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November 7, 2011 /PRNewswire/ --
Pointer Telocation Ltd. (Nasdaq: PNTR, TASE: PNTR) - a leading supplier of technology and services for managing mobile resources and providing roadside services to the vehicle industry and to the insurance market, today announced that its subsidiary, Shagrir Systems Ltd., has signed a partnership agreement with TCM Transportation Ltd., a company supplying advanced technological solutions for taxi and transportation service fleets. Shagrir will hold 51% of the rights in the partnership's equity.
TMC Transportation Ltd. specializes in providing advanced technological solutions for the management, control and collection of the travel fares in taxi and transportation service fleets. SMARTAXI - TMC's flagship product is an advanced system installed in taxis that enables paying the travel fare by credit card, as well as management and control of taxi services for the business sector through an advanced internet website that provides follow-up, authorizations and accounting capabilities.
As part of the transaction TMC will transfer its activities to a limited partnership to be jointly established by Shagrir and TMC, which will provide advanced technological solutions for the management, control and collection of travel fares from taxi and transportation service fleets. Shagrir will provide the new partnership with a partner's loan of up to
NIS 2.5 million - in accordance with the partnership needs. This loan will carry an annual prime rate interest plus 4% and will be refunded to Shagrir from the partnership's profits.
David Mahlab, President and CEO of Pointer: "We have the pleasure of announcing Shagrir entering into a partnership with TMC. Penetrating the field of solutions for collecting travel fares from taxi and other transportation service fleets is part of Pointer's comprehensive vision for promoting all aspects of the vehicles sector, providing technological solutions through on-line services in order to improve the service to the customer and optimize routine operations."
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