LONDON, March 2, 2004 (PRIMEZONE) -- Auto-Q International Inc. (OTCBB:AUTQ), a leading provider of vehicle tracking and monitoring systems for trucking fleets and consumers, announced today that it was no longer proceeding with the acquisition of Radicom Ltd.
After extensive negotiations, both parties agreed to terminate negotiations. Auto-Q will continue to pursue large Government contracts for vehicle tracking and monitoring systems and has already begun negotiations with other partners in the industry.
Tom Lam, Auto Q International Inc. Chairman, commented: "The synergies between us were extremely attractive but we believe Auto Q's share price is undervalued and further dilution is not appropriate at this time."
About Auto-Q
Auto-Q designs and supplies mobile data acquisition and vehicle tracking systems using global positioning systems and telematics technology. Auto-Q's products are used for vehicle fleet and asset management including tracking, positioning, security, fuel monitoring, navigation, data acquisition and reporting.
Please visit Auto Q International Inc. www.auto-q.com.
Certain statements contained herein are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995) Because such statements include risks and uncertainties actual results may differ materially from those expressed or implied by such forward looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements include but are not limited to, economic conditions, market acceptance of products, risks in technology, and product development.
Web Site: http://www.auto-q.com