Nexus Telocation Systems Changes Name to 'POINTER TELOCATION' (Nasdaq Capital Markets: PNTR)
February 19 2006 - 4:00AM
PR Newswire (US)
Concludes First Stage of Strategic Repositioning: Focus on
Providing Value Added Services to Insurance Companies. GIVATAYIM,
Israel, Feb. 19 /PRNewswire-FirstCall/ -- Nexus Telocation Systems
Ltd. (NASDAQ:NXUS), 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: Yael
Nevat, Commitment-IR.com Tel: +972-3-611 4466 E-mail: DATASOURCE:
Nexus Telocation Systems Ltd. CONTACT: Ronen Stein, V.P. and Chief
Financial Officer, +972-3-572-3111, ; or Yael Nevat,
Commitment-IR.com, +972-3-611-4466, , both for Nexus Telocation
Systems Ltd. web site: http://www.pointer.com/
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