SmarTire Systems, a developer of tyre pressure and temperature monitoring technology, has announced that it has signed an agreement with Hyundai Autonet Company, Ltd (HACO), a Korean automotive electronics supplier. Under the agreement, SmarTire and HACO will co-develop, manufacture and distribute tyre monitoring products to Korean original equipment vehicle manufacturers and the automotive aftermarket in Korea.
The agreement includes an initial US$300,000 contribution from HACO for engineering changes to modify SmarTire’s products for the Korean market and the development of technology required to meet specific needs of the Korean marketplace. SmarTire expects to receive an ongoing revenue stream through the sales of proprietary components to HACO beginning in early 2004.
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HACO, originally founded in January 1985 as Hyundai Automotive Electronics Division, is a subsidiary of the Hyundai Group.
“This partnership with HACO represents another critical milestone for the international distribution of SmarTire products,” said Robert Rudman, President and Chief Executive Officer of SmarTire Systems Inc.
“Tyre pressure monitoring systems (TPMS) are very important products for driver safety. The use of TPMS will increase sharply in the automobile market around the world,” says Seok-Jin Kang, President and Chief Executive Officer of HACO. “Through this partnership with SmarTire, HACO can develop and market products to lead the Korean TPMS marketplace.”
