BLACKWOOD, N.J., June 15 /PRNewswire/ -- Airtrax Inc. (OTC Bulletin Board: AITX), a developer of patented Omni-Directional Technology with military and commercial applications, announced today that the Company has completed re-stating fiscal years 2006 and 2005 financial results. During the preparation of the December 31, 2006 year-end financial statements, Airtrax determined that the accounting for certain transactions, which had been recorded in 2005 and 2006, needed to be corrected. Accordingly, Airtrax issued two Form 8-K's, on April 25, 2007 and May 2, 2007 , disclosing that the Company would restate its previously issued financial statements, namely the Form 10-KSB filed for December 31, 2005 and the Form 10-KBS filed for December 31, 2006 and that these statements should not be relied on. Additionally, the Form 10-QSB for each period has also been restated as of today. All of the Company's filings can be found at http://www.sec.gov.

Robert Watson, chief executive officer of Airtrax, stated, 'Now that our financial statements and records are in order we will be able to channel our energy into the execution of our business plan and focus on identifying, developing and matching new commercial and military industry specific applications for Airtrax's Omni-Directional Technology. We remain committed to pursuing strategic partnerships and joint ventures that will enable Airtrax to better capitalize on its technologies, improve its distribution channels and enhance revenue growth. I look forward to keeping our shareholders regularly informed on the ongoing operations of the Company, and the market opportunities that exist for our Omni-Directional Vehicles.'

About Airtrax, Inc.:

A U.S.-based developer of Omni-Directional Technology, Airtrax designs and manufactures Omni-Directional Vehicles. The Airtrax patented wheel was designed and developed by Airtrax after receiving a technology transfer from the US Navy in the form of a Cooperative Research and Development Agreement (CRADA).

The SIDEWINDER(TM) Lift Truck, MP2 Equipment Handlers, and the KING COBRA(TM) 3368 Omni-Directional Aerial Work Platform (AWPs) are the first Omni-Directional vehicles using Omni-Directional technology and the patented Airtrax wheel to be commercially produced. The nearly maintenance-free drive system design reduces maintenance costs, delivering cost efficiencies to companies both large and small. The Airtrax patented Omni-Directional wheel is manufactured exclusively for Airtrax vehicles.

Airtrax has developed business partnerships, received orders, and shipped SIDEWINDER Lift Trucks to California, Wisconsin, Arkansas, Ohio, New Jersey, Kentucky, Florida, and Pennsylvania in the United States , and internationally to the United Kingdom , Japan , Spain , Panama , New Zealand , Canada , and South Africa .

For more information and to view a must-see product demonstration, visit http://www.airtrax.com or http://www.equityperformancegroup.com/clients_airtrax.php.

The Private Securities Litigation Reform Act of 1995 provides a 'Safe harbor' for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involved risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission. Customers of the SIDEWINDER mentioned in this release may own shares of Airtrax's stock or may own shares in the future.

SOURCE Airtrax, Inc.