UTFC invests $500K in Salt Lake City-Based DriverTech; In-Vehicle Computing Firm Focusing on Huge Long-Haul Trucking Market

SALT LAKE CITY--Jan. 2, 20065, 2006--UTFC Financing Solutions, LLC today announced a $500,000 investment in DriverTech, which links vehicle fleets to their central dispatch centers via DriverTech's onboard computer in the truck.

The Salt Lake City-based firm (www.drivertech.com) was founded in 1994 by CEO Mark Haslam, who is now leading the company into a period of industry turnover, where customers are looking for more flexibility than current proprietary communications devices offer.

"Electronic fleet management brings many efficiencies to the table," said Haslam. "We're second generation because we're bringing PCs into the vehicle that can run our applications -- messaging, mapping, dispatching and more. Some customers are also taking advantage of the opportunity to unleash their own in-house programmers to develop their own applications to get a competitive edge."

Customers like the ability to tie their vehicles directly into their back-end work flow processes so they can dispatch a truck automatically rather than manually through a cell phone call, Haslam said. He added that the DriverTech system takes this automation to the next logical stage of making the network meet both Windows XP and Internet standards, thereby enabling third-party application development both by DriverTech's clients and by their partners.

DriverTech connects these vehicles with their headquarters via a special tiered system that finds the least expensive option. Wi-Fi is used where available, then the cellular network, saving customers from paying for costly satellite connections, which are the last resort in the small fraction of the country not covered by the cell network.

"DriverTech was ahead of its time by developing the technology to communicate with drivers using the cheaper cellular network instead of satellite, even before the cell network was fully available," said Damon Kirchmeier, UTFC COO. "The long-haul market was overdue for an upgrade and competitors' offerings were far behind DriverTech."

DriverTech currently services private fleets like ambulances and food service vehicles, and is using the UTFC investment to fund accelerated marketing and complete pilot programs in the long-haul trucking market. In addition to benefits like communications and dispatching, the company's products also help customers comply with federal regulations by automatically logging and reporting driving details.

Haslam said several large trucking companies and the military have the DriverTech system in pilot testing. "Our customers in these pilots are very enthusiastic because of the positive results, and we expect to see several pilots convert to purchase commitments in the near future," he said.

"UTFC was very oriented toward companies like mine," Haslam said of the process leading up to the investment. "A lot of investors are somewhat afraid of technology because they have a hard time understanding it. UTFC has a great understanding of technology entrepreneurs and of what it takes to build a company in the tech arena."

UTFC Financing Solutions, LLC is a small business investment company (SBIC) in Salt Lake City, that fills a unique niche in the market, providing the needed capital to start and grow businesses. It specializes in funding new businesses with little operating history and provides up to $500,000 in subordinated debt to startup companies in and around Utah. Read more at www.utfc.biz.

DriverTech provides fleet management systems for long-haul trucking and other markets. Its Truck-PC hardware and software applications allow fleets to automate much of their processes to save time and money.

For additional information, visit www.drivertech.com. For more information, contact Damon Kirchmeier, UTFC's COO, at 801-741-4219 or dkirchmeier@utfc.biz; and Mark Haslam, DriverTech's CEO, at 801-468-0999 or markh@drivertech.com.