Image Sensing Systems Announces Extension to Econolite Distribution Agreement
16 July 2008
Saint Paul, Minnesota – Image Sensing Systems (NASDAQ: ISNS), has announced that it has reached an agreement with its exclusive North American distributor for Autoscope®, Econolite Control Products, to extend the current agreement.
Under an amendment to the manufacturing, distributing and technology license agreement, the term of the agreement – which was set to expire in 2011 – has been extended to 2031 with either party being allowed to cancel the agreement with three years' notice. The amendment includes additional non-financial modifications.
Ken Aubrey, Image Sensing Systems' CEO, said, "Since 1991, Econolite has been our valued partner and has shared our belief in the advantages of computer enabled detection for ITS. They have helped us become the leaders in machine-vision based detection for intersection control in North America with our Autoscope family of products. We are fortunate to be a part of the premier distribution channel in our market."
Mike Doyle, CEO of Econolite, added: “We value Image Sensing for consistently delivering new and exciting technology that keeps us ahead of the competition – recently, it was Autoscope Terra™, with its Ethernet-over-power design, MPEG-4 streaming and Internet connectivity – and we are anxiously awaiting the hybrid machine-vision / radar offering, which we believe will set a significantly higher standard for performance and functionality, and open previously untapped segments of the market."
