Definitions

Chief Engineer – The person who is recognized and respected by other employees as the "go-to person" for technical expertise related to the core competence of the IBU. The person demonstrates knowledge in engineering principles, related manufacturing processes and also has experience in environments where the IBU's products are utilized, including trouble-shooting and field service.

Sales Director – The person who successfully exploits the technical superiority of the IBU’s products and services. This is accomplished by systematically finding and developing sales channels that lead to connections with customers who have needs that are satisfied by the solutions offered by the IBU’s products and services. The person is persuasive, persistent and disciplined.

Joint Venture - A business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets.

Platform Company - A business unit is considered to be a Platform IBU when its Chief Engineer and Sales Director have achieved sustainable profitable sales to external markets in excess of $1,000,000 per year and performance is reported with confidence through an operating income statement.

IBU - Independent Business Unit