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Sonitor Technologies Spins Out Forkbeard as Subsidiary, Establishes New Corporate Structure
Sonitor Technologies' Board of Directors has announced that it is establishing Sonitor IPS Holding AS (Indoor Positioning Systems) and creating two subsidiaries; Sonitor Technologies AS and Forkbeard Technologies AS. Forkbeard will focus on developing platform technologies for cloud-based indoor positioning of mobile devices. Sonitor Technologies will continue to focus on the commercialization and expansion of the Sonitor Sense platform, and will partner in the commercialization of Forkbeard's technology platform in health care and other markets.
"After careful consideration, the Board of Directors has determined that separating Sonitor into two independent entities will accelerate the growth and development of each and lead to greater shareholder value," said Carl Christian Gilhuus-Moe, Sonitor Technologies' executive chairman, in a prepared statement. "The current Sonitor Board of Directors will continue as the board of directors for Sonitor IPS Holding and the new Sonitor Technologies subsidiary. Forkbeard Technologies will establish a new board under the leadership of Knut Sandven as Chairman. Wilfred Booij, PhD, currently CTO of Sonitor will assume the role as CEO of the new Forkbeard subsidiary."
"Sonitor pioneered indoor positioning technology and has led the industry since we executed our first hospital deployment with our patented ultrasound technology more than a decade ago," Booij said in the prepared statement. "We believe that creating Forkbeard as a new business entity will allow us to take the technology rapidly mainstream."
"Today's announcement demonstrates our commitment to continuing to lead the indoor positioning technology market," added Arne Øyen, Sonitor Technologies' group CEO, in the prepared statement. "Forkbeard offers further exciting business and investment opportunities in the large and expanding global indoor positioning market for our partners and our shareholders alike."
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