PCCI ACQUIRES EQUITY INTEREST IN
AFTERMARKET TELEMATICS PROVIDER GPSi, LLC
FORT WORTH, Texas (February 17, 2004): Progressive Concepts Communications, Inc. (“PCCI”) announced today that it has acquired a minority equity interest in Pontiac, Michigan-based GPSi, LLC, which operates the Guidepoint Systems™ vehicle telematics service.
The acquisition was completed through PCCI subsidiary, TLL Partners, LLC, using a portion of that company’s ownership of Teletouch Communications, Inc. (AMEX: TLL) Series C Preferred stock. While details of the transaction were not disclosed, the investment further expands PCCI’s strategic affiliation with GPSi. The companies recently announced a strategic alliance for PCCI subsidiary, Progressive Concepts, Inc. (“PCI”) to market, distribute and provide call center services to Guidepoint members nationwide.
Guidepoint is an aftermarket vehicle theft recovery and convenience system sold at leading auto dealers throughout the United States. Guidepoint (www.guidepointsystems.com) ties together global positioning satellite (“GPS”) technology, cellular networks and a 24/7/365 call center to deliver a complete range of safety, security and convenience services to drivers. With Guidepoint, customers can track their vehicle on the Web and access a range of mobile services, including navigation aid, roadside assistance, emergency dispatch, travel and dining discounts, and much more.
Robert McMurrey, Chairman of PCCI, the parent and holding company for PCI and Teletouch Communications stated, “We continue to be impressed with Guidepoint’s growth and penetration in the consumer telematics industry. Guidepoint’s management team is committed to providing the very best in mobile consumer services, and we look forward to participating in this exciting market with them.”
“The equity commitment made by PCCI is meaningful to us,” said Rand Mueller, president and CEO of GPSi. “As a dedicated alliance partner, PCCI brings many strengths to Guidepoint, and both companies stand to significantly gain from the relationship.”
About Progressive Concepts Communications, Inc.
Fort Worth-based Progressive Concepts Communications, Inc. is a private company holding controlling interests in a number of operating entities, the largest consisting of publicly held Teletouch Communications, Inc. (AMEX:TLL), and privately held Progressive Concepts, Inc., the operator of PCI Marketing and related wholesale and retail enterprises. More information can be found on the company’s web sites at www.hawkpci.com and www.teletouch.com.
Guidepoint is the exclusive telematics service of Pontiac, Michigan-based GPSi, LLC. Now available through leading auto dealers nationwide, Guidepoint provides drivers with a complete range of safety, security and convenience options. For more information or to become a Guidepoint dealer, visit www.guidepointsystems.com or call 877-GPS-FIND (877-477-3463).
The statements in this press release which are not historical fact are forward-looking statements that involve risks and uncertainties including, but not limited to, revenue growth, acquisitions, new products, pricing by competitors, entry of new competitors, changes in the wireless and telematics industry, regulatory approvals and developments and other risks as detailed in current PCCI affiliate company, Teletouch Communications, Inc. filings with the Securities and Exchange Commission (copies of which may be requested from the company, at www.teletouch.com or accessed through the Security and Exchange Commission's web site at www.sec.gov).
Robert M. McMurrey, Chairman
Progressive Concepts Communications, Inc.
Brian Edwards, VP Corp. Development