RICHMOND, British Columbia (Feb. 20, 2003) — SmarTire Systems Inc. will co-develop, manufacture and distribute tire monitoring products to Korean auto makers and aftermarket as part of an agreement with Hyundai Autonet Co. Ltd. (HACO).
As part of the agreement, HACO, a Korean automotive electronics supplier, will initially contribute $300,000 (US) for engineering changes to make SmarTire's products ready for the Korean market and for development of technology to meet specific needs in the market, Richmond-based SmarTire said.
The Korean supplier is a subsidiary of the Hyundai Group. Its sales are more than $520 million (US), and its major customers include Hyundai Motor Co., KIA Motors Corp., Ssangyong Motor Co. and other auto makers.
“This partnership with HACO represents another critical milestone for the international distribution of SmarTire products,” said Robert Rudman, president and CEO of SmarTire.