DRI Corporation (NASDAQ:TBUS), a digital communications technology leader in the global surface transportation and transit security markets, noted today that the Company's Mobitec AB (Mobitec) subsidiary in Herrljunga, Sweden, through the Mobitec Brazil Ltda subsidiary in Caxias do Sul, Brazil, has signed a supply agreement with a major bus vehicle manufacturer in South America.
David L. Turney, the Company's Chairman of the Board and Chief Executive Officer, said: "As part of the new supply agreement, Mobitec Brazil Ltda will provide electronic destination sign systems to a major bus vehicle manufacturer in South America. The supply agreement is valid for one year and it may be renewed automatically each year thereafter for one additional year, unless terminated by either party. We anticipate that this supply agreement may generate several million dollars in annual revenue for the Company."
Oliver Wels, the Company's President and Chief Operating Officer, Global Operations, said: "Strategically, this supply agreement means we are cooperating very closely with one of the larger bus vehicle manufacturers in South America, which presently has production capacity of 30 city buses per day for the steadily growing South American transit market. We believe the bus vehicle manufacturer has strong ties in Brazil, Chile and other South American countries."
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