SmarTire Systems Launches European Operations
20 August 1998
SmarTire Systems Launches European Operations
RICHMOND, BRITISH COLUMBIA--Aug. 20, 1998--SmarTire Systems(VSE:SES) (OTC Bulletin Board:SMTR) SmarTire Systems Inc. announced today that its European infrastructure has been completed and is now approved to sell products into 20 European countries as at September 1, 1998. The Company will ultimately seek the required approvals for all 43 European countries via its subsidiary based in the U.K., SmarTire Europe Limited.Ian Bateman, Managing Director of SmarTire Europe Limited stated "By September 1st, we will be in a position to handle all aspects of the Company's operations in Europe, sales & marketing, product packaging & distribution and technical support. To establish initial product distribution, business development managers have been recruited and positioned in key countries of the U.K., France and Germany."
To compliment its existing 'Run-Flat' tire business with the major tire companies, the Company is seeking distributors in all areas of the automotive aftermarket - from tire retail chains, accessory retailers and franchised car sales outlets. Mr. Bateman added, "With 180 million replacement tire sales and 15 million new car sales each year, we believe SmarTire will be an enormous success in the European market."
The Company also announced that as part of its European launch, it will exhibit at the Automechanika Automotive Exhibition, the largest show of its kind, which will be held in Frankfurt, Germany, September 15-20, 1998.
SmarTire is the developer and marketer of proprietary tire monitoring systems for the North American and European automotive market. The Company is pursuing the passenger car market segment in response to the introduction of the new "runflat" tires which operate up to fifty miles without pressure. Vehicles equipped with these tires require monitoring systems to alert the driver of pressure loss. Goodyear, Michelin and Bridgestone/Firestone have all approved the SmarTire(TM) system for use with their run-flat tires. With its strategic partner, TRW Inc., the Company is committed to a major product development program to ensure that its tire monitoring systems lead the way in both aftermarket and original equipment applications.
On behalf of the Board of Directors,
Robert V. Rudman, C.A., President and CEO
Except for the historical information contained herein, this news release contains forward looking statements that involve risks and uncertainties, including the impact of competitive products and pricing and general economic conditions as they affect the Company's customers. Actual results and developments may therefore differ materially from those described in this release.
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