GlobeNewswire Inc | Dec 2, 2021 04:30PM EST

December 02, 2021

HAUPPAUGE, N.Y., Dec. 02, 2021 (GLOBE NEWSWIRE) -- Intelligent Product Solutions (IPS), a subsidiary of Forward Industries (NASDAQ:FORD) and award-winning product design and development firm, today announced that Paul Severino was promoted to President, effective January 1. The current IPS President and Co-founder Mitch Maiman will be taking on a new group role as Business Strategy Consultant at IPS and Forward Industries.

Co-founding IPS with Maiman in 2007 and formerly serving as Chief Operating Officer (COO), Severino has been with IPS since its founding 14 years ago. IPS also announced today that Bob Wild was promoted to COO, from Senior Vice President.

Paul is the natural successor to Mitch. I am confident that under his leadership, bringing his deep experience with IPS as COO, and his vision as a co-founder with support from Bob, IPS will continue to grow successfully, said Terry Wise, Chairman of Forward Industries.

Severino said, IPS is an outstanding group of engineering and product design professionals, with a shared goal of providing the best product design services in the industry. Im pleased to continue working with this incredibly talented team in this next phase of growth for IPS.

Before co-founding IPS, Severino worked at Symbol Technologies, holding several senior positions in engineering and operations. Paul also has several patents for hand-held laser scanners.

Severino holds numerous degrees including an MBA from LIU Post, a Masters in Computer Science from New York Institute of Technology, and a BS in Mechanical Engineering from the State University of New York at Stony Brook.

The current IPS President and Co-founder Mitch Maiman is resigning from the company effective January 1, 2022 and will enter into an Independent Contractor Agreement to provide business strategy services.

About IPS

IPS, a subsidiary of Forward Industries (NASDAQ: FORD), is an award-winning global product design and development company with headquarters in New York. IPS offersexpert product design and engineering services, includingInternet of Things (IoT) andwearable technology solutions.Its clients are among the leading brands in consumer electronics, medical devices, enterprise and security solution providers, and IoT-connected solutions, including AdhereTech, Google, Stryker, Zebra Technologies, and charity: water. To learn more about IPS, visit http://www.intelligentproduct.solutions or contactinfo@ips-yes.comor @IPSdesigners.

About Forward Industries

Incorporated in 1962, and headquartered in Long Island, New York, Forward Industries is a global design, manufacturing, sourcing and distribution group. The company has a 30-year plus track record of Far Eastern sourcing capability. Forwards products can be viewed online atwww.forwardindustries.com.

For more media information, contact:

Lisa Hendrickson/LCH Communications for IPS

(516-767-8390) or lisa@lchcommunications.com