MISSISSAUGA, Ontario, July 25, 2006 (PRIMEZONE) -- D Mecatronics Inc. (Pink Sheets:DMTN) designs, manufactures and markets industrial and consumer products. Through independent subsidiaries, we provide state-of-the-art automation technology solutions to enable customers to dramatically accelerate time-to-market and increase revenue.
D Mecatronics Inc. is pleased to announce that its operating subsidiary, D&R Technology Inc., has entered into long term proposals regarding a number of manufacturing agreements with a customer who represents the global automotive industry and is one of the three top ten worldwide leaders. The proposals are estimated to be in the $25,000,000 ranges.
"I hope this update provides our stockholders with some more insight into the state of the company's operations. While we have been relatively quiet with announcements lately, it is not because activity at the company has slowed," commented Dino Paolucci Jr., company Vice President of operations.
With proposals exceeding 25 million dollars, 2006, 2007 and 2008 look very promising for D Mecatronics Inc., and President and CEO Berardino Paolucci attributes a major part of our success to Mr. Drasko Karanovic, who brings a wealth of applicable experience to his position as President of our wholly-owned subsidiary, D&R Technology Inc. Berardino Paolucci, President and chief executive officer of D Mecatronics Inc. comments, "Mr. Karanovic already has a proven track record at D&R Technology and an extensive history of successfully managing our global organization with the consistent delivery of outstanding results. He is also intimately familiar with the requirements of our customer base, having led our sales and distribution efforts for the past two years. I am confident that Mr. Karanovic will lead this company to even higher levels of performance."
Drasko Karanovic comments, "I am humbled and pleased to have the opportunity to lead our organization through this period of exponential growth. Both our tube related bend machinery and our robotic intergraded technologies are emerging rapidly. All our valued employees right down the line are committed to both our customers and our partners. Of course the ultimate goal is to effectively build market share in each of our targeted segments while returning value to our shareholders for the long term."
Investors are encouraged to visit D Mecatronics' cutting-edge website at www.dmecatronics.ca for further detailed information
The D Mecatronics Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2180
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.