Tiger Telematics, Inc. Acquires Comworxx, Inc.
TigerTelematics Inc. announced June 28 that it has closed itsacquisition, effective June 25, 2002, of Comworxx Inc., the US mobiletelematics solutions provider, for the issuance of $4.3 million ofTiger Telematics stock and the assumption of certain liabilities. Comworxx, based in Sarasota, Fla., is an end-to-end telematicssolution provider to the consumer automotive aftermarket. According to the company, itsPort-IT product combines global positioning, mobiletelecommunications, voice-recognition and web-based information intoone integrated system. Comworxx claims that the product enables mobile users to access information and anassortment of essential services, including hands-free wirelesstelephone, turn-by-turn navigation, personalized informationaccess, including driving directions, stock quotes and weatherinformation and emergency services and roadside assistance. AJ Nassar, chief executive officer of Tiger Telematics, Inc.,commented, "We are delighted to have closed this acquisition.Comworxx and Tiger Telematics have complementary products that can beleveraged in each company's markets. We also believe we can quicklyintegrate some of the features of each of the products to enhance thefull product range available to our fleet and consumer customers." Mike Jonas, chief executive officer of Comworxx, said,"Port-IT was developed with the US consumer in mind but we havelong believed that the product has applications in the Business toBusiness sector currently supported by QUALCOMM, Incorporated WirelessBusiness Solutions and @ROAD. The combination ofTiger Telematics abilities in Business to Business allied to ourknowledge of the consumer sector is a powerful combination." About Tiger Tiger Telematics, Inc., provides telematics products and servicesin Europe and in North America. Tiger says its mission is to bridge the gapthat exists between the telecommunications, computing and automotiveindustries by delivering a telematics solution to theconsumer, business and fleet markets.