Ivara Corporation

Ivara Corporation

March 20, 2006 10:00 ET

Gerry Bleau Named Ivara's New CEO; Bleau Takes Over from Ivara Founder and Former CEO Bill Shaw

BURLINGTON, Ontario--(CCNMatthews - Mar 20, 2006) -

Ivara Corporation, an industry leader and innovator in asset reliability solutions, today announced that Gerry Bleau has been appointed as Ivara's new chief executive officer, assuming the position from Ivara's founder, Bill Shaw, who will retain his role as president. The move was unanimously approved by Ivara's board of directors and is effective immediately.

"Gerry is a seasoned executive with an impressive track record of expanding market opportunities in leading organizations such as J.D. Edwards. He has experience in the CEO role and led his last company to a successful IPO," says Bob Mee, Ivara's board chair. "The board is pleased that Gerry has accepted this new challenge and we look forward to his leadership driving Ivara's next stage of growth."

"As a result of Bill's vision, Ivara is recognized today as a leader in the reliability solutions market," says Gerry Bleau. "I am excited to be heading the company through a period of fast growth and I am committed to carry forward Bill's vision to make Ivara's asset reliability solution a key corporate strategy of every capital intensive company."

"Since joining Ivara as COO six months ago, Gerry has quickly proven his value in creating opportunities for market leadership, most notably with his handling of our recent acquisition of Aladon," says Bill Shaw, president. "I am confident that with Gerry as my successor, Ivara will continue its rapid growth."

About Ivara

A 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 in place and focusing on changing people's behavior and activities, Ivara helps transition organizations to proactively managing asset health. For more information about Ivara, visit www.ivara.com.

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