PRAHA, Czech Republic, Sept. 25, 2012 /PRNewswire/ -- CODA DEVELOPMENT, the inventor of the SELF-INFLATING TIRE (SIT) has signed a commercial license agreement with a major Asian tire producer and generated its first revenues.
Together with this strong industry partner, CODA will accelerate SIT development and introduction of this innovative technology to the global tire market. The contract grants rights to manufacture and sell SIT technology in specific territories of Asia.
"It is a major milestone for our company. We believe that our work will soon serve as the single solution, eliminating all the negative consequences of tire under-inflation," says Frantisek Hrabal, the inventor of SIT and CEO of CODA DEVELOPMENT (company profile available at http://www.selfinflatingtire.com).
When the technology proves viable in the low-purchase power Asian markets, it will become very attractive in many other parts of the world.
Currently CODA DEVELOPMENT continues its search for business partners to participate in the introduction of SIT technology in Asian markets including Japan and South Korea, as well as in European and American markets.
CODA DEVELOPMENT also opens door for further discussions with investors and investment groups to rise funding for final stage of R&D and expansion of SIT technology to global markets.
The patented SIT technology holds a prestigious TIRE TECHNOLOGY OF THE YEAR AWARD from the international 2009 TIRE TECHNOLOGY EXPO held in Hamburg, Germany as well as the AEI TECH AWARD from the 2008 SAE WORLD CONGRESS in Detroit, USA.
"This novel technology will become the industry standard and change the entire tire market. Not many inventions have this potential. We are proud that the idea comes from a common Czech and Slovak development team," says Radomil Novak, the President of CzechINVENT Technology agency, a private nonprofit agency which facilitated the contract negotiations.
The SIT is primarily designed to aid safety, fuel economy and tire longevity. It also benefits drivers by eliminating inconvenient pressure checks and tire inflation. All tires gradually leak over time. In average more than 20% of all vehicles ride with at least one tire seriously underinflated. This simple technology addresses all recognized negative aspects of incorrect tire pressure.
SIT uses atmospheric air to inflate the tire automatically when a vehicle is put in motion, compensating for natural loss of pressure and ensuring maintenance-free, constant tire pressure over the lifetime of the tire.
SIT's key design feature is its simplicity, making it the first tire inflation system capable of global use across various tire market segments. The whole system consists of only two key components – the tube chamber serving the function of a peristaltic pump for the tire, and a managing valve to automatically control the inflation.
PRLog ID: www.prlog.org/11982533
SOURCE CODA DEVELOPMENT s.r.o.