|By Marketwire .||
|January 24, 2013 11:57 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/24/13 -- Webtech Wireless Inc. (TSX:WEW) ("the Company"), a leading provider of vehicle fleet location-based services (LBS) and telematics technology, today announced that it closed the sale of NextBus division to Cubic Transportation Systems, Inc., a division of Cubic Corporation (NYSE:CUB), for total cash proceeds of $20,750,000.
Under the terms of today's agreement, Cubic will acquire all contracts, assets and rights related to the NextBus division, including the shares of NextBus Inc. a wholly owned subsidiary of the Company located in Emeryville CA. The agreement includes a provision under which Webtech Wireless will provide ongoing hardware and ASP services to NextBus.
"When we acquired the NextBus business in 2009, we believed it was a jewel in the rough with the potential to produce superior operating results, which would ultimately have significant value as a stand-alone business. Today's announcement demonstrates that we have delivered on the value we saw," said Andrew Morden, Chief Financial Officer of Webtech Wireless. "I would like to personally thank Michael Smith at NextBus for his hard work and leadership and to wish him and his team well as they join the Cubic organization."
"We continue to deliver new telematics industry leading products and services that are deployed and in use every minute of every day," said Scott Edmonds, President and CEO of Webtech Wireless. "The sale of NextBus will allow us to focus exclusively on the telematics market to deliver on our vision of Fleet Intelligence Anywhere(TM)."
About Webtech Wireless®
Webtech Wireless (TSX:WEW) is a leader in providing fleet management telematics, GPS and automatic vehicle location (AVL) solutions that improve efficiency, accountability and reduce costs. Our end-to-end solutions automate record keeping and regulatory compliance, reduce fuel burn and idling, mitigate risk, and keep drivers safe. Managers trust us to ensure people are accountable and vehicles are visible. Through the cloud, in the office, or straight to mobile devices, we deliver Fleet Intelligence Anywhere(TM). Our products are InterFleet®, for government winter maintenance, public works and waste management fleets and Quadrant®, for commercial fleet operations and compliance (HOS, EOBR). Please visit www.webtechwireless.com.
All amounts in Canadian dollars (CAD$) unless otherwise noted. Trademarks are the property of their owners.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
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