TUCSON, Ariz. and ALAMEDA, Calif., July 24, 2014 (GLOBE NEWSWIRE) -- AudioEye®, Inc. (OTCQB:AEYE) ("AudioEye"), creator of the Audio Internet® patented audio browsing and automated publishing technology platform, today announced that it has closed a significant global technology licensing contract with PearTrack Systems Group Limited ("PearTrack"®) to integrate AudioEye's Audio Internet technology with PearTrack's revolutionary mobile GPS tracking technology.
Privately-owned PearTrack, through its U.K.-based subsidiary, has developed business lines and established customer applications involving security, container tracking, mobile asset monitoring, GPS tracking and mobile communications within the logistics, transportation, maritime, shipping, vending, trucking, rail and freight industries. PearTrack has established a global marketplace for its technology, providing comprehensive asset tracking capabilities that increase security and control, and it has developed asset management applications for all types of machinery and assets, including control and reporting solutions for the vending machine industry. Through its collaboration with AudioEye, these applications will become audio-enabled, allowing users to both interact with and administer PearTrack's proprietary software. The applications will have an interactive dialogue directly with PearTrack end-users and provide voice-driven feedback to data administrators. PearTrack's technology is deployed in environments where eyes-free and hands-free data management can make the related jobsites and assets safer and ultimately more productive and secure.
"The intellectual property licensed to PearTrack addresses a set of opportunities that previously did not exist," observed Nathaniel Bradley, CEO of AudioEye, Inc. "When innovations can be integrated instantly, immediate revenue opportunities for both companies emerge and are by their proprietary nature exclusive to PearTrack, thus boxing out competitors with significant first-mover advantages and our combined technology stack."
PearTrack CEO, Bill Withrow, stated, "Voice technology powered by AudioEye's platform will allow us to create groundbreaking new efficiencies and long-sought-after data, security and voice integration. We believe the benefits that our customers, end-users and other stakeholders derive from AudioEye's voice technology will significantly influence our future growth, deal flow and market capture. When a vending machine can talk to the consumer, many benefits are derived, and efficient use of PearTrack tracking systems in combination with AudioEye's technology should unlock new revenue streams. This innovation opens the door to exciting immediate and future new business opportunities."
About PearTrack
PearTrack is headquartered in Alameda, California, and through its wholly-owned Manchester, U.K.-based subsidiary is a leading supplier and service provider with a global reach. The privately-owned company provides revolutionary Battery Powered GPS Asset Tracking and Monitoring Systems with up to a 10-year battery life for just about any remote asset, regardless of whether it has a power supply or has no power at all. The breadth of PearTrack's asset monitoring and alarm systems ranges from a Personal Tracking device with a 30-day rechargeable battery, to a Container Security and tracking unit with a 10-year battery. PearTrack's GPS-enabled Asset Monitoring and Alert Systems are very easy to install. In their basic form they are self-contained units, with no external wires or connections, that can be fitted in minutes to any trailer, for instance, or concealed within the contents of a shipping pallet. Alternatively, with its unique covert antenna kit, the PT-700 or PT-1000 can be concealed within a shipping container to provide international GPS tracking (via GSM networks), temperature monitoring and door opening alerts sent directly to a cell phone and/or email account.
When connected to an item of mobile or remote engineering equipment, the PearTrack System becomes a powerful Fault Monitoring and Service Management Tool. Generators, Chillers, Reefers, Irrigation Pumps, and Heavy Plant operating conditions can be monitored, providing automatic alerts to warn asset managers of critical events such as Low Oil Pressure, Engine Over-Temperature, Grid Failure, Low Output Flow, Low Fuel Level, Battery Failure, or Out of Temperature Range. This allows preventative maintenance to be completed or a fault corrected in a timely manner, thereby preventing costly repairs and down-time. To provide essential Security Monitoring of Portable Site Buildings and Storage Units, the PearTrack system can be configured for connection to a range of intrusion detectors and on/off controls to provide a total battery powered alarm system that will notify users immediately of any unauthorized entry or movement of the asset. To maximize value-add in a vending machine application, PearTrack will connect the tracking unit alarm inputs to switches on the vending machine so that the tracking unit can report critical events (tamper, stock-out, tipping over, etc.) via the PearTrack system.
PearTrack has over 15 years of experience in Mobile Asset Monitoring, GPS Tracking, and Mobile Communications, and has pioneered many of the techniques used by modern vehicle and container tracking systems.
About AudioEye, Inc.
Incorporated in 2005, AudioEye focuses on working to improve the mobility, usability and accessibility of all Internet-based content through the development, sale, licensing and use of its proprietary accessibility technologies. Audio Internet® is a technology that utilizes patented architecture to deliver a fully accessible audio equivalent of a visual or mobile website in a compliant format that can be navigated, utilized, interacted with and transacted from, without the use of a monitor or mouse, by individuals with visual impairments. For individuals with hearing impairments, the Audio Internet® provides captioning for websites, and the challenges of reaching those with other impairments are also addressed by the technology platform. Complete with an ever-growing suite of utilities tailored to the needs of different disabled users, the AudioEye® Audio Internet® Accessibility Platform is a fully scalable cloud-based solution designed and developed to meet the needs and compliance mandates for an ever-growing demographic.
AudioEye's common stock trades on the OTCQB under the symbol "AEYE". Please visit http://www.audioeye.com for more information.
Forward-Looking Statements
This release includes forward-looking statements contained within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding AudioEye's expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions, are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond AudioEye's control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in AudioEye's Form 10-K and other report filings with the SEC. AudioEye is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.