Advanced ID Corporation (OTCBB: AIDO stock), a leading developer of radio frequency identification (“RFID”) technology for livestock tracking, pet recovery and supply chain applications focusing on the tire management industry, today announced that it received approval on June 20, 2008 for the incorporation of a subsidiary in Hong Kong, Advanced ID Asia Pacific Company Limited. Effective on that date, Advanced ID opened its offices in Hong Kong led by its newly appointed Managing Director Cherry Lim.
Ms. Lim, 42, has spent her entire career working with companies that have innovative technology applications. With positions as chief executive officer and other executive management roles, she has concentrated in the fields of information technology, wireless technologies and integrated circuits. A Hong Kong native fluent in three dialects of Chinese and English, Ms. Lim was educated in the United States and received a Bachelors of Science from the University of South Florida, which was followed by an Executive MBA received from the Chinese University of Hong Kong.
“The establishment of Advanced ID Asia Pacific Company Limited in Hong Kong as our regional headquarters is the latest achievement within the successful execution of the Company’s international expansion strategy, particularly in the fast growing Asian market,” said Dan Finch, President and CEO of Advanced ID. “China has emerged as a leader in the implementation of RFID technology in the tire sector and for other business applications. With the commencement of our new Hong Kong operations, we are now in a better position to handle the large and rapidly growing demand in China and other regional countries as well as to meet the needs of our pan-Asian business interests. To this end, we are pleased to have Cherry Lim, a proven executive with significant experience in managing emerging technology companies, join our team to lead our local efforts in Asia.”
Earlier in 2008 Advanced ID made impressive strides in penetrating the Asian market with its tire technology and solutions. In May, the Company announced international distribution agreements to bring its proprietary tire products to India and Indonesia. According to Tire Business magazine, there are over 32 million tires manufactured in India and over 41 million tires manufactured in Indonesia, representing an approximate $100 million annual market opportunity for Advanced ID.
In April, the Company announced the landmark decision of Qingdao Mesnac Co., Ltd. (“Mesnac”), a leading Chinese tire production equipment and software maker with significant tire manufacturing operations, to become the world’s first tire manufacturer to commit to embedding Advanced ID’s RFID tire tags in a commercial truck line. Mesnac is purchasing a minimum of 2 million RFID tire tags and a quantity of RFID readers from Advanced ID. China is the world’s largest tire producing nation with 205 million tires manufactured in 2006, according to Tire Business magazine.
Advanced ID first entered into the Asian market in late 2007 through a strategic relationship with Kit Loong Tyre Management of Malaysia. Kit Loong signed an exclusive, three year commitment contract for Advanced ID’s RFID and Pneu-Logic Tire Inspection products. Kit Loong is one of Southeast Asia’s largest tire retreaders and tire distributors, working with Goodyear, Dunlop, Michelin, Bridgestone, BF Goodrich, Pirelli, Continental Sime and Cooper Tire. As part of the agreement, Kit Loong agreed to an initial purchase of $1.8 million of Advanced ID tire products. Kit Loong’s territory, covered by this agreement, includes Greater China, Malaysia, Singapore, Brunei, Thailand, Indonesia, Philippines, Vietnam, Cambodia, Laos and Myammar.
Pneu-Logic Ltd., a wholly owned subsidiary of Advanced ID, has become the world’s leader in electronic data capture for the commercial tire industry. With headquarters in the United Kingdom, Pneu-Logic tools have been approved by major tire manufactures and are used by professional tire management companies worldwide. Additional information is available on the Internet at www.pneu-logic.co.uk.
About Advanced ID Corporation: Advanced ID Corporation (OTCBB: AIDO) is a complete solutions provider in the RFID market with a focus on the tire management industry. The company is also a major factor in the tire inspection business through its UK based Pneu-Logic subsidiary. The Company is active in the pet recovery business through its AVID Canada subsidiary in Calgary, Alberta, and has developed a UHF RFID reader product line. Additional information is available on the Internet at www.advancedidcorp.com.
Safe Harbor Statement: Statements in this press release other than statements of historical fact, including statements regarding the company’s plans, beliefs and estimate as to projections are “forward-looking statements”. Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company’s SEC filings, and actual results could differ materially from expected results. These forward-looking statements represent the company’s judgment as of the date of this release. Advanced ID Corporation does not undertake to update, revise or correct any forward-looking statements.
For further information visit Advanced ID Corporation at www.advancedidcorp.com
Advanced ID
Dan Finch, 214-755-0932
President
danf@advancedidcorp.com
or
Investors:
Darrow
Associates
Jordan Darrow, 631-367-1866
jdarrow@darrowir.com
