- Order Valued at Approximately $5.0 Million USD
- Product Delivery Commencement Slated for Fourth Quarter 2009
- Fiscal Year 2009 Combined India Orders Now in Excess of $15.0
Million USD
DRI
Corporation (DRI) (NASDAQ: TBUS), a digital communications
technology leader in the global surface transportation and transit
security markets, announced today that the Company's Mobitec AB
(Mobitec) subsidiary in Sweden, through its Castmaster Mobitec India
Private Limited joint venture in India, has received a record high
single order valued at approximately $5.0 million USD from a large
transit system operator in Chennai, Tamil Nadu, India.
David L. Turney, the Company's Chairman, President and Chief Executive
Officer, said: "Our Mobitec® products will be installed on Chennai's new
bus vehicles, which will serve the more than 4 million people living in
or near this capital city of Tamil Nadu, an Indian state situated on the
Coromandel Coast of the Bay of Bengal. Product delivery commencement is
slated for fourth quarter 2009. This order further demonstrates our
strong market position in the vast, but highly competitive, Indian
transit market. We believe the number of new bus vehicles procured in
India thus far in fiscal year 2009 surpasses an entire year's worth of
orders for new full-size bus vehicles in the U.S. transit market,
according to data published by the American Public Transportation
Association. Leaders in India are to be commended once again for their
bold vision as exemplified by the ongoing investment in transit
infrastructure. They continue to understand the vital role that such
investments play in developing healthy and livable cities and a strong
economy."
The Mobitec® products ordered for the new bus vehicles in Chennai
include front, rear and side sign systems, cabling and control units.
ABOUT MOBITEC
Mobitec, a global supplier of electronic information display systems, is
highly respected for its products, technology, service, and quality.
Mobitec is based in Herrljunga, Sweden. It presently operates business
units in Australia, Brazil, Germany and Singapore, as well as a joint
venture in India. For more information, visit www.mobitec.eu.
ABOUT THE COMPANY
DRI Corporation is a digital communications technology leader in the
global surface transportation and transit security markets. Our products
include: TwinVision® and Mobitec® electronic destination sign systems,
Talking Bus® voice announcement systems, Digital Recorders®
Internet-based passenger information and automatic vehicle
location/monitoring systems, and VacTell® video actionable intelligence
systems. Our products help increase the mobility, flow, safety, and
security of people who rely upon transportation infrastructure around
the globe. Using proprietary hardware and software applications, our
products provide easy-to-understand, real-time information that assists
users and operators of transit bus and rail vehicles in locating,
identifying, boarding, tracking, scheduling, and managing those
vehicles. Our products also aid transit vehicle operators in their quest
to increase ridership and reduce fuel consumption, as well as to
identify and mitigate security risks on transit vehicles. Positioned not
only to serve and address mobility, energy conservation, and
environmental concerns, our products also serve the growing U.S.
Homeland Security market. For more information about the Company and its
operations worldwide, go to www.digrec.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. In
particular, statements concerning the timing of the deliveries of
orders; our joint venture growth opportunities in India; the size of the
Indian market for our products; future growth of the Indian market for
our products; as well as any statement, express or implied, concerning
future events or expectations or which use words such as "expect,"
"fully expect," "expected," "appears," "believe," "plan," "anticipate,"
"would," "goal," "potential," "potentially," "range," "pursuit," "run
rate," "stronger," "preliminarily," "forecast," "opinion," etc., is a
forward-looking statement. These forward-looking statements are subject
to risks and uncertainties, including risks and uncertainties associated
with the timing of the deliveries of orders; the risk that future
anticipated growth in the Indian market may prove inaccurate; the risk
that our estimate of the size of the Indian market for our products may
prove inaccurate; the risk that our estimate for the growth of the
Indian market for our products may prove inaccurate; as well as other
risks and uncertainties set forth in our Annual Report on Form 10-K
filed March 31, 2009, and as updated in our Quarterly Report on Form
10-Q filed Aug. 13, 2009, particularly those identified in Risk Factors
Affecting Our Business. There can be no assurance that any expectation,
express or implied, in a forward-looking statement will prove correct or
that the contemplated event or result will occur as anticipated.
DRI Corporation Contact: Veronica B. Marks Manager,
Corporate Communications Phone: (214) 378-4776 Fax: (214)
378-8437 E-Mail: ir@digrec.com
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