November 13, 2008
PROCON Inc. (PROCON) announces merger with DriveOK Inc. (SysLOCATE)
Knoxville, TN and San Diego, CA - PROCON Inc. (PROCON) www.proconlbs.com and DriveOK Inc. (SysLOCATE) www.driveoktracking.com today announced that the companies will merge.
The merger will enable PROCON, the leader in mobile resource management solutions for the automotive finance industry, to acquire one hundred percent of DriveOK and its affiliates. DriveOK is one of the fastest growing small fleet GPS tracking equipment and services providers in the United States. They are also a leading supplier to the Buy Here Pay Here industry of GPS tracking and payment protection systems. This newly formed company will benefit from a highly experienced management team with extensive industry knowledge in the areas of Mobile Resource Management (MRM), Telematics, Wireless Communications, Consumer Electronics, and Subprime Finance Asset Risk Management.
In 2007, PROCON set a goal to become the clear leader in the Subprime Finance Asset Risk Management automotive marketplace in the United States within three years. "The ability to merge a very respected and successful DriveOK organization into our team in 2008 now puts an exclamation point on our progress towards that objective", suggested Brian Boling, Chairman and CEO of PROCON. The two organizations estimate that PROCON is now larger than the total sum of all other competitors in the Buy Here Pay Here automotive segment. "With the addition of Mark Wells and his talented team of engineers we have increased our technical prowess and depth that will allow us to push our solutions into many new MRM areas", said Brian Boling.
"This industry is growing up", added Mark Wells, Chairman and CEO of DriveOK. "Consolidation is inevitable in such a fast growing and vibrant market. Combining our small fleet solutions and consumer GPS tracking offerings with PROCON's already significant distribution scale will position our new company to become a leader in the United States." Both leaders believe the merger establishes PROCON as the premier MRM solutions provider due to scale and quality leadership.
With their sights now set on passing an annual revenue target of 100 million dollars in the near future, Brian Boling and Mark Wells have the world class team, resources, and track record that suggests there may be no limits in sight for PROCON.
About the New PROCON
PROCON, headquartered in Knoxville, Tennessee, is one of the world's leading providers of MRM products and services. By providing a globally-managed, wireless data network PROCON reduces the costs, complexities and risks associated with deploying and supporting mobile applications and connected devices. PROCON offers solutions for government, automotive, consumer, and commercial applications and currently has over 450,000 units being used throughout the U.S., Canada and Mexico. In 2009, PROCON estimates annual sales of 300,000 devices. PROCON has over 25 industry-leading brands and offices in the United States, Canada, Mexico, Australia, the United Kingdom and a software development laboratory in Thailand.
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