Olympus NDT Acquires Innov-X Systems, Inc.

http://www.innovx.com/PDFs/news/ONDT_Acquisition_of_Innov-X_Systems_Press_Release_July_2.pdf

Olympus NDT is pleased to announce today that it has acquired Innov-X Systems
Inc., a leading manufacturer of portable X-ray fluorescence (XRF) analytical
instruments based in Woburn, Massachusetts, USA. Innov-X Systems instruments
provide real-time, nondestructive material analysis in applications ranging from metal
sorting, lead paint detection, and alloy verification to analysis of oil, fluids, and
minerals.

With this acquisition, Olympus NDT has taken an important step towards its
continuing commitment of becoming the world leader in nondestructive testing (NDT)
and related inspection technologies. The addition of X-ray fluorescence analytical
instruments augments the company’s existing portfolio of ultrasound, eddy current,
and remote visual instruments that include flaw detectors, thickness gages, systems,
videoscopes, scanners, probes, and related accessories.

Innov-X Systems, Inc. will be operated as a business division of Olympus NDT,
retaining its current management team and employee base.

Olympus NDT C.E.O. Toshihiko Okubo: "The decision to acquire Innov-X Systems
was based on the complementary product portfolios of both companies. This is yet
another significant step for Olympus in becoming the world leader in the
manufacture and distribution of inspection devices that enhance safety, security, and
productivity and that also contribute to society."

Innov-X Systems C.E.O. Don Sackett: "We are extremely honored to be part of the
Olympus organization, which is so well respected throughout the world. Innov-X has
newly introduced an X-ray fluorescence product platform that is both high performance
and rugged and is a great fit with the nondestructive testing and remote
visual inspection technologies of Olympus. I look forward to the synergies and
opportunities to extend our technological leadership and quality created by the
joining of these two companies."

About Olympus NDT
Olympus NDT is a world-leading manufacturer of innovative nondestructive testing
instruments that are used in industrial and research applications ranging from
aerospace, power generation, petrochemical, civil infrastructure and automotive to
consumer products. Leading edge testing technologies include ultrasound, ultrasound
phased array, eddy current, and eddy current array. Its products include flaw detectors,
thickness gages, in-line systems, automated systems, industrial scanners, pulserreceivers,
probes, transducers, and various accessories. Olympus NDT is also a
distributor of remote visual inspection instruments and high speed video cameras in the
Americas. Olympus NDT is based in Waltham, Massachusetts, USA, and has sales and
service centers in all principal industrial locations worldwide.

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