WEST PALM BEACH, Fla. and HAUPPAUGE, N.Y., 2018-01-18 23:30 CET (GLOBE
NEWSWIRE) --
Forward Industries (NASDAQ:FORD) today announced the acquisition of Intelligent
Product Solutions (IPS), an industry leading product design and development
company based in Long Island, New York for a material consideration comprising
of cash, equity, and contingent earn outs.
IPS clients include leading brands in consumer electronics, medical devices,
enterprise and security solution providers and Internet of Things connected
solutions, including Google, Physio Control, PepsiCo, Motorola, ABInBev, Zebra
and Charity Water.
Commenting on the transaction, Terry Wise, CEO of Forward Industries remarked,
"I am delighted and excited with the acquisition of IPS. The company is an
excellent strategic fit for Forward Industries. Its expertise and strong track
record in designing connected/IOT products and developing products such as the
AdhereTech 'smart' pill bottle will significantly strengthen and contribute to
Forward Industries. As a Group, we are now able to offer a complete design,
development, manufacturing and distribution service. We face exciting times
ahead."
According to Mitch Maiman, CEO of IPS, "Forward Industries is an ideal partner
for IPS because of its strength in medical products and we will continue
delivering exceptional product design and development services. And, IPS will
remain committed to our team and to maintaining our offices on Long Island and
in Minneapolis."
For more information on the terms of the transaction, please see the Form 8-K
filed with the Securities and Exchange Commission on January 18, 2018.
About Forward Industries
Incorporated in 1962, and headquartered in West Palm Beach, Florida, Forward
Industries is a global designer and distributor of custom carry and protective
solutions. The company has over a 30 year plus track record of Far Eastern
sourcing capability. Forward has subsidiaries in Switzerland and the UK.
Forward's products can be viewed online at www.forwardindustries.com
About IPS
IPS, founded in 2008, is a leading product design and development company that
is headquartered in New York, with an office in Minneapolis. IPS offers expert
product design and engineering services, including Internet of Things and
wearable technology solutions. IPS' fully-integrated capabilities include
industrial design, electrical, mechanical and systems engineering, optical
engineering, application level software and low-level firmware engineering,
user experience/interface design (UX/UI), program management and marketing. Its
clients are among the leading brands in consumer electronics, medical devices,
enterprise and security solution providers and Internet of Things connected
solutions, including Google, Physio Control, Motorola and Charity Water. To
learn more about IPS, visit www.intelligentproduct.solutions or contact
info@ips-yes.com or @IPSdesigners.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements including statements
regarding synergies and opportunities from the acquisition. The words
"believe," "may," "estimate," "continue," "anticipate," "intend," "should,"
"plan," "could," "target," "potential," "is likely," "will," "expect" and
similar expressions, as they relate to us, are intended to identify
forward-looking statements. We have based these forward-looking statements
largely on our current expectations and projections about future events and
financial trends that we believe may affect our financial condition, results of
operations, business strategy and financial needs. The results anticipated by
any or all of these forward-looking statements might not occur. Important
factors that could cause actual results to differ from those in the
forward-looking statements include our ability to successfully integrate IPS
into Forward, changes affecting the business in which IPS operates, and
competition from third parties. Further information on our risk factors is
contained in our filings with the SEC, including our Annual Report on Form
10-K. We undertake no obligation to publicly update or revise any
forward-looking statements, whether as the result of new information, future
events or otherwise.
Contact:
Mike Matte on behalf of Terry Wise for Forward Industries Enquiries
(561) 465-0031
mmatte@forwardindustries.com
Lisa Hendrickson/LCH Communications for IPS Enquiries
(516) 767-8390
lisa@lchcommunications.com© 2018 GlobeNewswire
