Benzinga | Jun 15, 2021 04:14PM EDT

Forward Industries Reports US Distribution Deal With Chipolo, No Terms Disclosed

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.