August 9, 2007
DriveOK Inc. Raises Undisclosed Amount To Fund GPS Vehicle Tracking Device Development and Production
SAN DIEGO, Calif. -- DriveOK Inc announced today that it has raised an undisclosed amount from Catalyst Investments, LP to fund the enhancement of current products and continue the development of a more diverse group of GPS tracking devices.
According to Mark Wells, DriveOK Inc President and CEO, "This new funding will permit us to move into the next generation of Vehicle and Asset Tracking. Our current GPS tracking devices have been well received by our target market and are expected to capture a major share of the available GPS vehicle tracking market during the next 18 months. We will introduce even more advanced devices during the next quarter and move quickly into higher volume production."
Catalyst Investments, LP (Catalyst Investments) is a premier early stage venture capital firm focused on providing $100K to $2M investments in select, well-screened companies. Catalyst Investments partners with entrepreneurs that are defining new opportunities, innovations and markets based on technologies or services resulting in a sustainable entity with recurring revenues. Catalyst Investments specializes in the fields of wireless technology, energy & materials as well as information technologies.
About DriveOK Inc.
DriveOK Inc., operating under their registered trademark DriveOK, helps people and companies with the management, location, tracking and recovery of their mobile assets. Based in San Diego, the company's DriveOK GPS tracking system Vehicle Tracking Units offer unique advantages with ease-of-use/install, functionality, and scalability not found in other commercial products. This includes the ability to manage diverse asset portfolios, receive real-time GPS tracking data from a variety of platforms/devices, and to operate over a variety of networks and countries. Additional information and a live, hands-on demonstration of the tracking capabilities are available at www.driveok.com.