Forward Announces U.S. Distribution Agreement With Chipolo, a Device Tracking Company

Rhea-AI Summary

Forward Industries (NASDAQ:FORD) has announced a distribution agreement with Chipolo Inc. to market its tracking products in the U.S. This partnership allows Chipolo to leverage Forward's relationships with major retailers. Notable products include Chipolo ONE Spot, which integrates with Apple's Find My network, enabling users to locate lost items via a smartphone app. With features like a replaceable battery and water resistance, Chipolo aims to enhance consumer convenience and security in item tracking.

Positive

• Exclusive distribution agreement with Chipolo enhances market presence.
• Chipolo ONE Spot integrates with Apple's Find My network, expanding functionality.

Negative

• None.

Chipolo products locate misplaced and lost keys, backpacks and other items using a smartphone and App including Apple’s Find My network

HAUPPAUGE, N.Y., June 15, 2021 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ:FORD) today announced an agreement with Chipolo Inc. to distribute its tracker products in the U.S., via exclusive distribution agreements with select big box stores and other retailers.

Chipolo products including Chipolo ONE Spot, are an easy, fast way to help locate items such as keys or wallets by attaching a tracker to a keychain utilizing its unique keyring hole design. Chipolo ONE Spot is one of the first third-party accessories that work with Apple Find My network, enabling users to go to the Find My app and see the missing item on a map. Other Chipolo products such as Chipolo ONE and Chipolo CARD work with the Chipolo app, where consumers can ring their misplaced items, double click on Chipolo to find their phone or get a phone notification when they leave an item behind.

“We are excited about our partnership with Chipolo. There is mutual opportunity for Forward to leverage its strong U.S. retailer relationships to distribute Chipolo’s products,” said Terry Wise, Chief Executive Officer of Forward Industries.

According to Renee Vozelj, CSO from Chipolo, “This distribution partnership with Forward is an important milestone for the company, ensuring that our leading products are now available to U.S. consumers through the U.S. retailers. As a result of our partnership, U.S. consumers can now benefit from Chipolo’s products, knowing that misplacing something like your wallet, keys or even a favorite toy doesn’t have to be a big deal.”

The Chipolo product line includes Chipolo ONE and Chipolo CARD, compatible with the Chipolo app and Chipolo ONE Spot and compatible with the Apple Find My network. With a replaceable battery that lasts up to one year, Chipolo ONE Spot is also water resistant, and able to locate items very easily. It sends out a secure Bluetooth signal that can be detected by nearby devices in the Find My network. These devices send the location of the Chipolo ONE Spot device to iCloud, and then consumers can go to the Find My app and see the location of the item on a map. The process is secure, encrypted to protect privacy, and anonymous.

About Forward Industries

Forward Industries is a fully integrated design, development and manufacturing solution provider to top tier medical and technology customers worldwide. Through its acquisitions of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for our existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering services. In addition to our existing design and distribution business, primarily for handheld electronic devices, we are now a one-stop shop for design development and manufacturing solutions serving a wide range of clients in the industrial, commercial, medical and consumer industries.

Contact:

Forward Industries, Inc.
Anthony Camarda, CFO
acamarda@forwardindustries.com

Public Relations for Forward Industries
Lisa Hendrickson
lisa@lchcommunications.com

FAQ

What is the significance of the Forward Industries and Chipolo partnership?

The partnership allows Forward Industries to distribute Chipolo's tracking products in the U.S., leveraging its retail relationships.

What products are included in the Forward and Chipolo distribution agreement?

The agreement includes products like Chipolo ONE Spot, Chipolo ONE, and Chipolo CARD.

How does the Chipolo ONE Spot work with Apple’s Find My network?

The Chipolo ONE Spot sends a secure Bluetooth signal that can be detected by nearby Apple devices, allowing users to locate their items on a map.

What features do Chipolo's tracking products offer?

Chipolo products feature a replaceable battery lasting up to one year, water resistance, and integration with either the Chipolo app or Apple's Find My network.

What is Forward Industries' business focus after its recent acquisitions?

Forward Industries focuses on providing integrated design, development, and manufacturing solutions across various industries, including medical and technology sectors.