July 8, 2004
Agreement Creates High-Value Integrated Remote Diagnostics and Mobile Asset Management Solutions for the Transportation Industry -
QUALCOMM Incorporated (Nasdaq: QCOM), the leader in mobile communications for the transportation industry, and Snap-on Incorporated (NYSE: SNA), a leader in diagnostic and equipment solutions, today announced the formation of a strategic relationship to cooperate in the development and marketing of integrated "Remote Diagnostics" and mobile asset management solutions for customers in the transportation, logistics and heavy equipment industries worldwide.
As the only solutions provider with more than 15 years in the business, QUALCOMM sets the standard for measurable and cost-effective fleet management solutions using turnkey systems that help streamline operations, reduce costs and improve safety and security. Together, QUALCOMM and Snap-on have developed several initiatives that are expected to drive their respective technologies forward within the transportation industry by combining their core competencies.
Most significant is a plan to integrate Snap-on's eTechnician™ application, a Web-based remote vehicle monitoring and diagnostics solution, with QUALCOMM's OmniTRACS® fleet management solution to provide enhanced asset management, Remote Diagnostics, and control of vehicle parameters.
Snap-on's eTechnician enables communication of vehicle diagnostic data and information to a central operations base, with the ability for base operators to query vehicle data at any time. The application also has a "command and control" feature invoking vehicle control and the re-programming of vehicle parameters while the vehicle is traveling on or off the road.
Other initiatives that will leverage the companies' core strengths include jointly exploring asset management solutions for vehicle manufacturers (OEMs) and opportunities for applications for the emerging market for command and control vehicle security solutions.
"We are excited to join forces with a company that has already demonstrated its global leadership in the field of diagnostics applications," said Chris Wolfe, president of QUALCOMM Wireless Business Solutions. "This agreement between Snap-on and QUALCOMM will enable us to set a new standard in remote, mobile engine diagnostics and control."
"Wireless technology has opened up new opportunities for companies to better manage their fleets, and Snap-on is proud to collaborate with one of the pioneers in the wireless industry to bring these innovative solutions to a broad marketplace," said Tom Ward, president of Snap-on Diagnostics. "Together, we expect to offer an integrated system to help automate maintenance and control for both over-the-road and off-road fleet vehicles, resulting in lowered maintenance and downtime costs as well as increased safety."
Snap-on Diagnostics, an operating unit of Snap-on Incorporated, provides quality diagnostics tools and information solutions that help customers successfully diagnose and maintain vehicles. Snap-on Diagnostics manages a worldwide product line, and is committed to increasing the integration of diagnostics, information and maintenance to expand the capabilities and innovative resources for customers.
Snap-on Incorporated is a leading global developer, manufacturer and marketer of tool, diagnostic and equipment solutions for professional tool users. Product lines include hand and power tools, diagnostics and shop equipment, tool storage products, diagnostics software and other solutions for transportation-service, industrial, government, education and agricultural customers, and other commercial applications, including construction and electrical. Products are sold through its franchise dealer van, company direct sales and distributor channels, and the Internet. Founded in 1920, Snap-on is a $2+ billion, S&P 500 company headquartered in Kenosha, Wisconsin, and employs approximately 12,200 people worldwide.
Statements in this news release that are not historical facts, including statements (i) that include the words "expects," "believes," "envisions," or similar words that reference Snap-on or its management; (ii) specifically identified as forward-looking; or (iii) describing Snap-on's or management's future outlook, plans, estimates, objectives or goals, are forward-looking statements. Snap-on or its representatives may also make similar forward-looking statements from time to time orally or in writing. Snap-on cautions the reader that these statements are subject to risks, uncertainties or other factors that could cause (and in some cases have caused) actual results to differ materially from those described in any such statement. Those important factors include the extent and speed with which Snap-on's eTechnician™ application is integrated with QUALCOMM's OmniTRACS® technology, changes in economic conditions of the various markets the Company serves, as well as the other risks detailed from time to time in the Company's SEC reports, including the report on Form 10-Q for the quarterly period ended April 3, 2004.
These factors may not constitute all factors that could cause actual results to differ materially from those discussed in any forward-looking statement. Snap-on operates in a continually changing business environment and new factors emerge from time to time. Snap-on cannot predict such factors nor can it assess the impact, if any, of such factors on Snap-on's financial position or its results of operations. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release. Any opinions, estimates or forecasts regarding Snap-on performance made by analysts are theirs alone and do not represent the opinions, forecasts or predictions of Snap-on or its management, nor does Snap-on endorse or otherwise comment on such forecasts.
QUALCOMM has helped the transportation industry become more efficient since 1988 when the introduction of the OmniTRACS mobile communications system provided transportation companies with an innovative and effective way of managing logistics. Today, QUALCOMM's fleet management solutions continue to set the standard by offering products and services that meet and exceed the demands of a constantly changing marketplace. Now with FleetAdvisor®, a paperless solution to ensure DOT and IFTA regulatory compliance; GlobalTRACS®, an equipment management system for the construction equipment industry; OmniExpress®, a CDMA-based wireless communications system; and other industry-leading technologies, QUALCOMM continues to expand into new mobile markets.
QUALCOMM is the industry's global leader in providing high-value wireless data solutions with a Network Management Center that processes more than seven million transactions each day and has shipped more than 511,000 QUALCOMM mobile systems to businesses in more than 39 countries on four continents.
QUALCOMM Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on its CDMA digital technology. Headquartered in San Diego, Calif., QUALCOMM is included in the S&P 500 Index and is a 2003 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.
Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties, including the extent and speed to which OmniTRACS products that incorporates Snap-on's eTechnician application are deployed, change in economic conditions of the various markets the companies serve, as well as the other risks detailed from time to time in QUALCOMM's SEC reports, including QUALCOMM's report on Form 10-K for the year ended September 28, 2003 and most recent Form 10-Q, and in Snap-on's SEC reports, including the report on Form 10-K for the year ended January 3, 2004.
QUALCOMM, FleetAdvisor, GlobalTRACS, OmniExpress and OmniTRACS are registered trademarks of QUALCOMM Incorporated. Snap-on is a registered trademark of Snap-on Incorporated. All other trademarks are the property of their respective owners.