AITX Airtrax: SIDEWINDER Zero Maintenance Cost After One Year in Service PR Newswire - April 11, 2006 8:00 AM (EDT)
BLACKWOOD, N.J., April 11, 2006 /PRNewswire-FirstCall via COMTEX/ -- Airtrax, Inc. (OTC Bulletin Board: AITX), a developer of patented, Omni-Directional technology with military and commercial applications, announced today that since the sale of its first SIDEWINDER(TM) Omni-Directional Lift Truck over a year ago, the Company reports that there has been no downtime due to service, maintenance or warranty repairs.
"These results are very significant for us as they validate our 'virtually maintenance free' design and our expectations for the SIDEWINDER to penetrate the mass market on a profitable basis," said Peter Amico, president of Airtrax. "The SIDEWINDER is fast becoming a compelling purchase for our customers and global resellers, by increasing the users' operational efficiencies, while eliminating or substantially reducing maintenance costs."
Amico went on to further explain the total cost of ownership (TCO), as the metric used to measure the real cost of using material handling equipment. TCO includes acquisition cost, maintenance cost, and operating cost, as well as the value associated with increased productivity. Since acquisition cost of traditional equipment only represents about 20% of the TCO[1], the virtual elimination of maintenance cost plus the reduction of operating cost will significantly reduce the total cost of ownership.
Nicholas Fenelli, COO and head of Concept Development of Airtrax explained that when the Airtrax team designed the SIDEWINDER, they knew of the frustration that lift truck customers had with escalating maintenance costs. "While designing the SIDEWINDER we continually focused on decreasing maintenance costs to the customer," explained Fenelli. "Our design eliminated the steering wheel; in fact, the entire steering system of conventional vehicles, the parking brake lever, shift levers, hydraulic valve levers, motor brushes and commutators, and many other components were eliminated. The things we don't have will never need to be fixed."
Bill Wahl, president of Bill Wahl Supply in Turnersville, NJ, whose SIDEWINDER was shipped in March 2005, said, "The SIDEWINDER is bulletproof. We've used the SIDEWINDER five days a week, six hours each day for a full year and it has never been down one second for maintenance. Bill Wahl Supply is well known in this area for using the best equipment available to load and unload Wahl's vehicles for the construction industry. Our purchase of the SIDEWINDER was possibly the best equipment investment we have ever made. This vehicle keeps on ticking, while 10% of all of our other lift trucks are always down for maintenance issues."
Frank Rouco, president of Quality Penn Products of Philadelphia said, "The SIDEWINDER is simply the best equipment we have ever bought. This vehicle saves our firm an enormous amount of time to do any job, and more productivity can directly improve our bottom-line. What's even better is that this machine never needs maintenance and is always ready to go."
John Bohmer of Affordable Equipment in West Palm Beach Florida stated, "The lift capacity of this machine is impressive. This feels like a 4000 lb capacity forklift to me. I have done extensive testing with the unit and I have found this unit has incredible pushing power equivalent to a Hyster H60XM with a GM engine. I also did some rigging work with the unit and went into a semi-gravel dirt ground with no problem. This unit is very impressive, and I have noticed that the cooling fans have yet to come on. This means that the unit hasn't even gotten hot. That is very a good sign."
Bob Downs, owner and president of Musson Theatrical of Santa Clara California, stated, "We've been using the SIDEWINDER for nearly a year. Besides the ability to travel in any direction and greatly reducing operator fatigue, the SIDEWINDER can get in and out of spaces that no other lift truck can, and unique operations can be performed easily. Our operators can complete standard operations in 30 - 40% less time than with a standard lift truck. Furthermore, the SIDEWINDER only requires that we charge the battery each night and then it's ready to go. I believe Airtrax has invented a breakthrough Omni-Directional vehicle that can positively transform the materials handling industry."
A U.S.-based developer of Omni-Directional technology, Airtrax designs and manufactures Omni-Directional vehicles. The Airtrax patented wheel was designed and developed by Airtrax after receiving a technology transfer from the US Navy in the form of a Cooperative Research and Development Agreement (CRADA).
The SIDEWINDER(TM) Omni-Directional Lift Truck and the Airtrax COBRA(TM) Aerial Work Platform (AWP) are the first Omni-Directional vehicles using Omni- Directional technology and the patented Airtrax wheel to be commercially produced. The virtually maintenance-free design also reduces maintenance costs, delivering cost efficiencies to companies both large and small. The Airtrax patented Omni-Directional wheel is manufactured exclusively for Airtrax vehicles. For more information and to view a must-see product demonstration and virtual tour of the plant, visit http://www.airtrax.com.
The Private Securities Litigation Reform Act of 1995 provides a "Safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involved risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission. Customers of the SIDEWINDER mentioned in this release may own shares of Airtrax's stock or may own shares in the future. (Then again anyone who sees the SIDEWINDER is likely to want to invest in the Company!)
For further information, contact:
At the Company: Airtrax Peter Amico President 856-232-3000 pamico@airtrax.com http://www.airtrax.com
Investor Relations: The Equity Performance Group Gary Geraci 617-723-2373 gary@equityperfgp.com http://www.equityperfgp.com
SOURCE Airtrax, Inc.
Peter Amico, President of Airtrax, +1-856-232-3000 pamico@airtrax.com, or Investor Relations: Gary Geraci of The Equity Performance Group, +1-617-723-2373, gary@equityperfgp.com
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