Forward Industries Acquires Kablooe Design
August 17 2020 - 4:15PM
Forward Industries (NASDAQ:FORD) today announced the acquisition of
substantially all of the assets of Kablooe Design (Kablooe),
an innovative leading medical and consumer design and development
company based in Minneapolis, Minnesota for consideration
comprising of cash, equity, assumed debt and contingent earn outs.
Kablooe is located in the US’s 3rd largest medical device
development hub and its clients include leading brands in medical
devices including Medtronic, Boston Scientific, Coloplast,
Atricure, Cega Innovations and Rapid Diagnostek.
Commenting on the transaction, Terry Wise, CEO of Forward
Industries remarked, “I am delighted and excited with the
acquisition of Kablooe Design. Located in one of the heartlands of
medical device development hubs, the company is an excellent
strategic fit for the Forward Industries Group. Kablooe’s
reputation, expertise and strong track record in being at the
forefront of designing and developing innovative medical products
is a perfect complement to the group as a whole and I am extremely
confident it will afford cross fertilisation opportunities with our
subsidiary, Intelligent Product Solutions. Strategically, Forward
is well placed to grow and thrive in the future.”
Tom KraMer, CEO of Kablooe commented, “Forward Industries is an
ideal partner for Kablooe because of its strength in medical
products and we will continue delivering exceptional product design
and development services. We remain committed to our team and
to maintaining our offices in Minneapolis and, strengthened by the
Forward Group, look forward to future growth.”
For more information on the terms of the transaction, please see
the Form 8-K filed with the Securities and Exchange Commission on
August 17, 2020.
About Forward Industries
Incorporated in 1962, and headquartered in Long Island, New
York, Forward Industries is a global design, manufacturing,
sourcing and distribution group. The company has a 30-year plus
track record of Far Eastern sourcing capability. Forward’s products
can be viewed online at www.forwardindustries.com.
About Kablooe
Kablooe, founded in 2008, is a leading product design and
development company that is headquartered in Minneapolis,
Minnesota. Kablooe offers expert product design and
engineering service. Its clients are among the leading brands in
consumer electronics and medical devices. To learn more about
Kablooe, visit www.kablooe.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements including
statements regarding synergies, growth 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 Kablooe into Forward, changes affecting the business in
which Kablooe operates, continued economic downturn from the
COVID-19 pandemic 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.
For more media information, contact: Anthony Camarda (631)
547-3041acamarda@forwardindustries.com
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