All heavy equipment over $40,000 required to install tracking device Boomerang Tracking Inc.
Serge Laporte
1/27/2004
Boomerang Tracking Inc. (TSX : BMG) is pleased to announce that the Sinclair-Cockburn Financial Group, as part of its HortProtect insurance program now insists on the installation of a tracking device on insured heavy equipment over $40,000. This is an effective way by which contractors can help manage the theft risk reduce the cost of claims and substantially reduce insurance premiums.
While construction contractors are enjoying a boom in business, there has been a matching increase in the amount of equipment and material theft from job sites. In Ontario alone, over $19 million worth of equipment went missing from construction sites and yards last year.
Construction theft losses do not only mean increased overhead, operating, security and insurance costs, but also scheduling hurdles and lost man-hours of production. �Large equipment is not something contractors can take home every night and is usually left on the job site for extended periods � often with no supervision�, says Doug Ketler from Sinclair-Cockburn. �The most effective way to protect large, valuable machinery is to use a tracking system such as the Boomerang device. These systems help locate stolen property quickly and are well worth the investment.�
Established in 1953, Sinclair-Cockburn offers businesses and consumers expertise in a number of fields, including construction, risk and professional liability insurance and financial products.
With tracking capabilities 24/7 across North America by an in-house tracking team, the Boomerang tracking device provides contractors with the most effective vehicle recovery solution on the market. To date, The Boomerang Tracking System has led to the recovery of over 3,000 stolen assets, representing a value of over $150 million, including incidentals.
Boomerang Tracking Inc. markets and distributes the Boomerang� tracking devices, proprietary products using technology patented by the Company. The Boomerang, Boomerang2� and GSM-based units are the central devices in a system that uses the wireless networks of major regional telecommunications companies for tracking stolen assets. The Boomerang Tracking System is capable of locating stolen automobiles, heavy equipment and valuable assets. As a result of its success, the Company has received the endorsement of members of the insurance industry. The Boomerang devices are available and installed through a network of authorized dealers in Quebec and Ontario. The Company’s head office, research and development centre and manufacturing facilities are located in Montreal, Quebec, with regional facilities located in Mississauga, Ontario and Orange County, California. Boomerang is a registered trademark and Boomerang2 is a trademark of Boomerang Tracking Inc. The shares of Boomerang Tracking Inc. trade on The Toronto Stock Exchange under the symbol BMG.
