BOCA RATON, Fla., May 27, 2004 (PRIMEZONE) -- Power2Ship, Inc. (OTCBB:PWRI), an Application Service Provider for the freight transportation industry, recently raised $1.75 million through a private placement of convertible debentures. These securities were placed by Newbridge Securities Corporation, a full-service, investment banking firm headquartered in Florida with offices throughout the United States. The proceeds from this offering are being used to increase the marketing of Power2Ship's logistics solution as well as to pursue additional logistics applications.
One of the more significant opportunities relates to the security of the United States' transportation systems against terrorism. For months, Power2Ship has been collaborating with several technology and defense companies that, in response to the Homeland Security Act, are collaborating to develop solutions that address global transportation security issues.
These companies recognize that Power2Ship's secure, wireless, Internet-based system, utilizing a combination of sensing and global positioning satellite (GPS) technologies, is capable of tracking the movement of an unlimited number of trucks throughout North America and shipping containers entering United States ports from anywhere in the world. Michael Darden, Power2Ship's president remarked, "We believe that our system can be a key component in the security solutions being developed to counteract terrorism. When integrated with solutions from technology and defense firms, Power2Ship's logistics applications can provide information critical to enhancing the security of our nation's transportation systems."
Further, Power2Ship's system is capable of capturing and processing data transmitted wirelessly from other technologies likely to be part of any comprehensive security system. Examples of such technologies include radio-frequency identification (RFID) tags fastened to the outside of containers and/or trailers, smart tags affixed to the goods inside shipping containers, electronic seals applied at the time a container is loaded, and geo fencing to alert a truck's owner or authorities if a vehicle deviates from its designated route.
Except for the historical information contained herein, the matters set forth in this release are forward-looking and involve a number of risks and uncertainties.
About Power2Ship, Inc.
Power2Ship (P2S) is an Application Service Provider (ASP) that delivers supply chain, tracking and logistics information to the freight industry. Utilizing leading technology that is cost-efficient and user-friendly, carriers, shippers and their customers can optimize their supply chain and increase profitability. Power2Ship has been providing services to its members since April of 2003. P2S Member-Carriers enjoy free, unlimited use of the P2S Asset Management Tool. The P2S vehicle tracking system provides real-time information on the location, destination and availability of transportation assets through the P2S MobileMarket(TM). P2S membership encourages business relations between its members, resulting in a more efficient and cost-effective supply chain.