Airtrax Signs Memorandum of Understanding to Establish Distribution Channel in Africa

Thursday June 23, 12:39 pm ET

HAMMONTON, N.J., June 23 /PRNewswire-FirstCall/ -- Airtrax, Inc. (OTC Bulletin Board: AITX - News), a developer of patented, omni-directional technology with military and commercial applications, announced today that the Company has entered into a memorandum of understanding (MOU) with an international representative ("representative") focused on facilitating new business partnerships and opportunities, including the introduction of products and services for the global logistics and material handling industry. According to the MOU, the representative plans to establish Airtrax Africa Corporation ("Airtrax Africa") for the purpose of distributing Airtrax's omni- directional fork lifts, aerial lifts and multi-purpose handlers and support services, including marketing, selling, and vehicle maintenance, throughout Greater Africa and Southern Africa. The parties plan to enter into a formal contract with Airtrax Africa, which will be comprised of companies with established operations in the region having materials handling as part of their daily operations.

Dinkwanyane Arnold Phasha, Airtrax African international representative stated, "Airtrax's revolutionary product line is very timely for South Africa. The use of material handling equipment in storage facilities throughout this region are plagued by high maintenance costs, including fuel inefficiencies, often leading to production downtime. We believe Airtrax's omni-directional vehicles have the capability to drive down logistics costs through equipment reliability, increased storage capacity and managed energy consumption. We are excited to form Airtrax Africa and will establish a viable distribution channel in Greater Southern Africa, and one with deep roots and involvement in the economic and government communities and activities."

CEO of Airtrax Peter Amico stated, "This MOU supports our strategy to build a global distribution network with unified marketing and branding and centralized production from our U.S. and European operations. Our planned distribution in Africa will focus on targeting the highest economic growth areas where we anticipate our product line will meet strong, existing market demand."

About Airtrax, Inc.

A U.S.-based developer of omni-directional technology, Airtrax designs and manufactures omni-directional vehicles. The Airtrax 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 Airtrax-MEC Cobra (TM) aerial work platform (AWP) are the first omni-directional vehicles using omni-directional technology and the patented Airtrax wheel to be commercially produced. The nearly maintenance-free design also reduces maintenance costs, delivering cost efficiencies to companies both large and small. The Airtrax patented Omni-Directional wheel is manufactured exclusively for Airtrax vehicles. 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.
CONTACT: Gary Geraci, Investor Relations, OTC Financial Network, +1-617-723-2373, garyg@otcfn.com.
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Source: Airtrax, Inc.

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