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SafetyAlerts
January 29,  2002

Qwip Technologies and the Insurance Corporation of British Columbia Enter Agreement to Develop Road Safety Technology Systems

 

 (SafetyAlerts) - The Rainbow Group of Companies Incorporated is pleased to announce through its joint venture partner, QWIP Technologies LLC ("QWIPTECH"), that QWIPTECH and its subsidiary, InTransTech, Inc. (ITI) have entered into a new technology agreement for the development of road safety technology systems with the Insurance Corporation of British Columbia (ICBC). ICBC is one of the largest auto insurance companies in North America and has been a long time leader in actively seeking out new methods which have the potential to save lives and increase road safety. ITI's mission is to develop and commercialize various infrared, sensor and other innovative technologies for the transportation industry, focusing on road safety products.

Under this agreement, ICBC will provide significant development funding to ITI to assist in the creation of transportation safety related applications using QWIPTECH's and ITI's existing technology. Mark N. Sirangelo, CEO of QWIPTECH commented, "This agreement represents a significant advancement of our relationship with ICBC and is the third developmental agreement between our corporate group and ICBC. The products under development will use QWIP's patented infrared Focal Plane Array technology to address several significant road safety issues faced by motorists."

Graham Gilfillan, Manager of MD Loss Prevention for ICBC added, "These solutions that will be developed under this agreement are focused on identifying and then providing advanced warning to drivers of potential road hazards in a manner that will potentially enable avoidance of such hazards. We have made much progress together towards our goals of using innovative technology to make our roads safer. In addition to the projects currently under development we are jointly and actively examining several other transportation related technologies to potentially develop which would further expand our mutual relationship."

Upon successful completion, it is expected that the organizations will work together to provide this technology throughout British Columbia. As the problems addressed by these products are global, ITI will then seek to further commercialize its products to the many potential users throughout the world.

Source: PRNewswire.

 
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The information contained herein has been obtained from sources that the Company believes to be reliable, however, the Company has not independently verified or confirmed the information and the recipient acknowledges that no representations or warranties are being made in connection with the use of the information.