Webtech Wireless Announces Sale of NextBus
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(R)
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(R), for government winter maintenance, public works and
waste management fleets and Quadrant(R), for commercial fleet
operations and compliance (HOS, EOBR). Please visit
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.
Webtech Wireless Inc. - Investor Relations
Chief Financial Officer
Webtech Wireless Inc. - Press and Media
Vice President Marketing
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