Airtrax Makes Additional Key Management Hire and Provides Business Update
BLACKWOOD, N.J., Jan. 22 : Airtrax, Inc. (BULLETIN BOARD: AITX) , a developer of patented, Omni-Directional technology with military and commercial applications, today announced the Company has hired a new Controller, G. Theodore 'Ted' Harrison, and has provided an update on the business operations of the Company.
Mr. Harrison is a former Navy Officer and CPA with Arthur Andersen and PricewaterhouseCoopers. Mr. Harrison has served as Chief Financial Officer, Controller, and Treasurer for the past 39 years for companies in Philadelphia, New York City and Washington, D.C., including 14 years with the Philadelphia Phillies, where he ended his tenure as the organization's Chief Financial Officer. Mr. Harrison has experience in budget and cash flow analysis, and establishing enterprise-wide controls, procedures, and systems for compliance and responsible corporate governance.
The Company has also issued an update on several ongoing projects:
-- Airtrax has recently received final design approval for its new Omni-
Directional equipment handler based on the Company's MP2 platform from
the Israeli Air Force (IAF). Airtrax has begun construction of a
prototype, which is being customized through extensive input from the
IAF. The Company anticipates shipping the first unit in the second
quarter of 2007. Subject to final approval from the IAF, Airtrax may
accelerate the manufacture and delivery of the additional units. The
units, for which the IAF has an option to purchase, could be shipped
several months sooner than previously announced.
-- The production prototype of the KING COBRA(TM) 3368 Omni-Directional
Aerial Work Platform is underway and final testing will commence in the
near term. The KING COBRA scissor lift will be made available for
delivery to fill existing and new orders in the second half of 2007.
Robert Watson, chief executive officer of Airtrax stated, "Mr. Harrison brings a wide spectrum of skills, experience and aptitude to our growing management team and the associated accountability it represents. I strongly believe he will be a major contributing factor in the successful implementation of our business and strategic plans."
Mr. Watson continued, "Our agreement with the Israeli Air Force has yielded very positive results, and we are excited about the future prospects of this relationship. In addition, we remain focused on the development and anticipated introduction of new products, such as the KING COBRA(TM) 3368 Omni-Directional Aerial Work Platform. In the coming weeks, I will disclose marketing and distribution plans that I believe will facilitate market penetration of our existing products and create market preparedness for our development stage products. I firmly believe that Airtrax is heading in the right direction and expect tangible examples of this will be seen throughout 2007."
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 U.S. 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) 3368 Omni-Directional Aerial Work Platform (AWP) 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 trucks to California, Wisconsin, Arkansas, Ohio, New Jersey, Kentucky, Florida, and Pennsylvania in the United States, and internationally to the United Kingdom, Japan, Spain, Panama, New Zealand, Canada, and South Africa.
For more information and to view a must-see product demonstration, visit www.airtrax.com/ or http://equityperformancegroup.com/clients_airtrax.php.
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 Watson - CEO
856-232-3000
or
Investor Relations
Equity Performance Group
Bethany Tomich
617-723-1465
http://airtrax.com/bethany@equityperfgp.comhttp://www.equityperformancegroup.com/
First Call Analyst:
FCMN Contact:
Source: Airtrax, Inc.
Web site: www.airtrax.com/
