SAO PAULO, Feb. 3, 2015 /CNW/ -- Tracker do Brasil Ltda. ("Tracker"), the leading provider of stolen vehicle recovery services in Brazil, announced today that it has reached a settlement agreement with LoJack Equipment Ireland Ltd. ("LoJack") of all legal matters. Alvaro Velasco, Tracker's President, made the announcement, stating, "We are extremely pleased with the settlement that we have reached with LoJack, Tracker's supplier of stolen vehicle recovery technology for many years. Tracker has adopted a new generation of products that include a smaller device that is easier to install and more cost effective for the segment of the stolen vehicle recovery market in which our customers operate. This technology enables us to provide industry-leading performance, tremendous value to our customers, and to remain competitive in our market. The agreement with LoJack releases Tracker from all claims by LoJack under the old supply agreement, relinquishes any claim by LoJack to Tracker's radio frequency license, and terminates all litigation between the parties. Tracker looks forward to continued strong growth in the Brazilian market and remains totally committed to its customer base. Tracker will always strive to provide the best value in the market for stolen vehicle recovery and asset management services."
About Tracker do Brasil Ltda.
Since 1999, Tracker do Brasil Ltda. ("Tracker") has provided stolen vehicle tracking and recovery services for individuals and the insurance industry throughout the commercial regions of Brazil. Today, Tracker maintains the largest stolen vehicle recovery network in Brasil, which features over 1,000 fixed receiving/transmitting assets and several mobile units, including airplanes and helicopters, that allow Tracker to recover vehicles throughout the entire Brazilian territory. Tracker has expanded its product and service line to include cargo tracking, fleet management, and other location-based services, as it continues to operate sales and installation centers throughout Brazil from its headquarters in Sao Paulo.
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SOURCE Tracker do Brasil Ltda.