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Airtrax Featured in The New York Times
11/05/2004
HAMMONTON, N.J., Nov. 5 /PRNewswire-FirstCall/ -- Airtrax, Inc. (OTC Bulletin Board: AITX), a developer of patented, omni-directional technology with military and commercial applications, announced today that the Company was featured in a November 4, 2004 article in The New York Times entitled, "A Kick-Start for Entrepreneurs." An excerpt from the article follows:
"The biggest fund, by far, is run by the Defense Department, which parcels out some $1 billion a year to independent companies with fewer than 500 employees. The goal is to stimulate research into novel technologies that can benefit military operations, but with a twist. The department is not paying for exclusivity for the ideas it finances; rather, it wants those ideas to go commercial as quickly as possible to assure a stream of reliable and cost-effective suppliers.
"Sometimes, the Defense Department also seeks out people to pursue commercial applications of technology it owns. That is what happened to Peter Amico, president of Airtrax, Inc. when the Navy transferred its omni-directional technology to his company in 1996. With an infusion of $850,000 in innovation research money, the company, based in Hammonton, N.J., invented a wheel that can turn in any direction: forward, laterally, diagonally and rotationally.
"The Navy will be using Airtrax's forklifts and other lifts to reduce the amount of manpower needed to move objects. Mr. Amico said that Airtrax was now moving ahead to sell its Sidewinder omni-directional lift trucks commercially to reap some profit from its years of research and development."
About Airtrax, Inc.
A U.S.-based developer of omni-directional technology, Airtrax designs and manufactures omni-directional vehicles. A patented wheel was designed and developed by Airtrax after receiving a technology transfer from the US Navy in the form of a Cooperative Research and Development Agreement (CRADA).
The SIDEWINDER(TM) Omni-Directional Lift Truck and the MEC-Airtrax Phoenix(TM) aerial work platform (AWP) are the first omni-directional vehicles using omni-directional technology and the patented Airtrax wheel to be commercially produced. Unlike any other lift truck, the SIDEWINDER or the Phoenix AWP can turn 360 degrees in its own footprint, allowing warehouses to utilize 20 to 30% more of existing space. The nearly maintenance-free design also drastically reduces maintenance costs, delivering tremendous cost efficiencies to companies both large and small. The omni-directional wheel is manufactured by The Timken Company under exclusive production rights to Airtrax. For more information and to view a must-see product demonstration, visit .
The Private Securities Litigation Reform Act of 1995 provides a "Safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involved risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
© 2004 PRNewswire
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