Odetics Inc. Selected as Daimler-Benz Supplier
24 September 1998
Odetics Inc. Selected as Daimler-Benz Supplier for New Vehicle Safety System; Lane Tracker Active Lane Recognition System May Reduce Number of Highway Accidents
ANAHEIM, Calif.--Sept. 24, 1998--Odetics Inc. has been selected by Daimler-Benz to supply Lane Tracker(tm), an active lane recognition warning system, for sale as an option on Mercedes' 1999 Actros Trucks beginning in spring 1999.
Daimler-Benz announced the availability of the option at the 57th IAA Commercial Vehicles Show in Hanover, Germany earlier this month.
More than three years in development, Lane Tracker combines sophisticated lane recognition algorithms with image recognition software and hardware jointly developed by Daimler-Benz and Odetics ITS Inc., a wholly-owned subsidiary of Odetics Inc. The result is a safety device that is capable of recognizing an unplanned lane departure and warning the driver by sounding an alarm.
"Our cooperation with Daimler-Benz and subsequent introduction of Lane Tracker launches Odetics Inc. into the lucrative automotive industry," said Joel Slutzky, chief executive officer of Odetics Inc. "This is a significant milestone for our company and it marks the beginning of a new era for us."
"Daimler-Benz is a world class vehicle manufacturer and it has been a pleasure to work with them over these past few years. By combining our capabilities, we have developed one of the most innovative safety applications to hit the automotive industry in years," said Jack Johnson, president and chief executive officer of Odetics ITS.
Odetics has signed an exclusive joint development agreement with Daimler-Benz and has received orders under this agreement for production tooling and material release for the first 1,000 production units. In addition to Lane Tracker's introduction with Mercedes' Actros truck, the agreement enables Odetics to market the system to other truck and automotive OEM's (original equipment manufacturers) worldwide on an exclusive basis.
"Lane Tracker was developed in response to the overwhelming demand for improved passenger car and commercial vehicle safety," said Johnson.
"Recent studies have indicated that road departures account for a growing number of highway incidents. The National Highway Transportation Safety Authority (NHTSA), the safety branch of the U.S. Department of Transportation, estimates that 32% of highway fatalities in the U.S. were associated with single vehicle road departures. With Lane Tracker that number may be reduced," Johnson concluded.
Odetics ITS Inc., a wholly-owned subsidiary of Odetics Inc., provides intelligent transportation systems, services and products to address the growing demand for increased safety, traveler information, reduced congestion and enhanced roadway efficiency.
Odetics ITS combines advanced proprietary technologies with transportation industry expertise to provide a broad range of transportation management systems and services and high performance image recognition products. For more information see the Odetics ITS web site at www.odetics.-its.com.
Odetics Inc. is a leading supplier of communications equipment for the television broadcast, video security, telecommunications and intelligent transportation systems markets. Odetics' headquarters are located in Anaheim, with additional operations in Europe and Asia. For more information about Odetics, its subsidiaries and divisions, please refer to Odetics' web site at www.odetics.com.
Important Notice:
This news release contains statements about a new product which may be deemed to be forward looking. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors such as: current technical issues that cannot be resolved on a timely basis, component availability, competition (including new and directly competitive products from others), pricing pressures, incorrect assumptions regarding market demand, and the significant uncertainty of market acceptance of new products customers.
Investors are strongly encouraged to review the risk factors set forth in the company's last filed Forms 10-K and 10-Q.