JITE Technologies Inc. ("JITE") (TSX-V: JTI) today announced that it signed a "Statement of Work" (SOW) with OTIS Elevator Company ("OTIS"), a division of United Technologies Corporation ("UTC") (NYSE: UTX).
Under the Statement of Work, JITE is to develop over 100 parts using JITE's spring quick connect technologies for elevator control equipment manufactured by OTIS. JITE will immediately begin product prototyping with a targeted initial production date of June 2007.
"What makes this especially exciting for JITE is this is all new business, and opens up many new potential opportunities in the spring actuated connector market segment, which is currently dominated by a German player", Said Charles Qin, Chairman and Chief Executive Officer of JITE, who personally attended the signing ceremony at the Connecticut based worldwide headquarters of United Technologies, "Along with the private labeling contract signed previously with another large global company, JITE anticipates strong growth for the future."
OTIS, headquartered in the United States, is a world leading manufacturer of elevator equipment, and is the world's largest manufacturer, installer, and servicer of elevators, escalators, moving walkways and other horizontal transportation systems.
By way of update previous announcements regarding the chairman of the audit committee, the board has selected Bill Thomson to be the chair of audit committee. Mr. Thomson is a Chartered Accountant and has been president of Thomson Associates Inc. a merchant banking company specializing in providing corporate finance expertise and management leadership to businesses since it was founded in 1978. Thomson Associates obtains private equity and equity-related capital for emerging growth companies, and in providing the critical guidance required by corporations to successfully steer though crisis and towards positive growth. Mr. Thomson has operated companies in diverse fields including information technology, manufacturing, hospitality, forest products, medical services, financial services, transportation, and tier two automotive supplies.
About JITE
JITE designs and manufactures electronic and electrical connection devices for security, industrial control, automation, telecommunication, and power supply industries. JITE is head quartered in Toronto, Canada and carries out research and manufacturing operations in Shenzhen China at its ISO 9001 certified facility. For more information, visit JITE at www.jitetech.com
Forward-Looking Statements
The statements made in this press release that are not historical facts contain forward-looking information that involves risk and uncertainties. All statements, other than statements of historical facts, which address JITE's expectations, should be considered forward-looking statements. Such statements are based on management's exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "may", "will", "anticipate", "believe", "estimate", "expect", "intend" and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as contained in the Company's filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. We undertake no obligation, and do not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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For further information: JITE Investor Contact: Charles Qin, Chairman and Chief Executive Officer, Tel: (905) 731-0380; Henry Tse, Chief Financial Officer, Tel: (416) 385-3100 Ext 222