Sensotech Initials Agreement With Vapor Corporation
25 September 2000
Aryt Industries Affiliate, Sensotech Ltd., Initials Agreement With Vapor Corporation
TEL AVIV, Israel--Sept. 24, 2000--Aryt Industries Ltd. ("Aryt" or the "Company") (OTC BB: ARYTF) announced today that an Agreement was initialed between Sensotech, Ltd., (25% owned) (henceforth "Sensotech"), and Vapor Corporation (henceforth "Vapor"), to sell the manufacturing rights of one of Sensotech's products "CLASS" - a contact-less acoustic sensor system for public transportation (busses and trains) in North America, for a period of ten (10) years, and to receive orders for supplying sensors.According to the said Agreement, Vapor will pay Sensotech for the manufacturing rights at the first stage, the sum of $770 thousand US dollars, and in addition Sensotech will receive royalties on sales of CLASS by Vapor.
Sensotech management estimates that the sum of these royalties will amount to up to $700 thousand US dollars a year.
In addition, Sensotech received an order for supplying sensors during the year 2001, amounting to $260 thousand US dollars.
Sensotech is in the business of development, manufacturing and marketing intelligent safety sensor systems, utilizing ultrasound technology for various applications.
Sensotech safety sensors are designed for the auto industry ("ACCESSOR"), public transportation ("CLASS"), elevators ("Sensolift"), and other products now under development, based on Sensotech technology.
In August this year, Sensotech set up a fully owned subsidiary, Sensotech Automotive, through which it will serve the automotbiles market (manufacturing, development and marketing). Sensotech Automotive will seek strategic partnerships for the automotive industry.