Dana Announces Availability of SmartWave to Commercial Vehicle After-Market
Smartwave products now available from OEM Dealer Networks
RICHMOND, British Columbia, May 31 -- SmarTire Systems Inc. (BULLETIN BOARD: SMTR) announced today that Dana Corporation, its marketing partner for the commercial vehicle market in North America, Australia and New Zealand, will be supplying the company's SmartWave products to commercial fleet customers through various truck manufacturers' dealer networks in North America. Dana previously announced the availability of SmartWave(TM) TPMS tire pressure monitoring systems on May 9, 2007.
"This is a significant development for the company as it dramatically improves our ability to penetrate the expansive North American commercial vehicle after-market. Fleet customers now have access to our products through top quality distribution channels," said Dave Warkentin, President and CEO of SmarTire.
"SmartWave TPMS represents a technological advance in the trucking industry that allows fleets to save money by reducing operating costs, and we at Dana are proud to supply it," said Jon Intagliata, product manager for Dana.
SmartWave TPMS active tire pressure and temperature monitoring systems provide fuel and tire cost savings for commercial fleet owners by enabling them to efficiently maintain top tire performance. SmartWave TPMS may be installed on any existing truck and displays each tire's temperature and pressure deviation. If the system detects a loss of air pressure or abnormally high tire temperature, a warning light automatically alerts the driver to the condition. The system reduces tire failures which in turn reduces roadside downtime and increases driver safety.
About SmarTire
SmarTire develops and markets proprietary advanced wireless sensing and control systems worldwide under the SmartWave(TM) trademark. SmarTire has developed numerous patent-protected wireless technologies and advanced tire monitoring solutions since it was founded in 1987. Its proprietary SmartWave platform provides a foundation for the addition of multiple wireless sensing and control applications. The initial product release on the SmartWave platform is SmartWave TPMS, which leverages on SmarTire's background and knowledge in tire monitoring solutions. SmarTire has offices in North America and Europe. For more information, visit http://www.smartire.com/.
About Dana Corporation
Dana is a world leader in the supply of axles, driveshafts and structural, sealing, and thermal-management products as well as genuine service parts. The company's customer base includes virtually every major vehicle and engine manufacturer in the global automotive, commercial vehicle, and off-highway markets, which collectively produce more than 65 million vehicles annually. Based in Toledo, Ohio, the company's continuing operations employed approximately 35,000 people in 28 countries and reported 2006 sales of $8.5 billion, with more than half of this revenue derived from outside the United States. For more information, please visit http://www.dana.com/.
Except for historical information, this news release contains forward- looking statements that involve substantial risks and uncertainties. When used in this news release, the words "expects," "may," "intends," "plans", anticipates, "likely", "believes" and similar expressions can be used to identify forward-looking statements. Forward-looking statements are based on current facts and analysis and on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results, performance, or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. Forward-looking statements in this press release include the statement about SmarTire's improved ability to penetrate the expansive North American commercial vehicle after-market. This forward-looking statement is based largely on the expectations of SmarTire and is subject to a number of risks and uncertainties that are beyond SmarTire's control. These include, but are not limited to, risks and uncertainties associated with, SmarTire's ability to obtain additional financing and to continue as a going concern, SmarTire's dependence on key personnel, the effects of competitive pricing, SmarTire's dependence on the ability of third-party manufacturers to produce components on a basis that is cost-effective to SmarTire, market acceptance of SmarTire's products, acceptance of SmarTire's products by prominent customers, SmarTire's ability to keep up with technological advances in the industry, the effect of competitive products and the effects of governmental regulations. SmarTire cautions that the foregoing factors are not exhaustive. For a detailed discussion of these and other risk factors, please refer to SmarTire's filings with the Securities and Exchange Commission, including its annual report on Form 10-KSB and subsequent quarterly reports on Form 10-QSB. SmarTire expressly disclaims any intent or obligation to update any forward-looking statements.