VANCOUVER, British Columbia, Sept. 25, 2002 (PRIMEZONE) -- Inforetech Wireless Technology Inc.(r) (OTCBB:WYRE), a leading supplier of GPS technology for the golf industry, today announced that it has signed a Master Manufacturing / Supply Agreement with Astro Instrumentation L.L.C. of Cleveland, Ohio, a world-class provider of electronics manufacturing and supply-chain management services.
Under this exclusive, long-term agreement, Astro will supply Inforetech with complete procurement, product manufacturing and assembly, test, product support and new product introduction services. Astro will also take a firm stand behind Inforetech's product by providing significant vendor financing along with coverage for all costs related to product engineering in preparation for manufacturing.
"Astro has many years of experience in the supply of integrated services for companies such as Inforetech, which are looking at reduced product costs and complete manufacturing solutions. Their mobile terminal is leading-edge technology for the golf industry and we are pleased to be awarded the contract for the manufacturing, procurement and support for this product. Through this agreement, Astro makes a strong commitment in supporting the successful set up of manufacturing and procurement centers and enabling Inforetech to streamline costs with its core product development effort" said Mr. Doug Wood, President of Astro.
"We are extremely pleased with this agreement. Astro is a world-class manufacturer with a track record in providing quality services to high-technology companies like Inforetech," said Robert C. Silzer, Inforetech's President and CEO. "Due to stringent customer requirements, we decided to partner with a company that had significant volume production capabilities and a solid global logistics program. We are confident that Astro is the best choice for our manufacturing requirements as we move forward with the introduction of our Inforemer(tm) GPS for golf system. Inforetech's agreement with Astro is another successful step in implementing our new business plan. Astro has a very experienced team and understands the project to the point where we will avoid critical time delays to prepare for distribution in the marketplace."
About Inforetech Wireless Technology Inc.
Inforetech Wireless Technology uses global positioning systems (GPS) combined with high-speed wireless communications technology to deliver information systems for the golf industry. The company's product, the first patented communications network that utilizes advanced internet protocols to provide a wireless information system, enhances enjoyment, awareness and skill of the game, increases golf course profits and improves pace-of-play issues. The company's mission is to build and maintain a strong, viable position as an international supplier of GPS-based golf devices. Additional information can be obtained from the company's web site: www.inforetech.com
About Astro Instrumentation LLC.
Astro is a ISO 9001 certified organization dedicated to offer a broad range of services to North American product development organizations. Astro Instrumentation is a world-class service provider for contract design, development, and manufacturing of cost-effective electro-mechanical devices. AI's facilities are located in Strongsville, Ohio (Cleveland Suburb). The company provides one-stop concept-to-completion services.
Astro has the ability to deploy and execute practical solutions within a short time frame, in line with customer's expectations. Through engineering consulting on manufacturing processes and by dealing with proven suppliers to reduce material, labor, and overhead costs, our services can help customers to gain a competitive edge in an increasingly demanding marketplace. Corporate web site: www.astroinst.com
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: The Company's ability to raise finance; global and market conditions within the golf industry; demand for and market acceptance of new and existing products; successful development of new products; the timing of new product introductions; pricing pressures and other competitive factors; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the company's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Other brands and names contained in this release are the property of their respective owners.