SOURCE: Energy and Asset Technology, Inc.

July 26, 2005 10:19 ET

Energy and Asset Tech Wants Everyone to Have a Great Body

BOCA RATON, FL -- (MARKET WIRE) -- July 26, 2005 -- Energy and Asset Technology (OTC: EGTY) has announced, through their Australian holdings in Panpacific Development Funds Ltd., their commitment to assist a new venture known as Independent Vehicle Inspection Services (IVIS). This assistance will take the form of website design-funding seminars and public awareness programs. In exchange for this assistance, Panpacific Development Funds will rely on a profit from the investment within their financial year.

Independent Vehicle Inspection Services (IVIS) is a unique and innovative concept that monitors the automotive crash repair industries quality of workmanship. More and more articles have been written that chronicle the shortcomings of conventional automotive body repair. Due to intense price competition among body repair companies and the insurance companies insistence on governing the price of repairs, the practice has become more and more common to reduce labor cost by cutting corners and quality in vehicle repair. While automobile manufacturers have Original Equipment Manufacturer (OEM) standards for body repair, there is no legislative or formal system to ensure that these standards are adhered to by the repairers. Consequently, substandard repair work is common, often sacrificing the very safety of drivers, passengers and families.

IVIS specializes in inspecting vehicle integrity following collision repair to ensure that manufacturers' standards and OEM recommendations are followed. Tony Murdaca, the head of IVIS, has 28 years of experience in the motor vehicle industry, including much of the last several years in charge of Australian Automotive Motor Inspection Centre (AAMIC). While at AAMIC, Mr. Murdaca made headlines by exposing the problem of inferior crash repair that was epidemic to the industry. Numerous newspaper and magazine articles have chronicled his crusade to bring this disturbing trend to the attention of the general public. In 2003 and 2004 as part of a three-month period of testing, Murdaca and AAMIC discovered that less than one of every six vehicles that had undergone crash repair had been restored to OEM standards, resulting in vehicles being declared un-roadworthy. These findings have resulted in the insurance companies buying the cars so that their clients can replace the vehicle, with one of equal value.

The market for this type of inspection is potentially huge. The tremendous success of companies such as Carfax that reassure buyers of the integrity of used cars upon resale indicates the demand in the used car market for measures to protect the buyer. In addition, such an investment presents a genuine opportunity to support a company that has great capacity to make contributions to public safety. Consequently, Energy and Asset Technology and its subsidiary Panpacific Development Funds are committed to support IVIS, both for the tremendous potential of profits and the very real and AS YET unrealized social contribution.

The information contained herein is based on sources we believe to be reliable, but there is no guarantee that it is accurate or all-inclusive. It is not to be construed as an offer or the solicitation of an offer to buy or sell the securities mentioned herein. The opinions reflect the judgment of the author at this date and are subject to change without notice. This release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals assumptions or future events or performance are not statements of historical fact and may be 'forward-looking statements.' Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as 'expects,' 'will,' 'anticipates,' 'estimates,' 'believes' or statements indicating certain actions 'may,' 'could' or 'might' occur.

Contact Information

  • Energy and Asset Technology, Inc.
    George McMillan
    US: 561 620 4949
    Australia: 617 5570 4500