INC 500 Press Release-May 2005
MagnaDrive Recognized as One of America’s Fastest Growing Private Companies
Growth Confirms MagnaDrive’s Sound Business Strategy
Bellevue, Washington, May 9, 2005 – MagnaDrive Corporationannounced today that the company was honored by Inc. Magazine as one of the fastest growing private companies in America.
The twenty-third annual Inc. 500 rankings were based on the
percentage growth in revenue for the last three years. MagnaDrive
achieved a 94% annual growth rate during this period – ranking as
the 392nd fastest growing private company in the country. The
company ranked 22nd in the Northwest Region (Alaska, Idaho,
Oregon and Washington).
“We are pleased that the hard work of the MagnaDrive employees and distributors is getting this kind of
national recognition,” stated Jim Cich, President & CEO of MagnaDrive Corporation. “We will continue
to increase awareness of MagnaDrive’s technology in the marketplace.” Cich commented that a key
element of MagnaDrive’s extraordinary growth rate was the decision to strategically target the company’s ability to provide customers with unparalleled reliability and demonstrate the associated savings.
“MagnaDrive has been taking market share away from more established technologies by providing
customers with tools to evaluate their total cost of ownership rather than just initial purchase price.
Despite a larger base each year, the company’s growth rate is actually accelerating.”
“The best thing you can say about this year’s crop of Inc. 500 entrepreneurs is that they didn’t buy into
the hype,” said Inc. editor-in-chief John Koten. “When people were practically giving away funding in
the late 1990’s, these companies didn’t overextend, and when everyone hit the panic button a few years
later, they stayed calm and seized opportunity.” Current industry powerhouses to make past Inc. 500 lists include Microsoft, Timberland, Oracle, Dominos Pizza, E*Trade and Intuit.
Bellevue-based MagnaDrive Corporation was founded in 1999. The company’s breakthrough magnetic
technology provides a cost effective solution to increase reliability and lower maintenance expense while
achieving energy savings and process control. The technology is protected by 19 domestic patents and
over 150 international patents. The impact and potential of the technology was recognized by Industry
Week magazine, which selected MagnaDrive as a Technology of the Year in 2001. More information
about MagnaDrive is available at www.magnadrive.com. For a self-paced online tutorial about
MagnaDrive’s technology, please see the MagnaDrive Education System at
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