NEW YORK, Sept. 1, 2009 (GLOBE NEWSWIRE) — TIE Technologies, Inc. (Pink Sheets:TTCS) today announces the acquisition of Point B Telematics, Inc., the Seattle, Washington-based fleet management and asset tracking software company and operator of WIMFleet.
Point B Telematic’s WIMFleet (http://www.pointbtel.com/point_b_telematics_products/wimfleet_products.html) product allows customers to easily utilize their fleet’s travel and location “data,” by creating secure online useful reports that leverage good decision-making processes. Point B Telematics will continue to operate as a unique part of the TIE Technologies Telecommunications division, integrating additional TIE products and services to provide greater security and efficiency for customers.
Once TIE has acquired one hundred percent of the 10,000,000 shares of Point B Telematics, Inc. it will have issued 500,000 shares of TIE Technologies, Inc. common shares in exchange for Point B Telematics. Point B is a key telecommunications acquisition for TIE, bringing customer proven solutions into the TIE portfolio of assets and an exciting product ready for delivery.
According to industry watcher, Juniper Research, “the market for Wireless-enabled Machine to Machine (M2M) applications is now entering a new growth phase with revenues set to grow from $20bn in 2006 to over $44bn by 2009 and $74bn by 2011. According to Juniper Research, automated meter reading (AMR) associated revenues are expected to quadruple to $40.8 billion by 2011.” Point B Telematics offers a variety of M2M and AMR solutions, allowing fleet tracking and automating monitoring and collection of energy (gas) consumption data for the purposes of real-time billing and consumption analysis.
Mark Marangella, TIE Technologies’ Executive Vice President further commented, “Point B brings exciting possibilities to TIE’s asset tracking imperative for both the commercial and government markets. The market opportunity for operators with access to both terrestrial and satellite based wireless technology in particular, as is the case with TIE, is almost unlimited in the long term. In late 2008 Point B Telematics added support for a satellite-tracking unit, enabling global tracking of assets including containers, ships, and vehicles, opening up new markets requiring ubiquitous satellite coverage.”
ABOUT TIE TECHNOLOGIES INC.
TIE Technologies is a systems integration and telecommunications company focused on engineering and delivering innovative solutions for user’s needs and challenges within the dynamic global voice, video and data communications markets. The company offers managed IT and telecommunication services to solve a myriad of complex client requirements. Services and solutions include applications hosting, managed hosting, complex event systems management services, content delivery networks, data broadcasting networks, and voice and video solutions. TIE Technologies (TIE) is traded on the Pink Sheets under the symbol “TTCS“.
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Safe Harbor Statement
The information in this release, other than historical information, may be considered forward-looking statements within the provisions of the Private Securities Litigation Reform Act of 1995. Projection and other forward-looking statements and management expectations regarding future events and/or financial performance of the Company — although given in good faith — are inherently uncertain and actual events and/or results may differ materially.