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Sokkia Corporation Sells Retail Store Division 03.19.2002

March 19, 2002
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Sokkia announces a renewed focus on manufacturing.

Tak Oda, President and Chief Executive Officer of Sokkia Corporation (North, Central and South America), announced the sale of its Sokkia Measuring Systems chain of retail stores in the U.S. to a group of entrepreneurs. Sokkia Corporation’s Executive Vice President and Chief Operating Officer, Michael S. Adkins, General Manager of Product Support Service, Robert J. Peterson and Corporate Controller Kenneth R. Kost are the owners in the new venture, which will be called FieldWorks.

“Sokkia Corporation is pleased to pass the ownership of our retail division over to such a talented and proven group of individuals,” said Tak Oda. “When we were approached with the idea of selling the stores, we were immediately intrigued. We saw the ideal opportunity to divest ourselves of the retail sales channel. This represents a most significant step toward our commitment to get ‘Back to Basics’, which is, coincidentally, our corporate slogan for 2002. We welcome the opportunity to once again concentrate our energies fully upon serving the needs of the more than 500 Sokkia independent dealers across the United States. Maintaining a leadership position as a top manufacturer of surveying, engineering and construction instruments in the world will continue to be our number one priority.”

Adkins, Peterson and Kost will convert the ten current Sokkia Measuring Systems stores located in Corpus Christi, Dallas, Denver, Indianapolis, Kansas City, Minneapolis, Orange, San Antonio, San Diego and Tampa, to the new FieldWorks brand within a few weeks. FieldWorks will continue to represent Sokkia products but will not maintain any affiliation with Sokkia Corporation.

“We are excited for the privilege to lead this unique enterprise into the future. We recognize that the opportunity exists to become the kind of professional resource that customers seek and appreciate, but rarely find. Although some things may change, our motivation will remain the same. FieldWorks will continue to be staffed by the most talented, experienced and capable sales and service professionals in the world,” states Adkins.

Adkins continues, “Unparalleled value and service, which have been synonymous with Sokkia Measuring Systems, are our founding principles. We will continue to focus on the professional sales and service of surveying, engineering and construction instruments, equipment and supplies, but the future will also bring additional products and technologies that will supplement and enhance our offerings. We are open to all possibilities.”

FieldWorks will begin official operations on April 1, 2002. Adkins, Peterson and Kost have resigned their positions with Sokkia Corporation effective March 31, 2002.

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