DRI
Corporation (NASDAQ:TBUS), a digital communications technology
leader in the global surface transportation and transit security
markets, noted today that the Company's Mobitec AB (Mobitec) subsidiary
in Herrljunga, Sweden, through the Mobitec Brazil Ltda subsidiary in
Caxias do Sul, Brazil, has signed a supply agreement with a major bus
vehicle manufacturer in South America.
David L. Turney, the Company's Chairman of the Board and Chief Executive
Officer, said: "As part of the new supply agreement, Mobitec Brazil Ltda
will provide electronic destination sign systems to a major bus vehicle
manufacturer in South America. The supply agreement is valid for one
year and it may be renewed automatically each year thereafter for one
additional year, unless terminated by either party. We anticipate that
this supply agreement may generate several million dollars in annual
revenue for the Company."
Oliver Wels, the Company's President and Chief Operating Officer, Global
Operations, said: "Strategically, this supply agreement means we are
cooperating very closely with one of the larger bus vehicle
manufacturers in South America, which presently has production capacity
of 30 city buses per day for the steadily growing South American transit
market. We believe the bus vehicle manufacturer has strong ties in
Brazil, Chile and other South American countries."
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
subsidiaries 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 development of new markets for
Mobitec Brazil Ltda and the potential for increased revenue generated as
a result of the new supply agreement in South America, 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 development of potential new South American markets for
Mobitec Brazil Ltda and potential that the Company does not see the
increased revenue expected to be generated as a result of the new supply
agreement in South America; as well as other risks and uncertainties set
forth in our Annual Report on Form 10-K filed April 15, 2010,
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
Vice
President, Corporate Communications and Administration
Phone: (214)
378-4776
Fax: (214) 378-8437
E-Mail: ir@digrec.com |
