Israeli automated vehicle identification (AVI) products for fuel delivery developer GasnGo Ltd. is breaking into the US market. After year-long negotiations, the company has signed an exclusive cooperation agreement with OPW for the sale of GasnGo's products in North America. Energy sources estimate the deal at $5 million in the first year, and at tens of millions of dollars over the next five years, the period of the contract.
GasnGo is a unit of Petratech International Ltd. Its chairman and principle shareholder is Mordechai Ben-Shach and its CEO is Sagi Cohen. The company's AVI systems, which OPW will begin to market shortly, can be easily installed into vehicles, and their data encryption prevents fraud at vehicle fleets.
A year ago, GasnGo signed a similar exclusive agreement with a company in Mexico.
"We've been very interested in America for a long time because of the size of its market. The financial potential is great and that's where we're heading. This is the time to welcome the closing," said Cohen.
Published by Globes [online], Israel business news - www.globes-online.com - on November 23, 2010
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