Advanced ID says auto industry in 'meltdown'

ERJ staff report (DS)

Calgary, Alberta -- Advanced ID Corp, which makes and sells RFID chips to the tyre industry, has issued a letter to shareholders saying, "we experienced the meltdown of the auto industry which has greatly impacted the tyre industry." The company adds, " Estimates of decreased global tyre production are upwards of 40%."

As a consequence the company said it is restructuring operations in the UK and in China. It did not say what 'restructuring' means in this context. The company has also changed salary structures and conditions

Advanced ID added that it is no longer pursing the acquisition of DDCT and has opened negotiations for cross licenses and exclusivity, "to benefit both parties."

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Press release from Advanced ID