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Astrata Group Commences North American Operations
Wednesday, December 03, 2008
Astrata Targets U.S.-based Vehicle Fleet Management & Home Land Security as Initial Markets
COSTA MESA, Calif., Dec. 3 /PRNewswire-FirstCall/ -- Astrata Group
(OTC Bulletin Board: ATTG) today announced that it has entered into the North
American markets through a newly formed joint venture company with
Colorado-based PassTime(TM). PassTime is a premier provider of code-based,
wireless and GSM technologies used in high technology payment solutions for
the finance industry and specifically with automotive sales and leasing.
(Logo: http://www.newscom.com/cgi-bin/prnh/20081203/NYW075LOGO )
The new company, which will be majority owned and controlled by Astrata,
will be known as PassTime Telematics Inc. (An Astrata Group Company), and will
target the growing U.S. Vehicle Fleet and Asset Tracking along with Home Land
Security markets using Astrata's range of advanced GPS tracking and PassTime's
Customer Management Solutions.
PassTime has over 400,000 telematics devices installed in the United
States. These products range from basic ignition control systems for
sub-prime auto payment assurance to advanced personal vehicle management
units. The company is deeply involved with all of the value chain partners
that are integral to the deployment of wireless telematics systems including
the sales channels, network operators and financing companies.
Astrata Chairman and CEO, Anthony Harrison stated, "Astrata has been
looking for the right company to partner with in the U.S. to implement its
strategic growth plans. PassTime is an excellent match and will give us the
infrastructure from which to develop the Astrata brand in the U.S. PassTime's
extensive dealer network will enable the new company to achieve critical mass
in some very interesting new markets, which we will report on in the New
Year."
PassTime Founder and CEO, Stan Schwarz commented: "We have been in
discussions with Astrata since the beginning of this year and have been very
impressed with their technology, experts and management. We have a significant
user base of over 400,000 in North America. Our market presence combined with
Astrata's advanced technology allows us to leverage this profile into new
opportunities. We are very excited about this new venture and I look forward
to taking on the role of President for the new company and growing the
American operations."
In addition to the joint venture, Astrata announced the following
organizational changes which management deemed required to appropriately
manage Astrata's newly announced entry into the North American markets while
continuing to grow its customer base abroad: Executive Chairman, Anthony
Harrison will assume the role of Chairman and Chief Executive Officer. Martin
Euler will assume the position of President and Chief Operating Officer.
Henry Negron is appointed Chief Technology Officer.
"Our reorganization helps us better facilitate and support this new
operation with Martin Euler overseeing the new U.S. business as well as
managing our U.S. based IR/PR organization, financing and M&A activities. I
will now be based mainly in Singapore managing our core team and specifically
overseeing the previously announced $100m 'classified' contract which is now
approaching the main delivery stage," Harrison added.
Astrata also announced today the appointment of Henry Negron as Chief
Technology Officer. Negron is an electrical engineer and a highly experienced
senior manager. Formerly with Motorola for twenty-seven years, he worked in
various leadership positions across the U.S., Europe and Asia spanning R&D,
product development and validation. He has a strong track record of product
delivery in 2-way radio, paging and cellular markets. Henry is based at
Astrata's R&D/Engineering facility in Singapore.
In addition, Astrata has established a new Consulting and Professional
Services business unit, which will focus on Government funded projects mainly
in the Home Land Security & Safety arena. Mike Hemming, will be heading up
this business, which includes the recently announced global Shell agreement.
Mike has considerable experience in the fields of satellite positioning,
communications & imagery and associated technologies. He has managed and
contributed to a large number of pan European projects and worked on many
projects involving the Galileo satellite system and its application in the
transport industry. The operation will be based out of Astrata's new European
headquarters in Coventry, UK.
Astrata's technology has established itself as the leading choice for
Government and Commercial organizations throughout the world. Most recently,
the company launched its GLP100i -- a compact, technologically advanced GPS
tracking device that features a unique, small, flat and lightweight form
factor, making it easy to conceal within a vehicle.
About Astrata Group, Inc.
Astrata Group, Inc., (OTC BB: ATTG) is headquartered in Costa Mesa
California. The Company is focused on advanced location-based IT services and
solutions (telematics) that combine GPS positioning, wireless communications
(satellite or terrestrial) and geographical information technology, which
together enable businesses and institutions to monitor, trace as well as
control the movement and status of machinery, vehicles, personnel or other
assets. Astrata has designed, developed, manufactured and currently supports
ten generations of telematics systems with units deployed worldwide.
Astrata has offices throughout the world including the United States,
Europe the Middle East and Asia. For further information please visit
www.astratagroup.com.
About PassTime Inc.
Headquartered in Colorado, PassTime supports and enhances the specialized
finance industry through the implementation of high-tech payment solutions.
Founded in 1990, PassTime invented the industry's first starter-interrupt
device in 1997.
PassTime has sustained industry leadership and superiority through the
release of an entire family of highly advanced starter-interrupt solutions and
technologies. PassTime prides itself on a 24/7 in-house customer service
support for our partners, lenders, dealerships and user-end customers. This
has helped the industry mature and achieve new levels of profitability and
success.
These strategic changes have helped the industry mature and achieve new
levels of profitability and success. PassTime solutions improve customer
payment performance by reducing default, repossession, and improved
collections costs. Our product modified consumer payment behaviors and
facilitates higher rates of return on the financing of higher valued vehicles
to customers with a sub-prime credit history.
Certain statements in this press release that are not historical facts are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements may be identified by the use
of words such as "anticipate," "believe," "expect," "future," "may," "will,"
"would," "should," "plan," "projected," "intend," and similar expressions.
Such forward-looking statements, involve known and unknown risks,
uncertainties and other factors that may cause the actual results, performance
or achievements of Astrata Group Incorporated (the "Company") to be materially
different from those expressed or implied by such forward-looking statements.
The Company's future operating results are dependent upon many factors,
including but not limited to: (i) the Company's ability to obtain sufficient
capital or a strategic business arrangement to fund its current operational or
expansion plans; (ii) the Company's ability to build and maintain the
management and human resources and infrastructure necessary to support the
anticipated growth of its business; (iii) competitive factors and developments
beyond the Company's control; and (iv) other risk factors discussed in the
Company's periodic filings with the Securities and Exchange Commission, which
are available for review at www.sec.gov under "Search for Company Filings."
IR/PR/Media Contacts: Financial/Business Advisors
Richard Nelson (in-house) Todd M. DeMatteo
Astrata Group Inc. Dominick and Dominick LLC
rnelson@astratagroup.com tdematteo@dominickanddominick.com
Tel: 44 (0)7795 422211 Tel: 212-558-8809
Investor Relations
Capital Group Communications Inc.
devin@capitalgc.com
Tel: 415-332-7200
SOURCE Astrata Group
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