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Paradigm Announces Deal With Consortium to Launch PowerLOC Germany
URL(s): www.powerloc.com
GERMANY, Sept. 24, 2001--PowerLOC Technologies Inc., a subsidiary of Paradigm Advanced Technologies, Inc.
(OTCBB:PRAV), (www.powerloc.com) announced today that it has signed an agreement with a group of senior executives experienced in the field of
location based services that have come together to create PowerLOC Germany Limited.
The newly incorporated German company has been set up specifically for the distribution of PowerLOC products in Germany, Austria and
Switzerland. As a part of the agreement signed with the group, PowerLOC Germany will commit to a minimum purchase of 2000 Vehicle Locating
Devices (VLD), and 2000 Destinator units up to the end of December 2001. Five hundred (500) units are expected to be shipped in November. As
well, PowerLOC Germany has indicated its intention to purchase a Tracker by year-end.
"We have assembled a very aggressive team, since we feel that the market for these products is huge and the window of opportunity is now open,"
said Gil Sberlo who heads up the group. The Board of Advisors of PowerLOC Germany includes a number of influential people from the European
business community, the members of which will be announced shortly. The PowerLOC products and systems were recently showcased at the
International Automobile Exhibition in Frankfurt, Germany. "There was a high degree of interest from significant major automotive manufactures resulting
in several test programs," said Josef Girsch, Managing Director.
"We are very pleased with the deal since it is representative of the type of licensing and distribution structures we have opted to use as the vehicle to
bring our product lines to market," said Paradigm's President and CEO, Eduardo Guendelman. "This relationship creates the means and business model
which will allow independent companies to operate their own profit centers with our products and technology. With the assistance of our global
strategic partners, we can offer support on a worldwide basis. This agreement also signifies our entrance into the European market. We believe that the
European market represents a significant opportunity for our location based technologies."
About Paradigm Advanced Technologies, Inc.
Paradigm Advanced Technologies, Inc. provides a full range of wireless location tracking technology solutions to service providers in the telematics,
GPS, M-business, L-solutions and CRM markets. Paradigm's servers, software and devices locate, track, communicate with and manage vehicles and
other assets. Paradigm owns the exclusive licensing rights to a broad-based wireless location patent (US Patent No. B1 5,043,736) covering the
apparatus and method of transmitting position information from satellite navigational signals (such as GPS) over cellular systems to a base unit, and
displaying the location of an object so equipped. Paradigm's ownership covers all fields of use for the patented system, excluding criminal justice
applications. Paradigm wholly owns PowerLOC Technologies, Inc. For further information on Paradigm and PowerLOC, visit www.powerloc.com or
call (905) 764-3701 ext. 229.
Paradigm is also listed on the Frankfurt Stock Exchange - symbol - PG8.
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