CESAREA, Israel, Feb. 28, 2005 (PRIMEZONE) -- InterAge Ltd. (Pink Sheets:ITGJ), a leading provider of integrated web marketing solutions, announced today that it is taking a strong position in the growing vertical market of fuel management systems. To this end, the Company will be taking a 50% ownership position in Hungarian-based HYCO Ltd., a leading provider of fuel management systems.
This strategic move comes at a time when HYCO is in the final stages towards signing a broad-based agreement with MOL, one of the largest oil and gas groups of Central and Eastern Europe. Starting in Hungary, HYCO is to install its new fuel management system (FMS) in gas stations and truck fleets throughout the country. Future deployment is planned for seven other Central and Eastern European countries where MOL operates.
Presently, HYCO's FMS system offers advanced account management for fleet leaders, including consumption and kilometer parameters. InterAge brings to the FMS project even greater sophistication by providing web-based fleet management capabilities. With the growing problems related to fuel theft by truck drivers, InterAge offers a critical set of components to the system, which allows fleet managers the capability to review real-time parameters and status on each truck in a fleet. Because it is web-based, managers will have 24/7 access to the system from anywhere around the world.
The agreement between InterAge and HYCO will be completed following HYCO's signing with MOL. InterAge's step into this vertical market comes shortly after the Company acquired a controlling interest in Jerusalem-Sky, a leading provider of spa management systems.
"The long-term vision of our planned alliance," says Kobi Freund, InterAge's CEO, "is in line with InterAge's strategy for expansion. HYCO is very aggressive in the marketplace and I am hopeful that this partnership will lead to significant growth opportunities and increased company value over the coming years."
About InterAge
InterAge Ltd., established in 1994, specializes in providing a comprehensive business and marketing approach to web marketing. The company operates under the trade name of ID-Knowledge and offers unique marketing design, development, and advanced web marketing technology to give clients an integrated web marketing solution. These solutions include, formulating marketing concept and strategy, market research, managing email marketing, search engine optimization, and web design.
For more information, please contact kobi@id-knowledge.com or visit us on the Web at http://www.id-knowledge.com
Forward-Looking Statements
Certain statements in this news release may contain "forward-looking" information within the meaning of the Federal securities laws. All statements, other than statements of fact, included in this release may include forward-looking statements that may involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.