Homeland Security Network, Inc. in Negotiations for Large Scale Manufacturing Of iTrax Product
FRISCO, Texas, Mar 08, 2005 (BUSINESS WIRE) --
Homeland Security Network, Inc. (HSNi formerly AutoCorp Equities, Inc) (OTCBB: ACOR) announced today that it is in negotiations with a significant multinational company to co-manufacture the hardware to be used for iTrax(TM), HSNi's proprietary vehicle and equipment tracking system,. The company and its partner are working on a Letter of Intent and expect to complete the transaction by April, 2005.
"We believe that establishing this alliance will position us to become a leader in GPS tracking and capture a significant portion of what we expect will be a $22 billion industry by 2008. The iTrax product, to include the software developed by Rodwell Software Systems and ComTrak Solutions, which, as previously announced, HSNi recently agreed to acquire, will provide more features and better functionality, at a cost which is far below any similar system available today", says Charles Norman, President and CEO.
The iTrax system is used for consumer vehicles, commercial vehicles, containers and various other asset tracking solutions. This Internet- and GPS-based system allows anyone - ranging from an individual vehicle owner to the asset manager of a large multinational company to proactively monitor equipment location, on a real-time basis, either from a personal computer or from a web-based cell phone. Additionally, iTrax can give an historical information analysis of the travel pattern of a vehicle being tracked by iTrax. This feature will provide a valuable tool in many law enforcement and Homeland Security applications. The company will offer its products to several government agencies during the 2nd quarter of this year.
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