Refurbishing Project for the Israeli Ministry of Defense
JERICHO, New York, September 21 /PRNewswire-FirstCall/ -- Voice Diary,
Inc. (OTCBB: VDYI) announced today that Nir-Or Israel Ltd. ("Nir-Or"), with
whom VDYI signed a letter of intent regarding the acquisition of the business
of Nir-Or by VDYI, was selected by RADA Electronic Industries Ltd (NASDAQ:
RADIF) to develop and manufacture the Control and Display unit (CDU) in a
modern avionic system for a trainer jet aircraft to be supplied by RADA to
the Israeli Ministry of Defense in a refurbishing project. The order is for
$450,000 and is to be completed during 2005.
The CDU to be supplied by Nir-Or includes a custom designed display unit
for use by the pilot or instructor of the aircraft. It includes a rugged
computer and will provide display of vital parameters necessary for flight
control arriving from different sources and in different protocols.
The order, which is one of several orders for Nir-Or's CDUs, demonstrates
the confidence that Israeli aerospace and defense companies have in Nir-Or
and its capabilities to develop and deliver airborne CDUs.
"We are proud to have been selected by RADA for this important project"
said Nathan Tarter, President of Nir-Or, "RADA chose Nir-Or because of our
demonstrated ability to provide display systems for aircrafts, as well as
naval vessels, tanks and other platforms. Only a few companies around the
world have this ability".
"We, at RADA, consider Nir-Or to be one of our partners for quality CDUs
for our avionics systems and are happy to work together on this important
program" said Zvika Alon, RADA's VP Business Development.
Nir-Or is an Israeli aerospace and defense company, founded in 1986. The
main product lines of Nir-Or include:
- Display systems for airborne, naval, and land platforms, for command
and control applications in harsh conditions. The displays are for day (full
sunlight) and night operations, and they are able to display a variety of
data simultaneously, including instruments readings, navigation maps, PC
information, and video. Some displays include Nir-Or proprietary digital
recorders. The displays are LCD displays and range from 6" to 28" in size.
- Control systems for mechanical and optical systems such as a tank
gearbox, a tank ammunition system, firing and target acquisition systems,
surveillance systems, fuel systems and many others. A recent application was
for a firing control system for patrol boats that guard major sea sports
events against terrorists.
Over the years Nir-Or has developed over 250 systems for its customers.
Visit www.nir-or.com for more information.
Recently VDYI announced that it had received from Natali (the company for
emergency medical services in Israel) Ltd. ("Natali") an order to supply to
Natali 10,000 units of a 12-lead EKG device embedded in a cellular phone, the
CardioGSM. The total order is worth $3,000,000. Natali has the right to
reduce the order to $750,000, or 2,500 units, and under certain circumstances
has the right to cancel it. Full development of the product will require that
VDYI raise additional capital. There can be no guarantee that VDYI will be
successful in raising the required additional capital.
The CardioGSM will allow for self-administered EKG measurements guided by
voice instructions. The results will be automatically communicated to an
emergency center for doctor evaluation, while the patient is online. To
obtain access to the technology necessary to develop the CardioGSM, VDYI
recently purchased U.S. Patent No. 5724025 and EU Patent Application No.
97102255.3 covering claims regarding a portable vital-signs monitor. The
market for the CardioGSM is estimated by VDYI to be over US$2 billion. Based
on development of the CardioGSM, VDYI intends to develop the VoicePilot, a
cellular phone with an integrated voice PDA. The product is designed for the
visually impaired, a market that VDYI knows well-since 1997 it has marketed a
voice PDA for the visually impaired. VDYI estimates that the market for the
VoicePilot is worth US$400 million.
This press release may contain forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on the current
expectations of the management of Voice Diary Inc only, and are subject to a
number of factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements. The
following factors, among others, could cause actual results to differ
materially from those described in the forward-looking statements: changes in
technology and market requirements; decline in demand for Voice Diary Inc
products; inability to timely develop and introduce new products; loss of
market share and pressure on pricing resulting from competition, which could
cause the actual results or performance of Voice Diary Inc to differ
materially from those contemplated in such forward-looking statements. Voice
Diary Inc 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 risk and uncertainties affecting Voice Diary Inc,
reference is made to Voice Diary Inc's reports filed from time to time with
the Securities and Exchange Commission.
SOURCE Voice Diary Inc
/CONTACT: Arik Hinkis, Voice Diary, Inc., Telephone: +1-516-939-0400,
CO: Voice Diary Inc
ST: New York, Israel
IN: ARO AIR CPR ECP
-0- Sep/21/2004 20:32 GMT
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