| | | Dana Corporation’s Commercial Vehicle Systems Group
Signs Marketing and Distribution Agreement With SmarTire
Kalamazoo, Mich., October 17, 2005 -- Dana Corporation (NYSE: DCN) announced today that it has signed an agreement with SmarTire Systems Inc. (OTC Bulletin Board: SMTR) to market and sell SmarTire’s tire pressure and temperature monitoring systems to the commercial truck, bus, and recreational vehicle markets.
Specifically, Dana will market and sell SmarTire’s tire monitoring systems to original-equipment customers in North America, Australia, and New Zealand. Additionally, the two companies will collaborate on new product development and market expansion to meet the needs of their global customers.
“Combining SmarTire’s monitoring system with our own inflate (TIMS) and inflate/deflate (TPCS, CTIS) systems, gives Dana the industry’s most complete range of tire management solutions to offer to our customers,” said Steve Slesinski, director of product management and systems marketing for Dana’s Commercial Vehicle Systems group. “In addition, SmarTire’s vision of a wireless tire-monitoring network aligns with our strategy to provide the most advanced tire management system solutions available for commercial vehicles.
“We anticipate the development and integration of additional wireless sensing and control technologies that will provide added value for commercial vehicles. This agreement is the culmination of a long-standing relationship between Dana and SmarTire.”
SmarTire President and CEO Al Kozak added, “Aligning with a strong Tier 1 supplier of Dana’s caliber is the central building block in our corporate strategy for succeeding in the commercial vehicle market. The interest and demand for tire monitoring systems and other wireless sensing applications for commercial vehicles is strong and growing. Being recognized as one of Dana’s trusted partners greatly enhances the company’s ability to bring products to market quickly and to provide support for the products in the field. Dana has a solid reputation in the commercial vehicle market and an established customer base that is second to none in the industry.”
About SmarTire Systems
SmarTire develops and markets proprietary advanced wireless sensing and control systems worldwide, including tire pressure monitoring systems for global vehicle markets. The U.S. government, through the TREAD Act, has legislated that all new passenger vehicles must be equipped with tire monitoring systems beginning with a phased implementation in 2004. This has raised the awareness for tire monitoring throughout the vehicle industry, and SmarTire is capitalizing on the rapidly emerging OEM and aftermarket opportunities. SmarTire has offices in North America and Europe.
About Dana Corporation
Dana’s Commercial Vehicle Systems group, part of the Heavy Vehicle Technologies and Systems Group, designs, manufactures, and markets front-steer, rear-drive, trailer, and auxiliary axles; driveshafts; steering shafts; brakes; suspensions; and related systems, modules, and services for the commercial vehicle market. Major components and modules are marketed under the Spicer® brand name. Dana’s strategic marketing alliance with Eaton Corporation’s Truck Components group provides innovative drivetrain systems under the Roadranger® brand name.
Dana people design and manufacture products for every major vehicle producer in the world. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles every year. A leading supplier of engine, drivetrain, chassis, and structural technologies, Dana employs 46,000 people in 28 countries. The company is based in Toledo, Ohio, and reported sales of $9.1 billion in 2004. Dana's Internet address is http://www.dana.com/.
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