Spectacular News From OTC BB "CLTR"
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Press Release Source: Celtron International Inc.
Celtron International Signs $11.4 Million Contract With Gat
Technologies To Install 2500 Tracking Units Per Month Friday April 15,
3:33 pm ET MIDRAND, South Africa--(BUSINESS WIRE)--April 15,
2005--Celtron International Inc. (OTCBB:CLTR - News) announced today
that Orbtech Holdings Limited, Celtron's South African subsidiary, has
signed a definitive commercial partnership agreement with Global Asset
Tracking Technologies (PTY) Ltd (GatTech). The agreement implements a
GatTech agreement with one of the biggest banking institutions in South
Africa to install the Buddi-Track tracking system in at least 2,500
vehicles per month. [...]
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Press Release
Source: Celtron International Inc.
Celtron International Signs $11.4 Million Contract
With Gat Technologies To Install 2500 Tracking Units Per Month
Friday April 15, 3:33 pm ET MIDRAND, South Africa--(BUSINESS WIRE)--April 15, 2005--Celtron
International Inc. (OTCBB:CLTR
- News) announced
today that Orbtech Holdings Limited, Celtron's South African subsidiary,
has signed a definitive commercial partnership agreement with Global
Asset Tracking Technologies (PTY) Ltd (GatTech). The agreement
implements a GatTech agreement with one of the biggest banking
institutions in South Africa to install the Buddi-Track tracking system
in at least 2,500 vehicles per month.
The agreed retail price per unit is $380.00 USD. This contract will
increase Orbtech's revenue on hardware sales by an additional US$
953,000 per month ($11.43 million annually) on the minimum contract
requirement of 2500 installations per month," said Mr. Harington,
Celtron's Chairman. "In addition to that the monthly recurring revenue
will increase by US$ 72,000 per month making Orbtech highly profitable,"
he added. It is expected that the installation number will increase to
over 5000 vehicles per month, or $1.9 million in hardware revenues per
month over the next 18 months. Monthly recurring revenues would increase
by $144,000 per month as well.
GatTech is one of the leading providers of payment protection and
value added services to the financial, insurance and allied industries
through the use of the most advanced asset tracking technologies
available. GatTech bridges the needs of asset and risk management by
reducing vehicle theft and securing financial assets.
"This is a wonderful opportunity for Orbtech and Celtron," said Mr.
Allen Harington. "The GatTech process and procedures for managing risk
on asset finance is a dynamic breakthrough in the asset finance
environment. Fortunately, the Buddi-Track systems and procedures
designed and implemented by Celtron and Orbtech are exactly what GatTech
was searching for to compliment and support their service offering. The
bank's acceptance of the Buddi-Track service offering as the preferred
technology to support their risk management process is just another
indication of the quality and stature of our product and service
offering," added Mr. Harington.
"We are very excited about this association with Orbtech" said Mr.
Carel Herbst, CEO of GatTech, "We have looked for and analyzed a variety
of systems to support our offering to the banking community and found
that Orbtech was the ideal application to support this offering. In fact
we are so comfortable with the transaction that we are investigating
several ways to forge a much closer working relationship with Orbtech
and Celtron, especially considering the fact that we collectively are
looking at launching this combined offering in the USA and Europe in the
very near future," he added.
This press release contains statements that may constitute
"forward-looking statements" within the meaning of the Securities Act of
1933 and the Securities Exchange Act of 1934, as amended by the Private
Securities Litigation Reform Act of 1995. Those statements include
statements regarding the intent, belief or current expectations of
Celtron International Inc. and members of its management as well as the
assumptions on which such statements are based. Prospective investors
are cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties,
and that actual results may differ materially from those contemplated by
such forward-looking statements. Important factors currently known to
management that could cause actual results to differ materially from
those in forward-statements include fluctuation of operating results,
the ability to compete successfully and the ability to complete
before-mentioned transactions. The company undertakes no obligation to
update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to future
operating results.
For further information, contact Allen Harington; Company President,
at + 27 11 652-6350.
Contact:
Celtron International Inc.
Allen Harington, +27 11 652-6350
www.buddi-track.co.za
or
Global Asset Tracking Technologies
Carel Herbst
P.O. Box 346
Silverton
Pretoria
South Africa 0127
Tel: +27 84 679 0679
Fax: +27 12 808 5998
info@gattech.com
Source: Celtron International Inc.
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