13.12.2007

Airtrax appoints Italian distributor

Airtrax the producer of the omni directional ‘sidewinder’ fork truck and Cobra aerial lift has signed a memorandum of understanding with the Connect Group Italia.

The agreement includes the purchase of four Sidewinder ATX-3000 lift trucks for delivery in the first quarter of 2008, with an anticipated 20 additional units by year-end 2008. It is expected to complete in February and Connect sell the Airtrax products under the Airtrax Italia banner.

Airtrax Italia will also be responsible for establishing and training a network of dealers to sell and service the Airtrax products.

Robert Watson, chief executive of Airtrax, said: "Airtrax Italia brings immediate access to another vibrant European market. We are working with a very talented group of professionals, having a proven track record and experience in the importing, exporting and distribution of construction equipment and products serving the technology industries."

The Connect group is based near Naples in the Campania region of Southern Italy its main activity is the import and export of timber. The company is starting with the forklifts but also says that it intends to import the Cobra scissor lifts when they are eventually ready to ship.

Airtrax is a publicly quoted company that recently failed to file its third quarter results, due to a requirement that it restate its accounts for its prior financial statements, beginning with 2004. The restatement is driven by “incorrect accounting for certain derivative financial instruments issued in connection with prior convertible debt and equity financings.”