Traffic.com CEO Richard P. Ramirez to Appear Today on CNNfn's 'Market Coverage'
22 November 2000
Traffic.com CEO Richard P. Ramirez to Appear Today on CNNfn's 'Market Coverage'
WAYNE, Pa.--Nov. 22, 2000--Traffic.com, the premier provider of traffic and logistics information, announced this morning that CEO and President Richard P. Ramirez will appear as a featured guest on CNNfn's "Market Coverage", later today at 12:50 PM EST. Mr. Ramirez's appearance was planned to coincide with Thanksgiving Eve's regard as the "busiest travel day of the year" and accordingly, he will discuss Traffic.com's many pioneering, technology-based traffic solutions offered via his company's world-class digital system on a segment entitled "The Leading Edge."On September 25th, Traffic.com unveiled its website and TrafficPulse(SM) Digital Sensor Network in Pittsburgh, in a ceremony highlighted by U.S. Secretary of Transportation Rodney E. Slater. In his remarks, Secretary Slater described Traffic.com's TrafficPulse(SM) as the "first full-scale, regional transportation sensor network of its kind, anywhere in the world." The TrafficPulse(SM) network uses a system of roadside sensors that collect data to provide up-to-the-minute traffic speeds, point-to-point travel times, traffic volumes and predictive forecasts to private and commercial motorists. Data is then delivered via a wireless network to the company's National Traffic Intelligence Center (NTIC), where it is repackaged for instantaneous delivery to the company's website (www.traffic.com) and broadcast traffic reports. (In the near future, the company plans to provide its service on wireless devices and on in-vehicle telematics applications.)
Just last week, Traffic.com inaugurated its service in Los Angeles, Philadelphia and Houston by providing local traffic information on its website, so motorists in those cities can better plan their routes in order to avoid congestion and other traffic delays. Traffic.com plans to follow these and other website launches with a digital sensor deployment identical to the system already in place in Pittsburgh. The expansion is part of a planned national roll out that will eventually position Traffic.com in virtually every major U.S. market, thus creating a first-of-its-kind `National Traffic Network'.
The company's national roll-out and operations will be supported by $45 million in new financing the company announced on October 26th. In this round of funding - the company's third - Baker Capital was the lead investor, joined by TL Ventures (a founding investor), Hearst Interactive Media, Bessemer Venture Partners, PNC Financial Services Group's VentureBank@PNC, and DVCRF Ventures. Other initial investors in Traffic.com include Internet Capital Group, an Internet holding company actively engaged in business-to-business e-commerce through a network of partner companies; and Pennsylvania Early Stage Partners, an early-stage investor affiliated with Safeguard Scientifics, Inc.
"Traffic.com truly is a leading edge company with a one-of-a-kind product and exclusive technology", said CEO and President Richard P. Ramirez. "By providing private and commercial travelers with readily-accessible tools to help manage their schedules and routing, Traffic.com contributes to enhancing the daily lives of Americans through decreased congestion and improved safety and efficiency."
About Traffic.com
Traffic.com is revolutionizing traffic and logistics information services with the development of advanced information systems and its exclusive TrafficPulse digital sensor network. Traffic.com employs proprietary digital technology that enables users to access information about actual speeds, travel times, traffic density, events and incidents on a 24/7 basis.
Its TrafficPulse network, built in partnership with the U.S. Department of Transportation, is deployed along key roadways in major markets and delivers data wirelessly to its National Traffic Intelligence Center (NTIC). The resulting traffic information is distributed via the Web and radio broadcast reports, to be augmented shortly by TV broadcasts and wireless access. Ultimately, data will be delivered to vehicles via digitally based on-board telematics devices.