SmarTire Systems Applies for NASDAQ Listing
27 August 1998
SmarTire Systems Applies for NASDAQ Listing
RICHMOND, British Columbia--Aug. 26, 1998-- SmarTire Systems Inc. (VSE:SES.) (OTC Bulletin Board:SMTR) announced today that it has applied for a listing on the NASDAQ Small Cap Market.Commenting on the application, Robert Rudman, President and Chief Executive Officer of SmarTire Systems, said, "Since we believe that SmarTire currently meets or exceeds the NASDAQ Small Cap Market requirements, this is a natural step in the Company's evolution. A NASDAQ listing will greatly enhance our ability to access the capital markets and provide investors with a more stable and liquid market."
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.
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this release.