SmarTire expects market rebound on tire monitoring devices

RICHMOND, British Columbia (Dec. 15)—Despite accumulating approximately $25 million in losses since its inception six years ago, the management of tire pressure monitor developer SmarTire Systems Inc. is optimistic that the recall-driven renewed interest in tire safety will expand the market for the company´s products. "Since August, we have seen increased consumer demand and a major shift in attitude within the automotive industry in favor of tire monitoring technology," said Robert Rudman, SmarTire´s president and chief executive officer, in a prepared statement. "The marketplace has quickly matured and this represents a turning point for SmarTire. With the right technology, products and partners, it is our intention to . . . capitalize on this growing market opportunity." SmarTire´s latest quarterly loss—for the period ended Oct. 31—was $1.35 million on sales of $179,100.