COSTA MESA, Calif., Jul 2, 2003 (BUSINESS WIRE) -- Rapidtron, Inc. (OTC BB: RPDT)
Ski Resorts Make No Payments on Access Systems until January 2004
Rapidtron Software Interface Solutions to Reach 95% of North
American Ski Resorts
Rapidtron, Inc. (OTC BB: RPDT), a provider of Radio Frequency (RF) smart card access control and ticketing/membership systems, now offers winter resorts and health clubs its Smart Card Access systems with no payments until January 2004 thanks to its software and leasing allies led by American Express Business Finance.
American Express Business Finance and C2Capital Corporation have joined as leasing partners with Rapidtron to allow qualified ski resorts to defer their first payment until January 2004, while qualified fitness clubs can defer their first payment for 60 days.
Also, teaming up with Rapidtron are RTP, Siriusware and Comptrol to provide software solutions to allow Rapidtron's systems to interface with 95% of North America's winter resorts' back offices -- expanding the potential market for Rapidtron to virtually every ski resort in North America.
Rapidtron's lease program combines with the interface solutions in advance of several meetings with North America's leading resorts at the National Ski Area Association (NSAA) Show in San Diego, CA, and many recent meetings with North American's leading winter resorts in the US and Canada.
John Creel, President of Rapidtron, Inc. said, "This is an example of the investment that Rapidtron has undertaken to make our products, programs and benefits available to the vast majority of North American ski areas." He also said, "Rapidtron can now interface with ski resorts' back office software for quick and efficient installation, and provide an opportunity for resorts to experience the skier benefits and return on investment capabilities of our system through the holiday season prior to making lease payments with our new lease program through American Express and C2Capital."
Rapidtron, partnered and combined with AXESS AG, represents the world's leading provider of winter resort access control in Europe and North America, and with the addition of software interface and this special lease offer, the Company can make its system available in the market to North American resorts (servicing more than 12 million skiers in North America) for installation prior to the 2003-2004 winter season.
Mr. Creel observed, "Copper Mountain's and Park City's purchase of our system resulted from months of careful planning and monitoring, which proved our quality, speed and convenience for skier guests, as well as a solid return on investment. The Rapidtron system validated skiers and demonstrated increased convenience, while allowing ski area operators the ability to provide even greater customer assistance. Based on the ongoing success with these installations, we can expect to continue with a major product rollout in more ski areas in 2003 and 2004."
About Rapidtron (www.rapidtron.com)
Rapidtron intends to become the leading provider of Radio Frequency (RF) smart card access control and ticketing/membership systems by providing the premier technology for operator-free entry and exit turnstiles.
Headquartered in Costa Mesa, California, Rapidtron has established itself in the North American marketplace by currently providing its smart card access control systems to Copper Mountain in Colorado and Park City Mountain Resort in Utah, and its bar code system to the University of California at Berkeley, and several leading fitness clubs. Rapidtron anticipates additional orders in 2003 from Park City, Copper Mountain, UC Berkeley, and several other winter resorts and fitness clubs.
Rapidtron has forged a strategic partnership with AXESS AG, a European (Austria) corporation. AXESS AG is at the forefront of Radio Frequency smart card technology and has installed over 2,500 Smart Access gates and 1,500 point-of-sale systems to transit companies and resorts in Europe.
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates made by management with respect to the Company's critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance.
SOURCE: Rapidtron, Inc.
