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PRO-VISION® Video Systems, despite a difficult economic environment, has continued its history of growth. Our growth is a testimonial to the opportunities granted by our customers each and every day to provide reliable, simple and affordable commercial, mobile video solutions.
In both 2011 and 2012, PRO-VISION® was named by Inc. magazine as one of the fastest-growing private companies in America. PRO-VISION® is listed by Inc. magazine as the fastest-growing video system manufacturer and in 2012 among the top 100 fastest-growing manufacturers in the nation. This is a particularly notable achievement considering to be honored PRO-VISION® had to thrive through three of the toughest economic years in living memory. PRO-VISION® shares this prestigious honor with such notable alumni as Intuit, Under Armour, Microsoft, Patagonia, Zappos, Oracle, Publix Supermarkets and Levi Strauss. This achievement has further fueled the relentless drive of the PRO-VISION® Team to lead the industry with the best products and service. It also brings with it a responsibility to continue defining industry performance standards for reliable, simple and affordable video systems.
PRO-VISION® looks forward to the continued opportunity of serving its customers by delivering the best products and service possible. We will earn these opportunities by exceeding expectations, pursuing excellence and embracing change. We will prepare for these opportunities by listening and understanding our customer′s requirements. We will also prepare by investing in R&D, investing in our infrastructure, investing in our people and thinking globally.
In 2012, we introduced video recording systems with wireless video file transfer to markets such as Law Enforcement for a price 50% less than industry standard. We have expanded our patented Camera Light product line with the addition of a 2.0 inch version. We made productive use of our investment in a 2.4 times larger facility. With a 50% increase in Engineering Staff, we embarked upon and completed a number of key development projects. We increased R&D expenditures to almost 3% of sales. We have also further developed and finalized key distribution partnerships and direct representation projects in many parts of the world.
We are thankful for the opportunity to serve our customers. We will never forget the responsibility we have to maximize the value of every customer dollar spent with our company by delivering to our customers the most reliable, simple and affordable products and service in the industry. Despite a struggling economy, with our customer′s support the empowered PRO-VISION® Team is ready with the tools, the training, the authority and most importantly the passion to take care of our valued customers.