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Airtrax Generates New Sales By Establishing Italian Distributorship
Dec 13, 2007 (08:12 AM EST)
BLACKWOOD, N.J., Dec. 13 /PRNewswire-FirstCall/ -- Airtrax, Inc. , a developer of patented Omni-Directional Technology with military and commercial applications, announced today that it has signed a Memorandum of Understanding (MOU) with Connect Group Italia srl, establishing an exclusive distributorship in Italy for SIDEWINDER(TM) lift trucks. The parties anticipate that COBRA(TM) aerial work platforms will also be distributed in the Italian market as soon as they become available. The new agreement will immediately result in the sale of 4 Sidewinder ATX-3000 lift trucks for delivery in the first quarter of 2008, with an anticipated 20 additional units by year-end 2008.
The distribution agreement between the two companies is expected to be finalized in February of 2008. As per the terms of the MOU, Connect Group will be doing business as 'Airtrax Italia', having the exclusive rights to market and distribute Airtrax products to a network of material handling dealerships throughout Italy. Airtrax Italia will also be responsible for establishing and training a network of dealers with considerable experience in selling and servicing industrial equipment.
Robert Watson, chief executive officer of Airtrax, stated, "Airtrax Italia brings immediate access to another vibrant European market. We are working with a very talented group of professionals, having a proven track record and experience in the importing, exporting and distribution of construction equipment and products serving the technology industries."
Mr. Watson continued, "We are encouraged at the onset of this new distributorship after having sold an initial four SIDEWINDER lift trucks and after having received an indication of significant interest of additional future sales. Airtrax Italia builds upon the foundation of a global distribution network, which includes an established and growing US dealer network. It is critical to our ongoing sales efforts that Airtrax continues to grow and maintain a strong, well trained global distribution network, especially as we prepare to expand our product line in 2008."
About Connect Group Italia srl:
Connect Group Italia srl has years of experience in the Import/Export business. It is a company of Italian origin, with business operations in Europe, Latin America and North America. Connect Group has several clients in Asia and India. In addition to the selling and distribution of new and used construction equipment, their other businesses include the sale and distribution of Energy Technologies (including Solar), and the distribution of exotic hardwoods from Latin America into Europe, North America, and Asia.
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 COBRA(TM) Omni-Directional Aerial Work Platforms (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, Nevada, Texas, Arkansas, Ohio, New Jersey, New York, Kentucky, Florida, and Pennsylvania in the United States, and internationally to the United Kingdom, Japan, Spain, Ireland, Israel, 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 Gary Geraci 617-242-1025
CONTACT: Robert M. Watson, CEO, Airtrax, +1-856-232-3000; or Gary Geraci, email@example.comThe Equity Performance Group, +1-617-242-1025,
Web site: http://www.airtrax.com/ http://www.equityperformancegroup.com/ http://www.equityperformancegroup.com/clients_airtrax.php/