MONTREAL, May 24, 2005 (PRIMEZONE) -- Satelinx International Inc. (Pink Sheets:SLXI), a global provider of satellite vehicle tracking services, announced today that it has signed a multi-year agreement valued at $84 million U.S. with India-based financial services provider, Elkay Finance Ltd. Under the terms of this five-year agreement, Elkay Finance Ltd. will market Satelinx's tracking device in India, where it is expected that yearly residual revenues alone will grow to over $18 million U.S. over the next 18 months.
"Satelinx's technology is exactly what we have been searching for and we have just begun to scratch the surface of this five-year deal, and we expect thousands of units to be installed over the next years," said Shirish Suhak, President of Elkay Finance Ltd.
"A deal with Elkay Finance Ltd. will open this very lucrative and giant market for Satelinx and we are overwhelm by such a large order," said Sam Grinfield, President of Satelinx International.
About Satelinx
Satelinx International Inc. provides satellite vehicle tracking units that integrates GSM/GPS/GPRS wireless technologies and the Internet to deliver wireless vehicle tracking and location services. Satelinx seeks to be recognized as the world leader in providing safety and security solutions on a global scale in a cost effective manner for vehicle owner, trucking or private vehicle fleet and insurance companies.
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates", "believes", "could", "expects", "intends", "may", "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.