Forward Industries Acquires Intelligent Product Solutions
January 18 2018 - 5:54PM
YASTEST
WEST PALM BEACH, Fla. and HAUPPAUGE, N.Y., Jan.
18, 2018 (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
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Forward Industries via Globenewswire
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