Here is a press release I found about the buyout of Smartire by Bendix in Canada.
I have spent a bit of time on the Bendix site, but I can not find ANY info on the Smartire systems except the following press release.
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News Release
For more information, contact:
Barbara Gould or Carrie Kandes
Bendix Commercial Vehicle Systems LLC Marcus Thomas LLC
(440) 329-9609 (888) 482-4455
barbara.g[email protected] [email protected]
FOR IMMEDIATE RELEASE
BENDIX FINALIZES DEAL TO ACQUIRE SMARTIRE SYSTEMS INC. ASSETS
Addition of tire pressure monitoring technology will further diversify the business and propel its technology road map
ELYRIA, Ohio – December 12, 2008 – Bendix Commercial Vehicle Systems LLC, (Bendix) a member of the Knorr-Bremse Group, today announced the signing of a definitive agreement to acquire the assets of SmarTire Systems Inc. for an undisclosed amount. Based in Vancouver, British Columbia, SmarTire (OTC Bulletin Board: SMTRE) has been a leader in developing and marketing wireless sensing and control systems and advanced tire-monitoring solutions for commercial vehicles.
The transaction – which closed on December 11, 2008 – will immediately incorporate the company’s assets to become a part of the electronics business unit of Bendix. The move will complement the other leading safety technologies such as the Bendix® ESP® Electronic Stability Program and Bendix® Adaptive Cruise Control. Proceeds from the sale closing will be held in escrow subject to SmarTire obtaining consent of its shareholders at a meeting to be held in March 2009.
“The SmarTire asset acquisition is another mark of our continued commitment to provide our customers with a full range of innovative commercial vehicle braking system solutions. We strongly believe in the potential of this technology,” said Joe McAleese, Bendix president and CEO. “At the same time, this move is another important step in our overall business growth plan. Through continued diversification of our business and the incorporation of patent-protected technologies, we continue to strengthen our ability to deliver even more value to our customers and help ensure our sustainability now and in the future.”
SmarTire® and SmartWave® technologies will enhance the evolving set of Bendix chassis based safety components. Bendix believes tire pressure monitoring systems (TPMS) – already mandatory on passenger vehicles in North America – are one of the technologies to help achieve comprehensive commercial vehicle advanced safety technology.
TPMS is currently being reviewed by the National Highway Traffic Safety Administration (NHTSA) and the Federal Motor Carrier Safety Administration (FMCSA) as part of an investigation into the mitigation of tire failure in commercial vehicles. In the European Union, a current initiative aims to ensure a mandate requiring TPMS in passenger vehicles.
“Tire pressure and temperature monitoring technologies – applicable for power vehicles, trailers, trucks, buses, and RVs – are efficient and cost-effective means to help reduce fuel consumption, enhance brake system performance, and reduce fleet operating costs. The system provides on-demand, real-time tire pressure status and automatically warns the driver of an underinflated tire before it becomes dangerous,” said Scott Burkhart, vice president – controls business unit at Bendix.
McAleese added, “Integrating the effective SmarTire technology, and welcoming the dedicated and talented SmarTire employees into a strong business such as Bendix and the Knorr-Bremse Group, helps ensure a clear path for future growth. The depth of our global customer relationships, along with our commitment to quality and service, enables the opportunity to further expand the technology reach in North America and globally.”
About Bendix Commercial Vehicle Systems LLC
Bendix Commercial Vehicle Systems, a member of the Knorr-Bremse Group, develops and supplies leading-edge active safety technologies, air brake charging, and control systems and components under the Bendix® brand name for medium- and heavy-duty trucks, tractors, trailers, buses, and other commercial vehicles throughout North America. An industry pioneer, employing more than 2,200 people, Bendix is driven to deliver solutions for improved vehicle performance, safety, and overall operating cost. Bendix Commercial Vehicle Systems is headquartered in Elyria, Ohio, with manufacturing plants in Acuña, Mexico; Bowling Green, Ky.; and Huntington, Ind. For more information, call 1-800-AIR-BRAKE (1-800-247-2725) or visit
www.bendix.com.
