Lonestar...I think you found a good one!!! Airtrax CEO Issues Letter to Shareholders 08/11/2005
"As we continue on our aggressive path of growth, we are focused on increasing shareholder value. We recently filed an application for listing on a national stock exchange."
Airtrax CEO Issues Letter to Shareholders
Thursday August 11, 8:00 am ET
HAMMONTON, N.J., Aug. 11 /PRNewswire-FirstCall/ -- Airtrax, Inc. (OTC Bulletin Board: AITX - News), a developer of patented, omni-directional technology with military and commercial applications, issued today a performance update to its shareholders.
Dear Fellow Shareholder:
As CEO of Airtrax (OTC BB: AITX - News), I am pleased to provide you with a mid- year progress report on our Company. We are rapidly transitioning from development to the commercialization phase of our omni-directional technology. The SIDEWINDER(TM) Omni-Directional Lift Truck and Airtrax-MEC Cobra(TM) Aerial Work Platform, along with standard lift trucks manufactured at FiLCO GmbH in Germany, are beginning to penetrate U.S. and international markets. Airtrax omni-directional vehicles offer increased maneuverability (can turn 360-degrees in its own footprint, sideways and anywhere in between), mobility, control and security having military and industrial applications. Airtrax vehicles can easily replace and/or be added to existing material handling options worldwide.
On August 3, 2005, Reuters ranked Airtrax in the top 30% of its companies under coverage, issuing its highest rating of "Outperform" as compared to four significantly larger competitors. This rating underscores our belief that our 'disruptive' omni-directional technologies and vehicles with Airtrax patented wheels are poised to outpace our competitors' offerings. The national press continues to take notice; we were recently featured in The Wall Street Journal and in a televised segment on CNBC, as well as in numerous international trade magazines and will appear on NJN Network News this month.
Year-to-date, we achieved several key milestones - we completed the manufacture of 16 Sidewinder lift trucks, delivered four trucks, including an international order, and generated initial revenues in the first and second quarters of 2005. We expect deliveries to increase substantially in the third quarter with full production of the lift truck before year's end. In July, our exclusive manufacturer of the Airtrax patented wheel delivered 76 of the world's first production of omni-directional wheels from their assembly plant in Pulaski, Tennessee, with 168 wheels to be delivered each month thereafter, thus assuring future Airtrax production. We also signed a three-year lease for 30,000 square feet of assembly operations in Blackwood, NJ. Our new Plant Manager, Frank Cooper, was formerly with General Motors (GM) running the Delphi Automotive Division of GM. Frank Cooper directed all manufacturing activities of the $300,000,000 component parts division of this GM plant, which had more than 1,500 hourly and 110 salaried employees. The Airtrax Blackwood plant will be operational and producing lift trucks in September 2005. Year-to-date, we have also solidified a number of Memorandums of Understandings and reseller agreements with representatives operating in world markets, where global production and large-scale economies are creating market demand for efficient and reliable technologies such as our own. In each agreement, it is specified that the distributor will purchase from 120 to 250 trucks per year depending upon the area of responsibility granted by the Company. Airtrax's vehicles can meet market demand by drastically reducing costs for storage facilities around the globe through equipment reliability, increased storage capacity, virtually zero maintenance costs and managed energy consumption. We now have marketing reseller arrangements in the U.S., Canada, the United Arab Emirates, Eastern Europe, the Balkan countries, and Africa. We anticipate additional global market distributorships with Mexico, Central and South American reseller arrangements to follow soon.
We are also excited to report we are almost ready to finalize our majority interest in FiLCO GmbH. FiLCO GmbH, formerly Clark Material Handling of Europe, located in Mulheim a.d. Ruhr, Germany, is a state-of-the-art manufacturing plant spanning 235,000 sq. feet, and is beginning operations for the production of standard forklifts. To view photographs of the FiLCO production facility and Airtrax products, visit our online photo gallery at: http://www.otcfn.com/aitx/pics.html. We look toward expanding our production to FiLCO to include the Sidewinder and have already begun marketing our vehicles to their dealership network. We are currently working to ramp up our centralized production in the United States and in Germany to complete production on up to 320 lift trucks to help fill our substantial backlog of orders throughout 2005.
As we continue on our aggressive path of growth, we are focused on increasing shareholder value. We recently filed an application for listing on a national stock exchange. We believe transitioning to a national stock exchange would increase our liquidity and transparency for current and new investors, including reaching institutional investors on a much broader level. I look forward to keeping you apprised of this process. In the interim, we encourage you to review a recent OTC InvestorFacts available at http://www.otcfn.com/aitx/report.html for additional detail on Airtrax. You may also visit Airtrax on the Web at or http://www.otcfn.com/aitx for future updates and product information. Should you have specific questions, please contact Gary Geraci, Investor Relations at Equity Performance Group, an affiliate of OTC Financial Network, at 617-723-2373 or email: garyg@equityperfgp.com.
As we begin production and marketing of our revolutionary omni-directional vehicles in the U.S. and abroad, we anticipate 2005 to be a banner year for Airtrax and our shareholders, but we even look more forward to 2006 with full production. As always, thank you for your continued interest and support of Airtrax, Inc.
Sincerely, Peter Amico CEO, Airtrax, Inc. About Airtrax, Inc.
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 U.S. Navy in the form of a Cooperative Research and Development Agreement (CRADA).
The SIDEWINDER(TM) Omni-Directional Lift Truck and the Airtrax-MEC 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 nearly 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, visit .
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.
For more information, contact: Equity Performance Group, an affiliate of OTC Financial Network Gary Geraci, Investor Relations 617-723-2373 garyg@equityperfgp.com See also http://www.otcfn.com/aitx _______ _________________________________ Source: Airtrax, Inc.
AITX....check pages 9-12 in their last filing, hard to say how their share structure will affect pps and the bottom line in the long term. Anyone have any comments?????
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