SmarTire's New President Reports Preliminary Third Quarter Sales Growth Up 262% to $1.2M
Wednesday May 3, 11:45 am ET
RICHMOND, British Columbia, May 3 /PRNewswire-FirstCall/ -- SmarTire Systems Inc. (OTC Bulletin Board: SMTR - News) announced today preliminary sales results for the third fiscal quarter ended April 30, 2006. The company reports that FQ3 sales of approximately $1.2 million represents a gain of 262% over last year's third quarter and a 42% gain over the second fiscal quarter of this year. Preliminary results are unaudited and subject to review.
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Leif Pedersen stated, "As the new president and CEO of SmarTire, I am extremely encouraged by these sales results for the third fiscal quarter. They clearly demonstrate that our company is continuing to achieve solid top-line performance on both an annual and sequential basis. In addition, with the increased acceptance of tire pressure monitoring in the global marketplace as a result of the Tread Act and higher oil prices, I am confident that SmarTire can significantly accelerate this sales growth. The company is experiencing a dramatic increase in the number of major market opportunities, and I am committed to exploiting these opportunities in North America and Europe.
"I am particularly encouraged by our experience to date in the commercial vehicle sector, which represents an enormous opportunity involving heavy and medium-duty trucks, buses, recreational vehicles, and off-road construction and agricultural equipment. Our existing relationships with Dana Corporation, Vansco Electronics and Camping World are progressing very well. SmarTire has a definite competitive advantage in the commercial vehicle, bus and RV markets, and we intend to dominate these sectors.
"Another reason for my strong optimism is our long-term corporate vision. SmartWave(TM), our technological platform, enables SmarTire to add multiple onboard wireless sensor applications to vehicles. Building on our proven tire monitoring expertise and technologies, the SmartWave product offering is being designed to satisfy the increasing demands of the transportation industry for wireless remote vehicle diagnostics and fleet management. As an example, our universal receiver is well positioned to become the industry standard for the collection of data from a number of wireless gateway applications. This data can then be distributed via telematics to vehicle management systems.
"SmarTire's board of directors has provided me with the opportunity to lead the company through its next major stage of development and I am most anxious to build a successful business for our shareholders. We have an outstanding management team with the specialized skills and motivation to meet the challenges of today and tomorrow."
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