Tiger
Telematics Inc. announced June 28 that it has closed its
acquisition, effective June 25, 2002, of Comworxx Inc., the US mobile
telematics solutions provider, for the issuance of $4.3 million of
Tiger Telematics stock and the assumption of certain liabilities.
Comworxx, based in Sarasota, Fla., is an end-to-end telematics
solution provider to the consumer automotive aftermarket. According to the company, its
Port-IT product combines global positioning, mobile
telecommunications, voice-recognition and web-based information into
one integrated system.
Comworxx claims that the product enables mobile users to access information and an
assortment of essential services, including hands-free wireless
telephone, turn-by-turn navigation, personalized information
access, including driving directions, stock quotes and weather
information 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 be
leveraged in each company's markets. We also believe we can quickly
integrate some of the features of each of the products to enhance the
full 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 have
long believed that the product has applications in the Business to
Business sector currently supported by QUALCOMM, Incorporated Wireless
Business Solutions and @ROAD. The combination of
Tiger Telematics abilities in Business to Business allied to our
knowledge of the consumer sector is a powerful combination."
About Tiger
Tiger Telematics, Inc., provides telematics products and services
in Europe and in North America. Tiger says its mission is to bridge the gap
that exists between the telecommunications, computing and automotive
industries by delivering a telematics solution to the
consumer, business and fleet markets.
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