Challenging Economy Demands Need to Protect Hefty Investment in Heavy Equipment WESTWOOD, Mass., March 12 /PRNewswire-FirstCall/ -- LoJack Corporation (NASDAQ:LOJN) today announced the results of its seventh annual Construction Equipment Theft Study in a report that provides valuable information on the growing problem of equipment theft-a problem that costs construction companies up to $1 billion per year in lost assets.* According to the study, which analyzed LoJack stolen vehicle recovery reports for the calendar year 2007, construction theft continued at a steady clip with professional theft rings fueling the issue and skid steers being the number one theft target. For the calendar year 2007, LoJack recovered more than $18 million in stolen construction equipment assets. Since LoJack entered the construction market in 2000, the company has recovered more than $86 million in stolen construction equipment. "In today's challenging economy, which is underscored by a decline in building starts, it is more important than ever that construction business owners protect the major investment they make in their equipment from today's professionals thieves," said Ronald V. Waters, LoJack's President and Chief Operating Officer. "Construction equipment theft is a high reward, low risk form of theft and equipment is unfortunately an 'easy mark' for thieves due to poor on-site security, ineffective record keeping and a lack of standardized product identification information. Owners need to take all of the necessary precautions -- including arming their equipment with a recovery system -- to ensure their expensive skid steers, backhoes and generators remain protected." Professional Theft Rings Continue to Plague Industry This year's study showed that professional theft rings continue to drive the ongoing problem of construction equipment theft, with law enforcement discovering eight theft rings and chop shops through tracking and recovering stolen equipment with the LoJack System. Through these discoveries, police recovered more than $2.5 million in additional stolen assets that were not LoJack-equipped. In one theft ring bust alone, the LoJack System helped Chicago-area police find a major construction theft ring and recover more than 30 pieces of construction equipment/commercial vehicles valued at nearly $900,000. Overall, LoJack has discovered more than 40 theft rings and chop shops since entering the construction market.
