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Israeli Air Force Successfully Completes Testing of Airtrax's MP2 Equipment Handler Prototype and States its Intent to Order Five Additional Units
Sep 24, 2007 (08:09 AM EDT)
BLACKWOOD, N.J., Sept. 24 /PRNewswire-FirstCall/ -- Airtrax, Inc. , a developer of patented Omni-Directional Technology with military and commercial applications, today announced that the Company has received formal notification from the Israeli Ministry of Defense (MOD) that the Israeli Air Force (IAF) has completed the final testing of Airtrax's MP2 Equipment Handler Prototype that was shipped to Israel for evaluation in May 2007.
In his notification letter, Reuven Sofer, Deputy Director of the Mission to the U.S., stated that the vehicle "has been approved by the end-user after successfully completing the testing conducted in Israel. We anticipate that we will be sending you the purchase order for five production vehicles sometime during the next few weeks. The purchase order will include an option for the MOD to purchase an additional four vehicles (i.e. beyond the base quantity of five). Following the issuance of the purchase order described above we will have a meeting in mid October to discuss certain matters related to the option quantity."
In addition to the vehicles themselves, the IAF expressed its intent to order certain support equipment including stand-by battery cassettes, chargers, battery installation and service carts, as well as spare consumable and replacement parts. The IAF has requested certain optional features to the vehicles beyond what was originally quoted. These add-ons to the order may significantly increase the value of the original contract.
Nicholas Fenelli, Airtrax's chief of operations, stated, "Airtrax has been working closely with the IAF to provide a robust Omni-Directional Equipment Handler and we are very happy that the IAF has decided to move forward with the acquisition of additional vehicles to fulfill their immediate needs. Additionally, the IAF has requested even more units to be supplied through 2008 and possibly into 2009. I feel this demonstrates the confidence of the Israeli military in the value of Airtrax equipment and the long term viability of Airtrax as a Company."
Fenelli continued, "We are currently planning to host a contingent from the Ministry of Defense at a meeting in our facilities, upon the completion of the option quantity discussions. We are delighted to be demonstrating many of our Omni-Directional applications we believe will lead to increased efficiencies with regard to military logistics."
About Airtrax, Inc.:
A U.S.-based developer of Omni-Directional Technology, Airtrax designs and manufactures Omni-Directional Vehicles. The Airtrax patented wheel was designed and developed by Airtrax after receiving a technology transfer from the US Navy in the form of a Cooperative Research and Development Agreement (CRADA).
The SIDEWINDER(TM) Lift Truck, MP2 Equipment Handlers, and the KING COBRA(TM) ATX-3368 Omni-Directional Aerial Work Platform (AWPs) are the first Omni-Directional vehicles using Omni-Directional technology and the patented Airtrax wheel to be commercially produced. The nearly maintenance-free drive system design reduces maintenance costs, delivering cost efficiencies to companies both large and small. The Airtrax patented Omni-Directional wheel is manufactured exclusively for Airtrax vehicles.
Airtrax has developed business partnerships, received orders, and shipped SIDEWINDER Lift Trucks to California, Wisconsin, Arkansas, Ohio, New Jersey, New York, Kentucky, Florida, Pennsylvania and Texas in the United States, and internationally to the United Kingdom, Japan, Ireland, Spain, Panama, New Zealand, Canada, and South Africa.
For more information and to view a must-see product demonstration, visit www.airtrax.com http://www.equityperformancegroup.com/clients_airtrax.php or .
The Private Securities Litigation Reform Act of 1995 provides a "Safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involved risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission. Customers of the SIDEWINDER mentioned in this release may own shares of Airtrax's stock or may own shares in the future.
For further information, contact: At the Company: Airtrax Robert M. Watson, CEO 856-232-3000 firstname.lastname@example.org Investor Relations: The Equity Performance Group Bethany Tomich 617-723-1465
CONTACT: Robert M. Watson, CEO of Airtrax, +1-856-232-3000; or Investor email@example.comRelations, Bethany Tomich of The Equity Performance Group, +1-617-723-1465,
Web site: http://www.airtrax.com/