Terion expects to emerge from bankruptcy on August 30

by Canadian Shipper

Terion, Inc., a provider of trailer monitoring systems which briefly competed in the Canadian market before exiting due to financial difficulties, has announced the United States Bankruptcy Court,Middle District of Florida, Orlando Division, has confirmed its plan of reorganization.

The United States Bankruptcy Court approved Terion’s plan on August 14,2002, after having received the approval of all classes entitled to vote on the plan. Terion’s committee of unsecured creditors supported confirmation of the plan with an effective date of August 30, 2002.

Ken Cranston, president of Terion, commented, “We are pleased to exit bankruptcy in such an expedited time frame. Terion’s emergence validates the importance and demand for our FleetView product in the transportation industry. Our customers and investors have recognized the positive impact trailer fleet management systems can have on the efficiency of the supply chain.”

FleetView supplies fleet management information through the Internet from its patented innovative hardware and software design. The design integrates GPS and cellular technology for comprehensive coverage throughout the United States and Canada. The system is concealed to provide a covert installation. It communicates real-time trailer location and event status when the trailer is tethered to or untethered from a tractor, including an accurate determination of loading and unloading events with FleetView’s Cargo Sensor.

The system supports over-the-air software downloads for device settings and software upgrades.

Terion’s FleetView operates in a standard browser environment on standard PC hardware. Terion has approximately 50,000 units in the field.

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