MIAMI, Aug. 26, 2004 (PRIMEZONE) -- Stockwire.com Releases its Movers and Shakers List: Grayling Wireless (Pink Sheets:GRYW), Gilead Sciences (Nasdaq:GILD), Taser International (Nasdaq:TASR), Sina Corp. (Nasdaq:SINA)
Today Grayling Wireless USA Inc. (Pink Sheets:GRYW) reported that the African operations of its newly-acquired subsidiary Virtual Wave Group ("VWG") have commenced.
Installation of GPS-tracking devices and location-based monitoring services have commenced under VWG's master contract with an African insurance brokerage. The master contract calls for the installation and monitoring of 9,600 vehicle-tracking devices over the next year. The tracking units will be monitored and serviced by VWG under 60-month end-user contracts that, in the aggregate, represent approximate revenue of $16,000,000 USD (related operating profit of $11,000,000 USD). The parties intend to extend the master contract, ultimately encompassing 48,000 fleet and private vehicle installations over the next 5 years. VWG has completed arrangements for all of the in-country operational elements required to service this initial master contract.
GRYW will exploit the very significant economic opportunities represented by its acquisition of VWG, focusing initially on providing a stable foundation for growth from the company's African initiatives followed quickly by an aggressive commercial roll-out of VWG products and services in North and South America.
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