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Portsmouth, NH, August 4, 2005

Chartworth Advises Visible Inventory on Sale to Pencom

Chartworth announces that California based Pencom Peninsula Components has acquired substantially all of the capital shares of Visible Inventory, Inc. of Salem, NH.  Chartworth represented Visible Inventory in the structuring and sale of the company.

“This deal combines companies with highly synergistic value”, said Vlad Harris of Chartworth.  “They operate in adjacent markets, not directly competitive with one another.  Together, they will accelerate their business plans.  Pencom recognized the value and made a very compelling offer.”  Terms of the transaction between the two private companies were not disclosed.

Visible Inventory is an industry leading provider of true real-time inventory management solutions. Visible Inventory will continue to operate in Salem, NH.  All of the management and employees of Visible Inventory continue to work for the company.

According to John Toomey, President of Visible Inventory, “The acquisition provides Pencom with critical solutions to remotely track inventories and enable vendor-managed inventory services at customer sites in lean manufacturing environments.  At the same time, Pencom provides Visible Inventory with two critical elements we were seeking: world wide sales and marketing reach and low cost manufacturing and assembly.”  Pencom has facilities throughout the United States, Mexico, England, Hong Kong, Singapore Taiwan and China.

About Chartworth

Chartworth provides corporate finance, investment banking, business development and management consulting services to entrepreneurial companies.  The firm specializes in helping businesses in transition build and realize corporate value.  All investment banking and securities activities are conducted exclusively through Chartworth Capital, LLC, an affiliate of Chartworth, LLC. Chartworth Capital, LLC is a member of the National Association of Securities Dealers (NASD) and the Securities Investor Protection Corporation (SIPC).

Chartworth has offices located in Portsmouth, NH and Manchester, NH.

For more information, please contact either:
Vlad Harris, Principal
603.766.0478
vharrisatchartworthdotcom
Paul Beaulieu, Principal
603.647.0478
pbeaulieuatchartworthdotcom