Exhibit 99.1
[LOGO]
One Jake Brown Road
Old Bridge, New Jersey 08857-1000
Tel: 732-679-4000 Fax: 732-679-4353
www.blondertongue.com
FOR IMMEDIATE RELEASE CONTACT: James A. Luksch
Chairman and
Chief Executive Officer
(732) 679-4000
BLONDER TONGUE ANNOUNCES AGREEMENT TO BUILD ELECTRONIC ON BOARD RECORDERS
OLD BRIDGE, NEW JERSEY, December 6, 2007 - Blonder Tongue Laboratories, Inc.
(AMEX: BDR) today announced an agreement with Buffalo City Center Leasing, LLC
to provide manufacturing, research and development and product support to
Buffalo City for an electronic on board recorder (EOBR) that Buffalo City is
producing for Turnpike Global Technologies, LLC. It is anticipated that this
three year agreement will provide up to $4 million in product sales for Blonder
Tongue.
"After researching the market our decision to have Blonder Tongue manufacture
our RouteTracker(TM)product was a strategic one. Blonder Tongue provides
Turnpike the capacity to meet market demands for our solution as well as
industry leading engineering to assist in technological advancements," commented
Brendan Staub, President & CEO of Turnpike.
"Today's trucking arena presents numerous challenges to the carrier for
maintaining a safe and efficient operation. Newly proposed regulatory compliance
factors, increasing fuel prices as well as an increase in safety and security
measures are all factors that the carrier must take into consideration while
trying to maintain a proficient operation. Turnpike Global Technologies has
developed a low cost EOBR solution (called RouteTracker(TM)) that can benefit
carriers in numerous ways while keeping drivers compliant to the Hours of
Service Rule which in turn will make highways across North America a safer place
to travel" added Staub.
RouteTracker(TM)is an EOBR that combines GPS and Engine Diagnostic information
for small, medium, and large vehicle fleets. The device is easily installed and
provides customers with options for Electronic Hours of Service (HOS) and
Completely Automated IFTA Fuel Tax Reporting. RouteTracker includes flexibility
to connect with multiple handheld devices such as Bluetooth cellular phones, and
Windows Mobile devices. The HOS application is fully compliant with the Federal
Motor Carrier Safety Administration's Regulation 395.15. All data is available
24 hours a day, 7 days a week via a secure website that can be accessed via the
Internet. (For more information please visit www.turnpikeglobal.com
"We're excited to enter into this new arena and support the efforts of Turnpike
Global. There is strong synergy between the parties with Turnpike's technology,
product and market knowledge, Blonder Tongue's expertise in radio frequency
electronic equipment design and manufacturing and Buffalo City's financing,"
said James A. Luksch, CEO of Blonder Tongue.
"Jim Williams, a director of Blonder Tongue, brought this interesting
opportunity to the Company," added Mr. Luksch. "Jim is the managing member and a
vice president of Buffalo City and also owns a material indirect equity stake in
the business. Due to AMEX rules, Jim no longer qualifies as an "independent"
director, but will remain a director. Blonder Tongue has notified AMEX of its
non-compliance, and will coordinate with AMEX to regain it. The Company is
searching for candidates to fill the independent director position as well as
considering other changes to the Board's composition to regain AMEX compliance.
We believe that the result will be an even stronger Board of Directors to assist
us in achieving our future goals."
Founded in 1950, Blonder Tongue Laboratories, Inc. has evolved from a
manufacturer of electronic equipment for the private cable industry to a
principal provider of integrated network solutions and technical services to
broadband service providers in the multiple dwelling unit, lodging and
hospitality, and institutional cable markets. The Company designs, manufactures,
and supplies a comprehensive line of equipment to deliver video (analog &
digital), high speed data and voice services over integrated coaxial and fiber
optic broadband networks today and over packet based, Internet protocol networks
of the future. For more information regarding Blonder Tongue or its products,
please visit the Company's Web site at www.blondertongue.com or contact the
Company directly at (732) 679-4000.
Turnpike Global Technologies, LLC www.turnpikeglobal.com provides solutions to
the transportation industry that result in immediate cost savings. The
proprietary RouteTracker(TM)hardware and web based TurnpikeDirect(TM)reporting
service allow for the processing of millions of vehicle and driver transactions
per day. TurnpikeDirect(TM)focuses on tasks such as fuel & mileage tax, vehicle
activity, driver activity, point-to-point verbal driving directions,
maintenance, hours of service, and safety.
Buffalo City Center Leasing, LLC helps businesses grow by providing access to
capital through tailored lease financing programs. The company provides
businesses with solutions to meet business needs today and in the future.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: The information set forth above includes "forward-looking" statements and
accordingly, the cautionary statements contained in Blonder Tongue's Annual
Report and Form 10-K for the year ended December 31, 2006 (See Item 1: Business,
Item 1A: Risk Factors and Item 7: Management's Discussion and Analysis of
Financial Condition and Results of Operations), and other filings with the
Securities and Exchange Commission are incorporated herein by reference. The
words "believe", "expect", "anticipate", "should", "project", and similar
expressions identify forward-looking statements. Readers are cautioned not to
place undue reliance on these forward-looking statements, which reflect
management's analysis only as of the date hereof. Blonder Tongue undertakes no
obligation to publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof. Blonder Tongue's actual
results may differ from the anticipated results or other expectations expressed
in Blonder Tongue's "forward-looking" statements, and there can be no assurance
that Blonder Tongue will realize the full $4 million of product sales provided
for in the agreement with Buffalo City.
