PRZOOM - /newswire/ -
Winston-Salem, NC, United States, 2009/12/08 - SOLU gives early investors a chance to get behind a unique, cost effective product that is in widespread demand by insurance companies and has been proven to reduce traffic accidents.
Solutions Group is an international engineering firm with 14 offices in four countries that provides cost-cutting solutions for Fortune 500 Companies, small and mid-range OEMs and early stage product companies through bulk-outsourcing solutions and product development engineering.
The Company's engineering centers located in the United States, Mexico, Germany and Romania are seamlessly integrated and work closely with the customer at the time of project launch through completion. As a result customers are able to reduce their product development investment by up to 50% without sacrificing product quality or time-to-market schedules.
The Company has also expanded into producing and selling products of their own such as the iDrive. The iDrive X1 camera is the lowest cost, dual lens, high definition Event Data Recorder on the market. The X1 utilizes a 3 axis accelerometer, incorporates GPS mapping information, and transmits data wirelessly so fleet owners can monitor driver behavior through iDrive's proprietary software platform.
The X1 is in high demand by fleet insurance companies because they have been proven to reduce accident rates. So far seven insurance companies have bought into the safety features offered through SOLU's iDrive X1 video event recorder, as has the city of Seattle, which plans to place the accident recording device inside the city's fleet of taxicabs. Over 500 iDrives were sold in the first six weeks after release in October at roughly $495 each.
In addition the Company is in the process of getting approval for the iDrive in Chicago, New York and other municipalities. SOLU currently employs 65+ people and has a highly scalable business model.
SOLU Investor Highlights
So far seven insurance companies have bought into the safety features offered through SOLU's iDrive X1 video event recorder, as has the city of Seattle, which plans to place the accident recording device inside the City's fleet of taxicabs.
Announced a partnership with ARI Insurance Company, one of the largest insurance companies in New Jersey supplying commercial and fleet auto insurance. Under the agreement, ARI, who specializes in commercial automobile insurance, has agreed to purchase multiple iDrive X1 cameras to supply to their clients over an extended period of time. To cement the relationship, ARI has placed a substantial initial order.
Announced that it has received a significant order to supply iDrive X1units to a large National Interstate Insurance client in Massachusetts.
Solutions Group sold over 500 iDrive X1 units in the first six weeks after release of the product in October for approximately $495 each.
Announced that it has been chosen to participate in a comprehensive study of teen driving habits. The study, being conducted by a national independent research firm, will provide data to one of the largest writers of personal insurance in the United States.
SOLU's devices are in demand by fleet insurance companies because they have been proven to reduce accident rates.
SOLU currently employs 65+ people and has a highly scalable business model of which a majority of the team is directly involved in some aspect of the revenue generation process.
Clients include Fortune 500 companies such as Agilent, Freescale and Qualcomm.
The Company's revenue continues to exceed expectations with nearly double the requests for new projects compared to 2008.
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