Ivara Acquires Rights to Advanced Reliability Technologies

BURLINGTON, ON (May 16, 2007) –Ivara Corporation, the industry leader and innovator in asset reliability solutions announces that it has entered into agreements with Dr. Andrew Jardine of the University of Toronto and the Centre for Materials and Manufacturing (CMM) to acquire the rights to advanced reliability technologies developed by Dr. Jardine and commercialized by the CMM.  The technologies will be embedded into Ivara’s reliability solution, Ivara EXP. The technology offers customers powerful statistical capabilities that enable them to make more informed decisions regarding asset repair, replacement and preventative maintenance strategies. 

Dr. Andrew Jardine, a Professor of Industrial Engineering, is a globally recognized authority in the fields of maintenance and reliability.  Ivara has acquired the rights to the following technologies developed by Dr. Jardine during his 25 years of research into the area of maintenance optimization:

Asset Life Cycle Costing for Mobile and Fixed Equipment
These unique technologies allow organizations to seamlessly establish the economic life of its mobile and fixed assets. The technology also helps to determine the correct decision for difficult repair vs. replace situations, as well as monitor individual equipment to establish its optimal replacement time.

PM Optimization

This advanced technology uses information about component’s failure and operating cost history, and applies reliability trend and Weibull analyses to identify failure patterns and determine the optimal replacement policy.

The CMM is an Ontario Centre of Excellence that supports research and training within Ontario’s materials and manufacturing sectors. The Centre’s goal is to accelerate new innovations and commercialize new advances through R&D activities. Through CMM, Ivara has acquired the rights to the following technology developed at the University of Toronto’s world renowned Condition-Based Maintenance Laboratory headed by Dr. Jardine:

Capital and Emergency Spares Optimization

This sophisticated technology determines the optimal stocking level for high value critical spares. By balancing the expense of capital spares against the risk of unexpected failure this technology supports an organization’s optimal maintenance plan, resulting in significant cost savings and improved plant reliability.

“Organizations today face the challenge of analyzing volumes of equipment data in order to make evidence-based maintenance decisions,” says Dr. Jardine. “Ivara is reinforcing its reliability leadership by being the only software vendor to incorporate these innovative technologies into their solutions to support difficult repair versus replace decisions. I look forward to collaborating with them as we move forward.”

“Ivara remains on the leading edge of advanced reliability techniques by joining forces with pioneers in the field of maintenance optimization,” says Gerry Bleau, president and CEO, Ivara Corporation.  “By embedding these unique technologies into our offerings, we are empowering our customers with the industry’s most advanced statistical tools that enable strategic maintenance decisions and take equipment reliability to the next level.”

About Ivara

The leader in asset reliability solutions, Ivara helps capital intensive companies improve operational performance by better managing the reliability of their plant assets. Ivara’s unique methodology implements reliability one asset at a time, resulting in a high financial impact that is quickly realized. By putting a proactive asset reliability process, supported by reliability expertise and state-of-the art Ivara EXP reliability technology, Ivara helps transition organizations to proactively managing asset health. For more information about Ivara, visit www.ivara.com