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WirelessDevNet.com Press Release
MicroTRAKgps Closes Investment Agreement for $2 Million to Fund Future Growth Initiatives
DALLAS-- July 6, 2006-- MicroTRAKgps, a wholly owned subsidiary of MicroTRAK Inc. (Pink Sheets:MIOK) and provider of Global Positioning Systems (GPS) wireless location services and products that track and recover valuable mobile assets, today announced that it has signed an investment agreement with GenTRAK Holdings for an infusion of working capital totaling $2 million.
The funds will be used in conjunction with MicroTRAKgps' new product releases including Locate 1, the personal tracking device that will be sold by Sharper Image and Original Equipment Manufacturer (OEM) opportunities that are currently being field tested.
GenTRAK Holdings LLC is a wholly owned subsidiary of Sandstone Group, Inc. a privately held Milwaukee-based holding company. Sandstone was an original investor with Fibergrations LLC, a provider of RFID integration solutions that was acquired by MicroTRAK Inc. earlier this year. Sandstone Group formed a new LLC, GenTRAK Holdings, to expand its investment to include MicroTRAK following the acquisition.
"We are very excited to be expanding our existing investment in MicroTRAK to greatly accelerate the development of even more proprietary patented products and services for the rapidly expanding GPS and RFID marketplace," said Larry Moon, chief executive officer of GenTRAK Holdings.
"MicroTRAK has an excellent team of talented professionals in both GPS and RFID with extensive experience bringing solid products to market," said GenTRAK President, Joseph Carlson. "We look forward to offering customers the highest level of enhanced performance and reliability that will only be available on our products."
"The capital from this investment gives MicroTRAK the security it needs to aggressively move forward with its future plans and secured agreements," said Walter Stock, chief financial officer for MicroTRAK. "Our company is experiencing exponential growth and financing this growth next year will be critical in order to fulfill obligations to our customers and business partners as well as achieving the goals outlined in our business plan."
The infusion of capital for MicroTRAK is scheduled in three installments over the next 12 months with the first payment of 50 percent already in place June 30, 2006.
About MicroTRAK, Inc.
MicroTRAKgps, an operating subsidiary of MicroTRAK, Inc. is a leading provider of Global Positioning Systems (GPS) technology and products that utilize in-vehicle hardware and wireless location services. Based in Dallas, MicroTRAKgps has combined the ubiquitous coverage of GPS with the nationwide cellular network and 24/7 automated web and telephone accessibility to provide real-time wireless location and tracking, emergency assistance, stolen vehicle recovery and many other personal and fleet management purposes. The RFID division of the company specializes in end-to-end Radio Frequency Identification (RFID) integration solutions and hardware, RFID Reader Portals and warehouse management systems in the Food, Manufacturing, Logistics, Retail, Pharmaceutical and Healthcare industries. This division implements system deployments that track inventory, assets, and people.
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