VANCOUVER, BRITISH COLUMBIA, Jul. 9, 2010 (Marketwire) -- WebTech Wireless Inc. (TSX:WEW), a leading provider of vehicle fleet location-based services (LBS) and telematics technology, today announced the signing of a contract to provide 10,000 WT5000 Locators(TM) to its UK-based distributor, VeriLocation Inc. The sale is a result of VeriLocation winning a three-year contract to supply a leading UK insurance company with in-vehicle, GPS location devices for their innovative young drivers insurance program.
An initial delivery of 2,000 units under this program was completed in June.
Under the young drivers program, actual vehicle usage is tracked by the WT5000 Locator and reported in real-time to the insurance company and its customers via VeriLocation's web-based applications. Incentives are then provided to policyholders to limit automobile use by young drivers to lower-risk hours of the day. The result is reduced insurance premiums and claims, and increased safety.
"By combining our innovative VeriLocation vehicle management software with WebTech Wireless' proven in-vehicle hardware, we can offer an end-to-end solution to our insurance customers," said Andrew Overton, Managing Director of VeriLocation. "Not only can we reduce costs for all parties, but we can increase safety and provide piece of mind to families that purchase our customer's products."
"VeriLocation won this contract after an extensive pilot that demonstrated the superior performance of the WebTech Wireless product and the ROI available for insurance companies that adopt this model," said Scott Edmonds, President and CEO of WebTech Wireless. "Auto insurance is a huge telematics market and this contract demonstrates our ability to work with key partners to successfully sell to leading insurance providers in the markets we've targeted."
"This contract is evidence of our ability to deliver value to insurance customers as they begin to recognize and harness the benefits of telematics," said Edward Kulperger, Vice President of Insurance, OEM and International Business at WebTech Wireless. "In addition to the UK, we continue to pursue several opportunities for our evolving suite of insurance industry solutions in North America and overseas."
This latest sale underscores WebTech Wireless' commitment to meeting the rapidly evolving needs of the automotive insurance industry worldwide.
VeriLocation is one of the UK's leading providers of GPS fleet tracking and telematics systems with over 20,000 vehicles being tracked in the UK, Europe and Middle East. VeriLocation is part of Overview Mapping Limited, which specializes in location-based services and web-based applications. For more information, please visit www.overviewmapping.com.
About WebTech Wireless(R)
WebTech Wireless Inc. (TSX:WEW) is a provider of vehicle fleet location-based services (LBS) and telematics technology. It develops, manufactures and supports end-to-end wireless solutions that improve the productivity, profitability, environmental compliance and safety of vehicle fleets. Its comprehensive suite of products and services include: Automatic Vehicle Location (AVL), mapping, vehicle diagnostics, CO2 reporting, navigation, messaging, and mobile resource management. The Company serves customers of all sizes in the transport, government, service, insurance and OEM markets in over forty-one countries, including Fortune 500 companies. Specialized products include: Quadrant(R) fleet management software, InterFleet(R) solutions for government, and NextBus(TM) real-time passenger information services for transit fleets.
This News Release may contain forward-looking statements involving risks and uncertainties pertaining to, but not limited to, product plans, timing, content, pricing of products, market and industry expectations, the wireless communications and mobile fleet industries, and general economic and political conditions. Given the risks and uncertainties inherent in the markets and industries referred to in this News Release, WebTech Wireless cannot guarantee that any forward-looking statements will be realized.
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