WESTON, Fla., Feb. 10, 2005 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: Airtrax, Inc. (OTCBB:AITX), Loudeye Corporation (Nasdaq:LOUD), Sonus Networks, Inc. (Nasdaq:SONS) and Ford Motor Company (NYSE:F).
Aggressive investors and traders need to watch Airtrax, Inc. (OTCBB:AITX) again this morning! Yesterday after the markets closed, the company, a developer of patented, omni-directional technology with military and commercial applications, issued a press release announcing that the Company has finalized its contract with The Vision Company and 1148732 Alberta Ltd., granting exclusive Canadian distribution rights of Airtrax's SIDEWINDER(tm) Omni-Directional Lift Truck.
This could be huge news for investors! According to the contract, The Vision Company and 1148732 Alberta Ltd., operating under the name "Airtrax Canada," will immediately purchase 10 units of the SIDEWINDER(tm) for the purpose of demonstration, marketing and promotion to its network of dealers. Airtrax Canada also has agreed to purchase no less than 250 Airtrax units in 2005 to meet the requirements of the distribution arrangement to retain exclusive Canadian distribution rights.
Investors should continue to watch this company for more great news! According to the company's press release, Airtrax CEO Peter Amico stated, "This agreement cements our original letter of intent announced in December 2004. Through this partnership, Airtrax benefits from Airtrax Canada's expertise in servicing the Canadian material handling industry. Airtrax Canada will market our vehicles to their existing database of over 250,000 warehouse and distribution facilities in Canada -- all potential purchasers of the Airtrax product line. Airtrax Canada is confident in meeting its initial sales targets of at least 250 additional SIDEWINDER units, which we anticipate would add approximately $9.2 million to our annual revenues in 2005."
President of Airtrax Canada, George Gonzo, stated, "We recently participated with Airtrax at ProMat-2005; the largest material handling and logistics trade show for industry professionals worldwide. At ProMat, we witnessed first hand the excitement surrounding Airtrax's omni-directional technology. During demonstrations of the SIDEWINDER, we received an overwhelming positive response for the entire Airtrax product line.
For more in-depth coverage of Airtrax, visit http://216.63.242.254/AITX0209.htm
Prior to yesterday's news, the stock closed yesterday at $2.05 a share.
In case you are not familiar with the companies: A U.S.-based developer of omni-directional technology, Airtrax designs and manufactures omni-directional vehicles. A patented wheel was designed and developed by Airtrax after receiving a technology transfer from the U.S. Navy in the form of a Cooperative Research and Development Agreement.
Airtrax Canada is a sales, marketing, and distribution company with offices in Calgary and Cochrane, Alberta. The primary purpose of Airtrax Canada is to facilitate the Canadian distribution and sales of the innovative products produced by Airtrax, Inc. Airtrax Canada currently has a database of over 250,000 warehouse and distribution facilities in Canada -- all potential purchasers of Airtrax products.
The SIDEWINDER(tm) Omni-Directional Lift Truck and the MEC-Airtrax Phoenix(tm) aerial work platform (AWP) are the first omni-directional vehicles using omni-directional technology and the patented Airtrax wheel to be commercially produced. Unlike any other lift truck, the SIDEWINDER or the Phoenix AWP can turn 360 degrees in its own footprint, allowing warehouses to utilize 20 to 30% more of existing space. The nearly maintenance-free design also drastically reduces maintenance costs, delivering tremendous cost efficiencies to companies both large and small. The omni-directional wheel is manufactured by The Timken Company under exclusive production rights to Airtrax. For more information and to view a must-see product demonstration, visit http://www.airtrax.com.
Stocks showing interesting activity yesterday at the close of the regular trading day were: Loudeye Corporation (Nasdaq:LOUD) up 14.3% on 5.6 million shares traded, Sonus Networks, Inc. (Nasdaq:SONS) down 3.7% on 8.4 million shares traded and Ford Motor Company (NYSE:F) down 0.3% on 8.3 million shares traded.
Commentary:
"Ford Motor Co. is counting of the new Mercury Mariner, a hybrid mid-level SUV, to help the Mercury division. Better gas-mileage amid higher gas prices are predicted to boost sales," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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