DRI Corporation Announces Mobitec® Order in Saudi Arabia
July 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 fleet operator in Saudi Arabia. The order, with a total
value exceeding $650,000 USD, will be delivered in fiscal years
2011 and 2012.
David L. Turney, the Company’s Chairman of the Board and Chief
Executive Officer, said: “This order continues the market
penetration that we’ve been demonstrating in the Middle East for
quite some time. We view that market as being a great long-term
opportunity and we’re very much appreciative that the OEM and end
customer chose to honor us with the order.”
Oliver Wels, the Company’s President and Chief Operating
Officer, Global Operations, said: “The products ordered include
Mobitec® EIDS products for the front, sides and rear of the fleet
operator’s inter-city bus vehicles, as well as Mobitec® ICU 600
control units and cabling.”
ABOUT MOBITEC GROUP
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 Company’s market
penetration in the Middle East; 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 Company’s market penetration in the Middle East may not
continue as expected; 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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