SOURCE: Terrace Ventures Inc.

May 24, 2007 04:37 ET

Solara Deploys Its Advanced Technologies at Major US Automobile Parts Manufacturer

BLAINE, WA -- (MARKET WIRE) -- May 24, 2007 -- Terrace Ventures Inc. (the "Company") (OTCBB: TVEN) announced today that its potential merger candidate, Solara Technologies Inc. ("Solara") has reported the following:

Solara has begun installing five (5) MultiVend, Multi-language with Digital Signage vending machines at Exedy Global Parts Corporation (USA) ("EXEDY"), a major autoparts manufacturer located in Mascot, Tennessee, as the first phase of a 54 machine technology upgrade. These machines are being deployed with SolaraRMT, SolaraGOLDENROAD and SolaraPRESENCE

Exedy is a Global Corporation with manufacturing facilities worldwide employing over 500 workers working in 3 shifts, 7 days a week at the Mascot facility alone. When the installation is complete, the machines will provide Multi-language, Multi-vend capabilities with the ability to manage the machines' inventory using SolaraRMT (Remote Management Technology). Users of vending machines equipped with Solaris' technology are able to visually select multiple products using an Internet style shopping cart on an LCD screen mounted in the door of the machine. Users can then pay for the products chosen by credit card using SolaraGOLDENROAD real-time credit card processing. In addition the Solara system is being customized to allow for Exedy employees to obtain products from the Vending machines using the employee cards provided to the employees by Exedy. These employee cards will be tied directly to Exedy's accounting system and the individual employee's payroll account through a highly secure encrypted process developed by Solara and managed by Exedy. Through the use of Solaras' advanced technology, Exedy will also be able to use the vending machine LCD screens to promote or advertise Company related information and announcements (SolaraPRESENCE).

Dorn Beattie, President and CEO of Solara, stated, "The demand for credit card acceptance in vending machines, now known as 'Cashless Vending,' is in high demand by vendors who are constantly plagued by cash management problems and inefficient cash-accepting hardware, like coin and bill acceptors, that are an ongoing high maintenance issue and the major cause of the all too familiar 'Out of Order' signs. Users are no longer limited to what they can purchase by the amount of change in their pocket."

A recent article in Automatic Merchandiser, a magazine for vending professionals, features Solara Technologies and the Solara MultiVend machine.

According to Vending Times magazine, Survey of the Industry the vending industry sold more than $43.5 Billion USD in goods and services in 2001, and the industry's 9 million self-serve automated machines make up one of the largest distribution channels on the continent; and the last major market untapped by technology.

Vending Times also states that Vending, Amusement and Kiosk industry companies have 177,000 service vehicles on the road providing continent wide service for their equipment. Beattie noted that the efficiencies created by using real time inventory management will have a dramatic impact on vendors' bottom line, particularly in these times of extremely high fuel costs.

This press release may contain, in addition to historic information, forward-looking statements. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein, including, but not limited to, risks and uncertainties relating to the negotiation of a definitive agreement with Solara. There is no assurance that the Company will be able to reach a formal agreement to acquire Solara. Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.

Contact Information

  • For more information contact:

    Howard Thomson
    Tel: (360) 220-5218