Auto-Q Purchase of Radicom Out; Joint Marketing In
Officials of telematics company Auto-Q International Inc. have changed course and decided to sign a joint marketing agreement with Radicom instead of buying the company as previously announced.
Since the signing of the letter of intent, further discussions revealed that there would be “benefits for the immediate development and intensification of the relationship,” and a sharing of technology, Auto-Q officials said in a statement.
Auto-Q and Radicom are collaborating on a joint offer to an unnamed UK government organization for a $1.0 million contract to be delivered in 2004, company officials said. Tom Lam, Auto-Q Chairman, said: "I am pleased with the rate of integration of our two operations and the response that has been forthcoming from potential customers".