SOLU Solutions Group Inc (CE)

Solutions Group, Inc. (PINKSHEETS: SOLU), a provider of managed engineering services, is getting the attention of the insurance industry in a big way, having just signed up their second insurance company in a month to purchase its idrive X1, a video data recorder that records events such as accidents.

SOLU first unveiled its video event recorder in late October where it quickly caught the eye of both city government and the insurance industry as a safety resource which could both record accidents and hopefully prevent them. Considering SOLU's managed engineering services take a global approach to engineering, Solutions Group appears to be more than a low-cost developer of circuits and boards and has latched onto something when it brought the idrive X1 to market.

So far seven insurance companies have bought into the safety features offered through SOLU's idrive X1 video event recorder, as had the city of Seattle, which gave the Company's accident recording device the OK with plans to place it inside the City's fleet of taxicabs.

The idrive X1 is a simple mount, dual camera video recording device which is armed with a 32GB (max) internal memory for storing information relating to quick stops, accidents or in some cases emergencies through a remote 'panic' button. The idrive X1 also has an audio feature, though for privacy reasons, the City of Seattle opted not to include. Yet the insurance industry sees it as a "proven safety" device.

Senior VP of ARI Insurance Company in NJ, Mr. J. Tucker Ericson, called deal struck with Solutions Group a "long-term profitable relationship." At the close of trading Wednesday, SOLU announced the contract with ARI, one of the top ten insurance companies in the Garden State. Solutions Group said the ARI order was 'substantial' but details were not disclosed and prices vary according to the configuration, so trying to map out revenue potential is difficult, though with the fast pace at which SOLU's idrive X1 is being snapped up by insurance companies the word "substantial" comes to mind.

While other vehicle safety devices are on the market, SOLU's idrive X1 is the first to be able to record all of the information and do it in an affordable, neat and easy to install manner. But before you run out to Best Buy, I'm sorry to disappoint. SOLU's vehicle safety device is only available in commercial applications -- for now.

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