RICHMOND, British Columbia, Canada (April 15, 2002)—SmarTire Systems Inc. has named H.C. Wainwright & Co. Inc., a U.S. investment banking firm specializing in small-cap growth companies, as the company´s financial advisor.
“We are extremely pleased to have such a highly respected firm join us at this critical stage in our company´s development," said Robert Rudman, president and CEO of SmarTire Systems Inc., which is based in Richmond.
SmarTire has pioneered the research and development of tire monitoring technology. With the new Transportation Recall Enhancement Accountability and Documentation (TREAD) Act, improved tire safety standards will require tire pressure warning systems on new passenger cars and light trucks produced in the U.S. after 2003.
SmarTire also has completed a private placement for gross proceeds of $1.31 million through the issuance of 750,000 shares. Net proceeds from the private placement will be used for debt repayment and working capital, the company said.