ProWorks, Inc. News
ProWorks Announces Key Milestones and Acceleration of India Expansion
SANTA CLARA, Calif., June 30 PRNewswire — ProWorks, Inc. today announced several key milestones in its expansion plans to India. On June 9, 2008, the company successfully incorporated a wholly owned Indian subsidiary called ProWorks Electronic Manufacturing India Private Limited ("ProWorks India") which was subsequently registered with India's tax authorities. On June 24, 2008, ProWorks India was granted Special Economic Zone ("SEZ") Unit status per the provisions of the SEZ Act of 2005. SEZ Unit status signifies that ProWorks India is duly recognized by the central Indian government and is granted certain income tax, excise and duty concessions as prescribed by the SEZ Act. In addition, the company announced today the consummation of a definitive agreement to lease a 42,000 square foot facility within Velankani's master planned SEZ Park in Sriperumbudur, approximately 50 kilometers west of the port city of Chennai. Construction of the building shell is scheduled to be completed near the end of September, with final fit out expected to be completed by the end of 2008, allowing the ProWorks India facility to be operational as early as the first calendar quarter of 2009.
Commenting on these developments, Bill Moradkhan, President and Chief Executive Officer of ProWorks said, "We are very pleased to have achieved the incorporation and SEZ Unit status for our India subsidiary quickly. We are also excited to be partnering with a business park developer of the caliber and reputation of Velankani. This decision allows us to focus on our core competencies, and the manpower, equipment and logistical aspects of our expansion while at the same time accelerating our previously announced timetable."
About Proworks:
Established in September 2001, ProWorks, Inc. is a privately held provider of advanced electronic manufacturing services. We operate two facilities in Santa Clara, California with services including product realization engineering; strategic supply chain management and optimization; build-to-order and configure-to-order direct fulfillment, PCBA and full system level manufacturing; test services, including 5DX, ICT, AOI, Flying Probe and functional test; and sustaining services, including warranty repair, RMA depot and BGA rework. Since the inception of the company, we have established a reputation for high quality PCBA and system level manufacturing of complex products. Our operations and processes are certified to the ISO9001:2000, ISO14001:2004, AS9100B, S.20.20 and IPC Lead Free Manufacturing standards. ProWorks has internally developed a set of web based analysis and visibility tools that allow us unprecedented automation and control of both supply chain and manufacturing processes. These proprietary systems are made available to our customers using our branded Web portal, Haven, providing anytime/anywhere access to pertinent information about the status of the supply chain and the jobs on the factory floor. We have entered into an agreement to lease a 42,000 square foot facility in the Velankani Special Economic Zone business park in Sriperumbudur, approximately 50 kilometers west of Chennai, India. This factory is expected to be operational in early 2009. More information about ProWorks can be obtained at http://www.pro-works.com.
SOURCE ProWorks, Inc.
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