/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/
BURLINGTON, ON, March 10 /CNW/ - IPICO Inc. (TSX-V: RFD) is pleased to announce that it has entered into an exclusive letter of intent with Maritime Telecommunications Network, Inc. (MTN), a global service provider of communications, connectivity and content services to remote locations around the world, respecting the distribution of an integrated solution co-developed by IPICO and MTN for people-tracking applications on maritime vessels using IPICO's IP-X based tag and reader technology and MTN's proprietary software.
MTN services over 500 vessels and land-based terminals, including cruise ships, government and military vessels, private yachts, ferries, offshore drilling and production sites, and commercial ships. Through MTN's global VSAT satellite network, the company provides reliable and cost-effective services to most of the major cruise lines around the world. According to the 2009 cruise market overview report from Cruise Lines International Association, Inc. (CLIA), the North American cruise ship market consists at present of more than 185 ships with a total capacity of more than 275,000 passengers.
"This large and immediate opportunity continues to validate IPICO's investment in its innovative core technology", observed Gorden Westwater, President and CEO of IPICO. "MTN's established position and reach in the maritime sector, and its impressive engineering capability, in combination with IPICO's leading IP-X technology, creates a very unique and powerful passenger and personnel safety solution to be offered to the global cruise ship market."
It is expected that the product will be showcased for demonstrations at the Seatrade Cruise Shipping show in Miami later this month. IPICO has received the first purchase order and anticipates beginning to fill orders this summer with initial installations on the first cruise ships this fall. Mr. Westwater also noted that "We are confident that executing this letter of intent with MTN will enable the acceleration of IPICO's supply capabilities."
Jonathan Weintraub, Chief Executive Officer of MTN, added "We look forward to working closely with our partner IPICO to develop and bring to market a state-of-the-art system that will enhance the security and safety for passengers and crew on modern cruise ships."
ABOUT IPICO Inc.: IPICO Inc. is an RFID solution supplier with operations in Canada, USA, South Africa, Europe, Asia and Australia. IPICO produces smart labels and tags based on the IP-X communication protocol. IPICO's low interference readers are designed to meet regulatory requirements in many major markets, and allow for multi-reader rollout in close proximity. IPICO's low cost RFID products excel at long read range, fast multi-read anti-collision and high thru-beam read-speeds of dynamic tag populations. These products are used to optimize the management of items, people, animals and processes within the logistic supply chain and other value chains. For further information, go to www.ipico.com
This news release contains certain forward-looking statements pertaining to future anticipated projected plans, performance and developments, as well as other statements relating to future operations and results, including, without limitation, statements as to sales forecasts and required minimum future revenues. Any statements in this news release that are not statements of historical fact may be considered to be forward-looking statements. Written words such as "may", "will", "expect", "believe", "anticipate", "estimate", "intends", "goal", "objective", "seek", "attempt", "suggest" or variations of these or similar words, identify forward-looking statements. These statements by their nature are estimates of future results only. Actual results could differ materially from those contained in the forward-looking statements and are based on current expectations that involve substantial risks and uncertainties, including but not limited to the failure to meet market growth, order volume, delivery commitment or minimum revenue expectations, political intervention, and those other risks and uncertainties detailed from time to time in IPICO's periodic reports filed on SEDAR (www.sedar.com).
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
SOURCE IPICO INC.
For further information: For further information: Gordon Westwater, President & CEO, IPICO Inc., Tel: (905) 631-6310, Email: email@example.com