Fastrax Expands in Korea and China

Fastrax Ltd., a leading provider of open and portable iSuite OEM GPS Software Development Kit environments and programmable iTrax OEM GPS receivers, today announced two new distributor agreements that strengthen the company’s position in the fast-growing OEM electronics market in Asia.

In Korea, Fastrax has added Sheen Bang Electronics Co. Ltd. as a new distributor from September 15, 2006.

Sheen Bang Electronics is a distributor of semiconductor products and electronic components, and a leading provider of silicon solutions to the communications, wired and wireless networking, high-end consumer electronics and portable multimedia device markets. Sheen Bang Electronics’ customer base comprises manufacturers of mobile handsets, mobile computing devices, consumer electronics, base stations, network equipment and other products.

In China, Fastrax has appointed Sinocom Optoelectronic Technology Co. Ltd. as a distributor starting October 1, 2006.

Sinocom represents leading international manufacturers in the fields of fiber-optic solutions and industrial sensors. The company serves customers in various vertical markets ranging from automotive electronics and industrial instrumentation solutions to sports, leisure and consumer products. Sinocom has offices in Shenzhen, Shanghai and Hong Kong.

“We are pleased to extend our reach in the Asian market through the new distribution agreements with Sheen Bang Electronics and Sinocom. The demand for location-aware products is growing rapidly, and expanding our distribution network in Asia allows us to serve our end customers in the global OEM technology industry more effectively than ever,” said Mr. Taneli Tuurnala, Vice President, Sales & Marketing, Fastrax.

About Fastrax Ltd
Fastrax provides industry-leading receivers and software solutions for optimal utilization of GPS (Global Positioning System) and other GNSS location services (Global Navigation Satellite Systems). Fastrax transforms GPS technologies into highly scalable iTrax and iSuite solutions with open interfaces, combined to ultra low power consumption and miniature hardware design. With industry-leading performance, Fastrax GPS receivers navigate continuously even in extreme conditions. Receivers are ideally suited to both industrial location applications and high-volume consumer products such as cell phones and sports accessories. Fastrax Engineering Services provide expert services in application design. Headquartered in Finland and founded in 1999, the company is privately owned and backed by leading venture capital investors CapMan, Eqvitec, Startupfactory and Innocap, with a strategic investment by Suunto Corporation, a subsidiary of Amer Sports, a leading global supplier of sporting goods equipment.

Global Positioning System (GPS) is a worldwide satellite navigation infrastructure funded and controlled by the U.S. Department of Defense, originally developed for U.S. military purposes. GPS provides satellite signals that enable GPS receivers to calculate their exact position and velocity. The GPS infrastructure has three segments. The space segment consists of 24 satellites that orbit the earth every 12 hours. The control segment consists of tracking stations located around the world, with the master control station located at Falcon Air Force Base in Colorado. The user segment consists of GPS receivers and users utilizing the information provided by the system. GPS is widely used in applications such as marine navigation.