SOURCE: Airtrax

January 25, 2006 10:36 ET

Airtrax Brings Omni-Directional Vehicles to Central and South America

BLACKWOOD, NJ -- (MARKET WIRE) -- January 25, 2006 -- Airtrax, Inc. (OTC BB: AITX), a developer of patented, Omni-Directional technology with military and commercial applications, announced today the signing a letter of intent with Airtrax of Panama. The organization, located in Colon, Panama, will be responsible for the distribution of Airtrax products into Panama as well as other parts of Central and South America. Jim Walter Jr. and Steve Durdin, the owners, who bring nearly 40 years of combined international business experience, will run Airtrax of Panama.

Airtrax received an initial order for five ATX-3000 SIDEWINDER™ Omni-Directional lift trucks from Airtrax of Panama that will be shipped the week of January 30, 2006. The letter of intent further provides that Airtrax of Panama is required to purchase a total of no less than 125 vehicles in 2006 to maintain exclusivity in Panama. "With over 1,800 companies represented in the relatively small geographical area with exposure to dozens of countries from around the world, we believe there is a significant opportunity for Airtrax's equipment," said Jim Walter, Jr. During the Expocomer show in March 2006, Airtrax of Panama will showcase the SIDEWINDER™ and other Airtrax Omni-Directional products to over 29 countries including Brazil, Chile, Argentina, Spain, China and Taiwan.

Walter and Durdin are specialized in business development, marketing and management of global distribution channels. The co-directors of Airtrax of Panama said that they are thrilled with the opportunity to potentially bring Omni-Directional technologies to one of the busiest port cities in the world, referring to the Colon "trade-free" zone at the tip of the Panama Canal, where Airtrax of Panama is located.

"We expect to complete our operational set-up by the end of February and to begin distribution by mid-March," stated Durdin. "We believe that there is a high level of interest generated by this type of fascinating technology given the contacts we have in government and private industry."

Peter Amico, CEO of Airtrax, stated, "We believe that the overwhelming positive response to our Omni-Directional vehicles is reaching all corners of the world. We believe that establishing points-of-presence in Central and South America represents another important milestone towards commercializing our Omni-Directional technologies in the United States and within the global marketplace." In addition to Panama, Airtrax has received orders and shipped trucks to New Zealand, Canada, South Africa and has shipped to California, Ohio, New Jersey, Kentucky, Pennsylvania in the United States. Airtrax has dealers located in Western and Eastern Europe, Greece and the Balkans, Korea and Saudi Arabia, to name a few.

About Airtrax, Inc.

A U.S.-based developer of Omni-Directional technology, Airtrax designs and manufactures Omni-Directional vehicles. The Airtrax patented wheel was designed and developed by Airtrax after receiving a technology transfer from the US Navy in the form of a Cooperative Research and Development Agreement (CRADA).

The SIDEWINDER™ Omni-Directional Lift Truck and the Airtrax-MEC Cobra™ aerial work platform (AWP) are the first Omni-Directional vehicles using Omni-Directional technology and the patented Airtrax wheel to be commercially produced. The nearly maintenance-free design also reduces maintenance costs, delivering cost efficiencies to companies both large and small. The Airtrax patented Omni-Directional wheel is manufactured exclusively for Airtrax vehicles. For more information and to view a must-see product demonstration, visit http://www.airtrax.com.

The Private Securities Litigation Reform Act of 1995 provides a "Safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involved risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.

Contact Information