| Merger of IWI and Inovar Forms New Company inthinc |
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inthinc enhances its manufacturing operations and commercial driving safety solutions while expanding into consumer market with focus on teen driving safety All employees from both companies were retained post-merger, plus many have been added since the merger agreement. The total workforce is now approximately 310, and current plans are to increase the workforce an additional 30 percent by the end of the 2008. “We see this as a merger of equals that instantly elevates the opportunities available for inthinc employees and clients,” said Todd Follmer, former CEO of IWI and current chairman and CEO of inthinc. “Inovar brings a top-notch manufacturing structure with mature business processes, while IWI brings innovative product design and development acumen together with growth-oriented sales and marketing opportunities. The merger enables us to efficiently optimize several new ideas and bring them quickly to market.” inthinc will design and develop driving safety and fleet management product lines that will be directly manufactured by its Inovar division. The streamlined, vertical business model improves product reliability, speeds time-to-market and permits inthinc to more quickly realize and adjust to customer needs. Inovar remains an independent operating division located in Logan, Utah, specifically committed to the business goals and needs of all of its contract manufacturing customers. “The merger brings an infusion of resources that will enable the company to expand and easily accommodate the needs of all our current and future clients,” said Blake Kirby, former CEO of Inovar and current president and chief operating officer for inthinc. “Organizations in disciplines ranging from commercial and consumer products to military and space applications turn to inthinc’s Inovar™ division to build and refine the highest-end technology. We are proud of our award-winning legacy in manufacturing and will continue to meet our client’s exacting demands.” inthinc is headquartered in Salt Lake City in the former IWI offices and maintains all manufacturing and certain financial and administrative operations at the Inovar facility in Logan, Utah. inthinc executives include: Todd W. Follmer, Chairman and Chief Executive Officer (Former CEO of IWI) Blake Kirby, President and Chief Operating Officer (Former CEO of Inovar) Jeffrey M. Harvey, Executive Vice President and Chief Administration Officer (former COO of IWI) Michael Olsen, Vice President and Chief Financial Officer
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