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Vehicle Occupancy Limited (“ VOL ”) is pleased to announce that Avingtrans plc has invested £200,000 in VOL in return for a 7% share of the equity.
VOL based at Loughborough University was formed in August 2004 by Dr John Tyrer, who remains the largest shareholder, to develop a revolutionary patented technology for detecting and counting the occupants in moving road vehicles. This technology, which is marketed as “dtect”, can be used to provide automated monitoring of car sharing lanes and differential pricing for toll roads, bridges, tunnels and car parks.
Commenting on the investment, Dr Tyrer said “Avingtrans investment is an excellent opportunity for VOL to bring dtect to the market after 5 years of product development. Traffic congestion is costing countries billions of pounds and dtect will provide road planners and toll operators the ability to manage traffic flows. We launched dtect at Traffex 2007 and received a tremendous response from everyone who visited the stand.”
Ken Baker OBE, Chairman of Avingtrans plc and newly appointed chairman of VOL said
“The use of vehicle occupancy detection systems has been widely acknowledged as a major instrument in the future of worldwide traffic management. VOL is at the forefront of this technology and we are delighted to have acquired a 7% interest and a long term exclusive supply agreement at this stage of its development.”
Avingtrans plc is an AIM listed company specialising in the design and manufacture of critical components and associated services to the medical, aerospace and tranport sectors.
11 June 2007
Contact information
Vehicle Occupancy Limited
www.vehicleoccupancy.com
Dr John Tyrer or Tim Ballantyne
+44 (0) 1159 490 938
PO Box 6321
Loughborough
Leicestershire
LE11 3XZ
United Kingdom
Avingtrans plc
www.avingtrans.plc.uk
Steve Lawrence
+44 (0) 1159 499 020
Avingtrans plc
Precision House
Derby Road
Sandiacre
Nottingham
NG10 5HU |
