Market Overview

Stoneridge and Velociti Announce Strategic Partnership for MirrorEye™ Installation and Support

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NOVI, Mich., Jan. 15, 2019 /PRNewswire/ -- Stoneridge, Inc. (NYSE:SRI), a leader in highly engineered electrical and electronic components for the commercial vehicle and automotive industry, announced today a strategic partnership with Velociti, Inc., a leading provider of technology deployment and support services.  Under this agreement, Stoneridge and Velociti will work together with commercial vehicle fleets to install and support the innovative MirrorEyeTM Camera Monitor System (CMS) developed and manufactured by Stoneridge. 

Recently, the Federal Motor Carrier Safety Administration (FMCSA) approved an exemption to federal law allowing MirrorEye to be installed as an alternative to conventional rear-vision mirrors currently required on commercial motor vehicles in the United States.  The exemption applies solely to Stoneridge's MirrorEye system making it the only CMS that allows for complete removal of traditional mirrors.  Stoneridge has invested heavily in the development and field testing over the past several years and is now entering the launch phase with MirrorEye. 

"With this agreement we will be able to provide our commercial vehicle fleet customers with installation and post-sale support services from an industry leader in the space.  Velociti's technology deployment experience and network will support this need," said Stephen Fox, vice president of business development, Stoneridge, Inc.

"Velociti takes pride in partnering with companies that provide innovative solutions for driver safety," said Deryk Powell, president, Velociti, Inc.  "Stoneridge has done an extraordinary job of bringing a game-changing technology to the market with MirrorEye, and we look forward to providing our professional services exclusively to Stoneridge's customers to ensure they are able to fully realize the benefits of the solution."

"Velociti's commitment to customer service aligns well with Stoneridge's approach to the market," added Jon DeGaynor, president and CEO, Stoneridge, Inc.  Its nationwide installation and service coverage will be leveraged to augment Stoneridge's existing implementation and delivery capacity.  Velociti's post-implementation support will provide our fleet customers with the reliable service and support they require.  In our partnership with Velociti, we expect MirrorEye adoption to accelerate, and our customers to be as satisfied with the installation and post-installation support as they are with the vision and safety advantages of MirrorEye."

About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Michigan, is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the automotive, commercial vehicle, motorcycle, agricultural and off-highway vehicle markets. Additional information about Stoneridge can be found at Stoneridge.com

About Velociti, Inc.
Velociti, Inc. is a global provider of technology deployment and project management services, specializing in a broad range of technology products. Velociti's experience allows enterprise level technology consumers to maximize return-on-investment as a result of leveraging expert, rapid deployment. Velociti clients include many Fortune 500 companies from a wide variety of market segments including transportation, retail, distribution, manufacturing, healthcare, government, education, food service and public venues. For more information, please visit www.velociti.com.

Cision View original content:http://www.prnewswire.com/news-releases/stoneridge-and-velociti-announce-strategic-partnership-for-mirroreye-installation-and-support-300778814.html

SOURCE Stoneridge, Inc.

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