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Article Excerpt
Company also provides update on UK strategy and guidance for fiscal year 2008 financial performance
NEW YORK -- Global Traffic Network, Inc. (Nasdaq: GNET), a leading provider of custom traffic and news reports to radio and television stations outside the U.S., today announced its subsidiary, Global Traffic Network (UK) Limited, has been awarded the Traffic Radio Service contract by the Highways Agency of the United Kingdom. The Highways Agency is an executive agency of the United Kingdom Department for Transport and is responsible for operating, maintaining and improving the strategic trunk road network in England on behalf of the Secretary of State for Transport. Under the contract, Global Traffic Network's UK subsidiary will provide traffic radio reports via digital audio broadcasting stations throughout England, with a possible expansion of service to include Scotland, Wales and Northern Ireland. The initial contract term is through September 2011, subject to a possible extension through the summer of 2012, during which London is scheduled to host the 2012 Summer Olympic Games. The maximum revenue associated with the...
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