Top Source Signs 13 Oil Analyzer Deal With Speedco
25 August 1998
Top Source Signs 13 Oil Analyzer Deal With Speedco Following Successful Test
PALM BEACH GARDENS, Fla.--Aug. 25, 1998--Top Source Technologies, Inc. (AMEX: TPS) announced today that it has entered into an agreement with Speedco, Inc. to place MotorCheck(TM) On-Site Analyzers ("OSA-II") in 13 Speedco truck oil change service centers.
Headquartered in Indiana, Speedco operates 13 high volume truck oil change outlets across the mid-west, where truckers may obtain an oil change in 30 minutes or less. Following the successful outcome of an extensive five-month test at four Speedco locations, Speedco's management has decided to proceed with the placement of units at all 13 of their existing outlets, beginning next month. Speedco has indicated that under its five-year plan, it intends to expand the MotorCheck(TM) On-Site Analyzer program to all 75 planned locations.
By having a MotorCheck(TM) On-Site analysis, truckers, whose livelihoods are dependent upon the good working condition of their vehicles, may now, in less than five minutes, easily identify potential engine and transmission problems. Speedco locations offering the OSA, draw and analyze a small sample of oil or transmission fluid to determine information about contaminants, engine wear, coolant leaks, and transmission faults. An OSA analysis provides early warning of potential engine failures, thus allowing time for repairs or preventative maintenance.
Will Willis, Top Source Chairman & CEO stated, "Our partnership with Speedco is indicative of the quality relationships we have been cultivating over the last twelve months. Speedco's management team is focused on serving its customers by bringing them a valuable service, that is quick, easy and affordable. We are proud to be an integral part of Speedco's expansion plans. Also, truckers will now be able to get instant analysis, rather than sending samples to labs and waiting days for the results."
Mark Clark, Speedco President, stated, "Speedco has been successful in refining the concept of a "Quick Lube" oil change facility for Heavy duty Trucks. A thirty-minute oil change was a welcome and long over due service for the trucking industry. We tested the earlier OSA model, and the service caught on quickly. With the advances of the OSA-II, and the definite need by our customers, we have high expectations that the program will be well received in each Speedco location."
Top Source Technologies, Inc. develops, assembles, and markets sophisticated technologies including the patented MotorCheck(TM) On-Site Analyzer, "an oil analysis mini-lab in a box," and proprietary Overhead Sound Systems.
Forward-Looking Statements
The statements discussed in the press release relating to the Company's expectations that it will place 13 OSA-IIs in Speedco centers, Speedco's expansion plans and Speedco's expectations are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The results anticipated by some or all of these forward- looking statements may not occur.
Important factors that could cause actual results to differ materially from the forward-looking statements include the following: (1) unexpected manufacturing problems or technical difficulties with the OSA-II, and (2) Speedco's decision not to expand to 75 locations.
