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XATA Signs New Building Lease to Handle Growth
MINNEAPOLIS, July 12, 2007- XATA Corporation [Nasdaq: XATA], a provider of on-demand, fleet management software, signed a lease on a state-of-the-art building to become the corporate headquarters for XATA in Eden Prairie, Minnesota.
XATA is an expert in optimizing fleet operations by reducing costs and ensuring regulatory compliance for the trucking industry. Established in 1985, XATA has grown to service over 60,000 trucks and 1,925 distribution centers compared with 40,000 trucks and 1,000 centers two years ago. XATA's fiscal year 2006 revenues were more than $30 million, a growth rate of 59% over the previous year. The new building will allow XATA to meet the demands of its growing business by providing room for XATA's more than 100 Minnesota employees.
"XATA's growth affirms the trucking industry's need for the real-time solutions that we provide," said Jay Coughlan, chairman and CEO of XATA. "With the new building, we can continue to establish XATA as an industry leader in fleet management solutions as well as maintain the high-level of service our customers expect from us. The new corporate headquarters is consistent with our drive to strengthen the image and effectiveness of XATA."
The 26,500 square foot building is expected to provide sufficient space for existing employees and meet the demands of XATA's high growth needs. The anticipated move date is November 1, 2007. The standalone building is located on 965 Prairie Center Drive in Eden Prairie.
About XATA
XATA, an expert in fleet management solutions, optimizes fleet operations by reducing costs and ensuring regulatory compliance for the trucking industry. Our on-demand software and professional services help companies manage fleet operations, enhance driver safety and deliver a higher level of customer satisfaction. Offered through a subscription service, XATA affordably oversees each and every truck in an organization's fleet, from small fleets to fleets with thousands of vehicles. XATA provides expert services to develop the business processes and training required to deliver the profitability, safety and service levels demanded by today's competitive transportation environments.
Based in Minneapolis, XATA revolutionized the trucking industry by being the first to introduce electronic driver logs and exception-based management reporting with automatic fleet information updates. By combining global positioning, wireless communication and on-board computers, XATA continues to leverage its software to help companies improve driver performance, mitigate risk and increase customer satisfaction. For more information, visit www.xata.com or call 1-800-745-9282.
Except for historical information, matters discussed in this press release are forward-looking statements that involve risks and uncertainties, and actual results may be materially different. Such statements are based on information available to management as of the time of such statements and include statements related to the securities purchase agreement and the intended use of proceeds. Factors that could cause actual results to differ include the factors discussed under the heading "Investment Considerations and Risk Factors" in Item I, Part 1 of our most recent Annual Report on Form 10-KSB, as well as the following factors: the public sale into the market of common stock issued pursuant to options granted under our employee benefit plans or common stock issuable upon conversion of preferred stock issued in our Series B and Series C equity financings or issuable upon exercise of warrants delivered in connection with such financings, and the common stock issuable upon conversion and exercise of the preferred stock and warrants issued in connection with the financing described in this press release; risks associated with estimates made by management based on our critical accounting policies; changes to financial accounting standards that may affect our results of operations; concentration of our common stock; volatility of the market price of our common stock; and war, acts of terrorism or the threat of either. The information included in this press release is operative as of this date only. The Company does not undertake any obligation to update its forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. In order to ensure that all investors continue to have equal access to the same information, the Company will refrain from updating forward-looking statements made in this press release unless it does so through means designed to provide broad distribution of the information to the public.
