DRI Corporation Announces Mobitec® Order in Eastern Europe
May 26 2011 - 9:05AM
Business Wire
DRI Corporation (NASDAQ: TBUS), a digital communications
technology leader in the global surface transportation and transit
security markets, announced today that the Company’s Mobitec AB
(the “Mobitec Group”) subsidiary in Herrljunga, Sweden, has
received an order for Mobitec® electronic information display
systems (“EIDS”) from an original equipment manufacturer (“OEM”) on
behalf of a large transit operator in Eastern Europe. The order is
valued at approximately $850,000 USD.
David L. Turney, the Company’s Chairman of the Board and Chief
Executive Officer, said: “This project, which includes the delivery
of high-resolution Mobitec® light-emitting diode sign systems, is
for an Eastern European transit operator that provides transit
service covering more than 80 million passenger kilometers per
year. This is our second order in Eastern Europe for this
particular type of product. Our Mobitec® EIDS systems are being
installed in new bus vehicles being built by a local OEM. The
project is underway and we anticipate delivery will conclude in
fourth quarter 2011.”
Oliver Wels, the Company’s President and Chief Operating
Officer, Global Operations, said: “We are pleased to be the EIDS
supplier for this large-city project and for the ongoing success of
our cooperation with OEMs and transit operators in Eastern Europe
in general. This order marks a great achievement in our long-term
commitment to the Eastern European market and serves as our reward
for providing first-class service to our customers.”
ABOUT MOBITEC
The Mobitec Group, established in 1987 and acquired by
DRI Corporation in 2001, is a premier supplier of electronic
information display systems in more than 50 countries around the
world. Products include: Mobitec® MobiLED, Mobitec® MobiLED Colour,
Mobitec® Smartblind, and Mobitec® MobiSTOP electronic information
display systems; Mobitec® NSI Next Stop Indicator; Mobitec®
MobiQuickCard™; Mobitec® MobiVOICE voice announcement system;
Mobitec® ICU 400 and ICU 600 control units; and Mobitec®
MobiInfoEdit software. The Mobitec Group is based in Herrljunga,
Sweden. It presently operates business units in Australia, Brazil,
Germany and Singapore, as well as a joint venture in India. For
more information about the Mobitec Group, visit www.mobitec.eu.
ABOUT THE COMPANY
DRI Corporation is a digital communications technology
leader in the global surface transportation and transit security
markets. We manufacture, sell and service Mobitec® and
TwinVision® electronic information display systems and
Digital Recorders® engineered systems. These proprietary
systems and other related products and services help increase the
mobility, flow, safety and security of public transportation
agencies and their passengers. From our inception in 1983
through our fiscal year-end on Dec. 31, 2010, we’ve grown our
product installations to include public transit fleets in more than
50 countries, our annual sales revenues to $87.3 million, and our
global workforce to 275 people. We presently have operations
and/or sales offices in Australia, Brazil, Germany, Singapore,
Sweden and the United States, a joint venture in India, and
corporate administrative offices in Dallas, Texas. We also are
expanding into Russia. The next time you see a bus, think of
us.SM For more information, visit www.digrec.com.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. In particular, statements regarding the anticipated product
delivery and installation timeframe; the ongoing success of our
cooperation with OEMs and transit operators in Eastern Europe; and
any statement, express or implied, concerning future events or
expectations or which use words such as “expect,” “fully expect,”
“expected,” “appears,” “believe,” “plan,” “anticipate,” “would,”
“goal,” “potential,” “potentially,” “range,” “pursuit,” “run rate,”
“stronger,” “preliminarily,” “forecast,” “opinion,” etc., is a
forward-looking statement. These forward-looking statements are
subject to risks and uncertainties, including the risks and
uncertainties that the anticipated product delivery and
installation timeframe may change; the ongoing success of our
cooperation with OEMs and transit operators in Eastern Europe may
not continue; as well as other risks and uncertainties set forth in
the Company’s Annual Report on Form 10-K filed April 15, 2011 and
its Quarterly Report on Form 10-Q as filed May 16, 2011,
particularly those identified in Risk Factors Affecting Our
Business. There can be no assurance that any expectation, express
or implied, in a forward-looking statement will prove correct or
that the contemplated event or result will occur as
anticipated.
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