Richmond, British Columbia, Canada - SmarTire Systems Inc. said revenue for its fiscal year ended 31 July, 2007 increased to $3.66 million (€2.5 million) from $3.46 million a year earlier. Net losses decreased significantly, to $19.6 million from $28.8 million.
David Warkentin, president and chief executive officer said, "While I am extremely pleased that we have been able to reduce costs, I am still disappointed that revenues have not grown faster. Unfortunately, although we have not lost any business to our competitors, our customers production implementation schedules have been slower than anticipated and are not an issue we can control.â€
He added that the company is continuing with its legal battle against Siemens VDO Automotive Corp. and Schrader-Bridgeport International, Inc. and its allegations that the two companies have infringed its US patent 5231872, titled "Tire Monitoring Apparatus and Method."
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Press release from SmarTire -- full year results
Press release from SmarTire -- lawsuit over alleged patent infringements