Startup firm Paradigm Advanced Technologies, a provider of tracking systems for commercial vehicles, said its revenues increased over 5,000% last year.
Toronto-based Paradigm said its sales and royalties increased to over $2.34 million last year, compared to just $45,382 in 2000. Operating expenses, however, continued to be high, totaling $22.5 million in 2001, down from $46.1 million in 2000.
Part of the sales jump comes from the firm's PowerLOC division, which focuses on the delivery of vehicle, personal and asset location devices as well as tracking and location base platforms. Revenues totaled $1.5 million, which accounted for 62% of Paradigm's total 2001 revenues.
PowerLOC tracking technology was used by New York City's Department of Design and Construction and FEMA to help manage the fleet of trucks removing debris from Ground Zero. The company said its tracking technology has been credited with helping to reduce the number of trucks needed to clean up the wreckage left by the Sept. 11 attacks by about 40%.