VANCOUVER, British Columbia, April 26 /PRNewswire-FirstCall/ -- The following was issued today by Robert Kramer, Director, Current Technology Corporation :
Current Technology Corporation (the "Company") is pleased to announce formation of its Security and Safety Products Division (the "Division"). More importantly, the Company is launching by way of a 50 - 50 joint venture, the Division's first product, a patented telephone-based intrusion notification system, offering all of the features of a conventional monitoring system, with the additional benefits of portability and free (no monitoring fees) 24/7 operation. "We have been presented with several unique products in the dynamic, timely and very important fields of security and safety," states Company CEO Robert Kramer.
"However, the products alone were not sufficient for us to make the decision to move forward. One of the keys to success for any product is marketing and sales capability. It is our ability to marry these products to marketing and sales organizations with proven international track records that convinced us to take action.
We are committed to building shareholder value and believe the Division will make a significant contribution in the relative near term to both top and bottom lines."
The Company and The Real Security Company Ltd. ("TRSC"), a private company located in Kelowna, British Columbia, have formed a 50-50 joint venture (the "JV").
In turn, the JV has obtained the exclusive right to manufacture, market and sell TeleSpy(TM) worldwide. On behalf of the JV, the Company has placed an order for 5000 units from the Hong Kong based manufacturer, and will arrange for ongoing inventory financing. Going forward, all TeleSpys(TM), from all sources worldwide, including sales forthcoming from pre-JV leads and relationships, will be made by the JV and the JV's financial results will be consolidated into Current Technology's financial statements.
As further consideration for its participation in the JV, the Company has issued TRSC warrants to purchase up to 5 million common shares of the Company at $0.12 per share, subject to the following vesting provisions:
The warrants expire April 30, 2012, have a cashless exercise provision, and can only be exercised when the JV achieves the foregoing sales targets. Finally, TRSC has agreed, subject to satisfactory due diligence, to contribute to the JV the marketing and sales rights to a device that blocks unwanted telemarketing calls.
TeleSpy(TM) is a patented combination of a telephone, a motion sensor and an amplified microphone. Upon detecting an intruder, TeleSpy(TM) automatically calls the property owner who can listen in from a remote location and make a "friend or foe" determination. If the latter, the property owner can initiate a verified alarm call to the police who will treat the matter as a burglary in progress and respond accordingly.
Neither the property owner nor the police have to deal with false alarms, and there are no monthly monitoring fees.
TeleSpy(TM) is manufactured by Auraland Electronics Co. Ltd.
("Auraland"). Headquartered in Hong Kong and with manufacturing facilities in Shenzhen, China, Auraland last year produced over 2.8 million telephone sets, digital cameras and digital voice recorders.
With annual sales of approximately $25 million, Auraland is ISO9001:2000 compliant and certified by a number of international organizations including the British Approvals Board for Telecommunications and WIT Assessment.
TeleSpy(TM) was developed by Bill Garey of Arlington, Texas to solve a serious problem, unverified and/or false alarms. Mr.
Garey believed self-monitoring and self-verification represented the "next generation" solution to those vexing problems. TeleSpy(TM) is his elegant and cost effective solution, putting the property owner back in control.
"I met Bill at the Consumer Electronics Show in Las Vegas," states TRSC CEO Eldon Heppner.
"He introduced me to the product and showed me some videos you also may wish to see on his web site http://www.telespy.biz/video-page.
htm . I immediately recognized TeleSpy's(TM) potential and convinced Bill to let us take his invention to the world."
"One of the key players in our TeleSpy(TM) launch will be my business associate from Florida, Vince Haggerty," continues TRSC CEO Heppner.
"Vince has over 40 years in marketing and long standing relationships with a full range of retailers from Home Shopping Network to Costco and Home Depot, to name just a few. He works with a network of over 100 sales reps covering the US with over 20 offices."
Mr.
Haggerty states that "a number of my most successful new product launches resulted in excess of $60 million in sales in just over a year, with one product generating over a $100 million in sales within 16 months. I believe the TeleSpy(TM) could be the most successful to-date and many major companies have expressed a serious interest in the product."
"We are very excited about this new venture," concludes Company CEO Kramer.
"We hope to announce shortly an affiliation with a dynamic marketing organization that is addressing the needs of over 25 million small business owners in the United States. We believe TeleSpy(TM) will be a perfect fit and are also hoping to introduce them to a GPS-based asset monitoring and management system which is the subject of ongoing negotiations. We will report on these and other developments as they unfold.
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The news release contains forward-looking statements regarding future events and the Company's future results that are subject to the safe harbors created under the Security Act of 1933, as amended, and the Securities Exchange Act of 1934. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which the Company operates and the beliefs and assumptions of the Company's management. Words such as "expects", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", "will", variations of such words and similar expressions are intended to identify such forward-looking statements.
CONTACT: Corporate Relations, Robert Kramer of Current TechnologyCorporation, 1-800-661-4247; or Investor Relations, Richard Hannon ofPolestar Communications, 1-866-858-4100, for Current Technology Corporation
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