SmarTire/TRW Alliance Results in New Products
13 November 1998
SmarTire/TRW Alliance Results in New Products
RICHMOND, British Columbia, Canada--Nov. 12, 1998-- SmarTire Systems Inc. (OTC BB:SMTR) (VSE:SES.) reports that its strategic alliance with TRW Inc. has made possible the development and manufacturing of a new, innovative tire monitoring product, the TRW TireWatch(tm) System. Introduced at the recent Convergence '98 International Congress on Transportation Electronics in Dearborn, Michigan, the TRW TireWatch(tm) System is being marketed on a global basis to original equipment manufacturers of passenger cars.
The relationship with TRW allows SmarTire Systems to focus its total efforts on the automotive aftermarket. To this end, an aftermarket version of the TRW TireWatch(tm) System is currently being developed.
Testing of this next generation of the SmarTire(tm) system is expected to commence during the first quarter of 1999. This new aftermarket product will be low cost, easy to install and designed to be universally adaptable for all passenger cars and light trucks in North America and Europe.
Both the SmarTire and TRW tire monitoring systems use a radio-frequency sensor/transmitter on each tire to measure pressure, as well as temperature, and transmit the information to a receiver located in the vehicle's interior. The receiver then displays information to alert the driver about the loss of pressure so that a problem can be addressed. The products are designed for use with run-flat and conventional tires.
The TRW TireWatch(tm) System offers all of the features being demanded by tire manufacturers, automakers and consumers, including a unique key-on feature that informs the driver of the current condition of the tires when the ignition is turned on. The product can be integrated with existing remote keyless entry systems to provide substantial cost savings to the automakers. Installation options include valve stem, snap-in pocket and strap-on mounts. The system can use existing display units that may be located in the rearview mirror, overhead console or instrument panel.
In April of 1998, SmarTire Systems entered into an alliance with TRW Inc., one of the world's largest independent automotive component suppliers with $7 billion in total automotive sales. TRW was granted a worldwide, exclusive license to use SmarTire technology to manufacture and sell tire monitoring systems as original equipment in passenger car and truck markets. The alliance also provides for technical cooperation in developing the next generation of tire monitoring products. The TRW TireWatch(tm) System is the result of this co-development program.
SmarTire Systems Inc. is the developer and marketer of proprietary tire monitoring systems for the North American and European automotive aftermarkets. The Company is pursuing the passenger car market segment in response to the introduction of new tire technologies and changing consumer needs. Goodyear, Michelin and Bridgestone/Firestone have all approved the current SmarTire(tm) system for use with their run-flat tires. Through a strategic alliance, SmarTire and TRW Inc. are committed to providing superior tire monitoring systems for both aftermarket and original equipment applications. Additional information is available on the Internet at www.smartire.com.
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.
Note to Editors: TRW and TRW TireWatch(tm) are the trademarks of TRW Inc. The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this release.