WESTWOOD, Mass., Oct. 16 -- LoJack Corporation (NASDAQ:LOJN) , the leading global provider of tracking and recovery systems for stolen mobile assets, today announced that it is entering the cargo security market through an investment in SC-integrity, a Bothell, Washington- based company providing comprehensive solutions for cargo theft prevention, investigation, tracking and recovery. Under the terms of the agreement signed today, LoJack will receive a significant minority stake in SC-integrity. In addition, LoJack will license the LoJack brand to SC-integrity, which will market its current tracking and recovery service as LoJack inTransit.
"We have been conducting in-depth analysis of the cargo security market for more than a year, and determined that the best way to enter this arena is with a partner that has security experience and a comprehensive solution that is well known and highly respected in the industry," said LoJack Chairman and CEO Joseph F. Abely. "SC-integrity's high-profile, experienced leadership, knowledge of the security industry and innovative services provide our two companies with the opportunity for a strong alliance. We believe SC- integrity's comprehensive security solution and key customer relationships will accelerate LoJack's entry into the cargo security market. We look forward to working closely with SC-integrity to deliver highly effective solutions for the costly problem of cargo theft."
SC-integrity CEO Denis duNann said, "Our agreement with LoJack gives us the immediate benefit of leveraging the company's trusted brand, which is synonymous with tracking and recovery. Combining our collective knowledge enables the two organizations to form a powerhouse in the cargo recovery arena that no other company can match."