GIVATAYIM, Israel, Feb. 19 /PRNewswire-FirstCall/ -- Nexus Telocation Systems Ltd. , a leading provider of stolen vehicle retrieval (SVR) services in Israel, Argentina and Mexico, and a leading provider of road side assistance and towing services in Israel, is to be renamed POINTER TELOCATION LTD.
Pointer Telocation's shares are listed on Nasdaq Capital Market and will start trading under the new symbol PNTR as of the opening of the market on Tuesday February 21st, 2006.
The Company has also concluded the first stage of its strategic repositioning, namely the refocusing of its business from technology development to the provision of critical services typically provided by insurance companies to their customers, but which are not part of their core business. The Company invested more than $40 million in order to successfully achieve the repositioning.
Currently, Pointer Telocation provides to insurance companies customer policyholders a broad range of services including mainly road-side assistance, vehicle towing, stolen vehicle retrieval and other value added services, through its subsidiaries. In Israel, the local subsidiary Shagrir Vehicle Systems, which provides services under two brand names: "Shagrir" and "Pointer", is the largest player in the field of towing services and road side assistance and the second largest operator in the SVR market.
Yossi Ben Shalom, Chairman of the Board of Pointer Telocation, said: "Pointer Telocation is today a different company from what it was prior to 2004. In 2003 revenues were less then $2 million per quarter compared to approximately $10 million in quarterly revenues since Q2 2005. Prior to 2004, Pointer Telocation was mainly selling equipment, whereas now it is providing a wide range of services to hundreds of thousands of subscribers. We have successfully concluded purchasing and investing in new activities, having successfully managed a strategic turnaround and operational re-organization."
"We are focused on leveraging our business platform -- an operational infrastructure for providing a wide range of services -- in order to increase the suite of services we are offering to our customers, mainly insurance companies, in each of the territories in which we operate, as well as looking to penetrate new markets. The Company plans to dual list its shares on the Tel Aviv Stock Exchange by the end of the year."
The new website address is http://www.pointer.com/ . The Nexus website will remain active for the time being, but will not be updated. For current information, shareholders and interested parties are invited to visit http://www.pointer.com/ .
About Pointer Telocation:
Pointer Telocation Ltd (http://www.pointer.com/ ) provides range of services to insurance companies and automobile owners, including road-side assistance, vehicle towing, stolen vehicle retrieval, fleet management and other value added services. Pointer Telocation provides services, for the most part, in Israel, through its subsidiary Shagrir and in Argentina and Mexico through its local subsidiaries. Independent operators provide similar services in Russia and Venezuela utilizing Pointer's technology and operational know-how.
Safe Harbor Statement
This press release contains forward-looking statements with respect to the business, financial condition and results of operations of Pointer and its affiliates. These forward-looking statements are based on the current expectations of the management of Nexus, only, and are subject to risk and uncertainties relating to changes in technology and market requirements, the company's concentration on one industry in limited territories, decline in demand for the company's products and those of its affiliates, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of the company to differ materially from those contemplated in such forward-looking statements. Pointer undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting the company, reference is made to the company's reports filed from time to time with the Securities and Exchange Commission.
Contact:
Ronen Stein, V.P. and Chief Financial Officer
Tel: +972-3-572 3111
E-mail:
© 2006 PR Newswire
