Webtech to Sell NextBus to Cubic for Proceeds of $20.75M

Webtech Wireless Inc., a leading provider of vehicle fleet location-based services (LBS) and telematics technology, today announced that it closed the sale of NextBus division to Cubic Transportation Systems, Inc., a division of Cubic Corporation

, for total cash proceeds of $20,750,000. Under the terms of today's agreement, Cubic will acquire all contracts, assets and rights related to the NextBus division, including the shares of NextBus Inc. a wholly owned subsidiary of the Company located in Emeryville CA. The agreement includes a provision under which Webtech Wireless will provide ongoing hardware and ASP services to NextBus.