+++++++++++++++++++++++++ The Company is pleased to announce that it has entered into a contract with a Korean Telecommunications technology company, Kaicom Co Ltd, to install Phase 1 of a countrywide Korean network, which will cover all of greater metropolitan Seoul.
The target markets for the network are large commercial fleets, public transport and government fleets, traffic management, and stolen vehicle recovery.
The value of the Phase 1 roll-out is in excess of $4 million plus ongoing royalties and the eventual full country roll-out is expected to be a further $8 million to $12 million.
Network design for Phase 1 will commence in Q3 2002 and commissioning will be by 30 June 2003. Phase 2, in Pusan, will follow immediately thereafter.
In the UK, Phase 1 of roll-out of a QuikTrak network remains on schedule for commissioning in the London greater-M25 area, in July 2002.
The primary markets for Phase 1, initially, will be lone worker protection and the criminal justice system. Agreements have been entered into with all major participants in these fields.
JB Maguire COMPANY SECRETARY
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