MELVILLE, N.Y., Jan. 18,
2022 /PRNewswire/ -- P&F Industries, Inc. (NASDAQ: PFIN)
announced that effective January 15,
2022, through a wholly owned subsidiary of Hy-Tech Machine,
Inc., it acquired substantially all the non-real estate assets
comprising the business of Jackson Gear Company, a Pennsylvania-based corporation that
manufactures and distributes custom gears and power transmission
gear products. The purchase price consisted of an aggregate of
$2.3 million in cash and the
assumption of certain payables and obligations.
Richard Horowitz, P&F's
Chairman, President and Chief Executive Officer, stated, "I am
extremely pleased to announce the acquisition of the Jackson Gear
business. This acquisition further expands our gear product
offerings to an even broader range of industries. In addition, the
acquired knowledge and equipment will allow Hy-Tech's Power
Transmission Group, or PTG, to offer among the largest gears
available in the marketplace, which is a great differentiator. This
really enhances the value of PTG to all current and potential
customers. We believe that consolidating the operations of the
acquired business within PTG operations throughout the next six to
twelve months should generate cost reductions and other
efficiencies as well. We expect the added revenue will more than
double the size of our current PTG business. This transaction is
another meaningfully strategic step for the Company, as we continue
to expand our offerings in the air tools and related accessories
market."
About P&F Industries, Inc.
P&F Industries, Inc., through its wholly owned subsidiaries,
is a leading manufacturer and importer of power tools and
accessories sold principally to the aerospace, industrial,
automotive and retail markets. P&F's products are sold
under its own trade names, as well as under the private labels of
major manufacturers and retailers.
Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 (the Reform
Act) provides a safe harbor for forward-looking statements made by
or on behalf of P&F Industries, Inc., and subsidiaries
("P&F", or the "Company"). P&F and its representatives may,
from time to time, make written or verbal forward-looking
statements, including statements contained in the Company's filings
with the Securities and Exchange Commission and in its reports to
shareholders. Generally, the inclusion of the words believe,
expect, intend, estimate, anticipate, will, may, would, could,
should and their opposites and similar expressions identify
statements that constitute forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 and that are intended to
come within the safe harbor protection provided by those sections.
Any forward-looking statements contained herein, including those
related to the Company's future performance, are based upon the
Company's historical performance and on current plans, estimates
and expectations. All forward-looking statements involve risks and
uncertainties. These risks and uncertainties could cause the
Company's actual results to differ materially from those expressed
in any forward-looking statement made by or on behalf of the
Company for a number of reasons including, but not limited to:
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Risks related to the
global outbreak of COVID-19 and other public health
crises;
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Risks associated with
sourcing from overseas;
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Disruption in the
global capital and credit markets;
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Importation
delays;
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Customer
concentration;
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Unforeseen inventory
adjustments or changes in purchasing patterns;
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Market acceptance of
products;
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Competition;
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Price
reductions;
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Exposure to
fluctuations in energy prices;
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The strength of the
retail economy in the United States and abroad;
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Risks associated with
Brexit;
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Adverse changes in
currency exchange rates;
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Interest
rates;
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Debt and debt service
requirements;
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Borrowing and
compliance with covenants under our credit facility;
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Impairment of
long-lived assets and goodwill;
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Retention of key
personnel;
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Acquisition of
businesses;
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Regulatory
environment;
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Litigation and
insurance;
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The threat of
terrorism and related political instability and economic
uncertainty; and
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Business disruptions
or other costs associated with information technology,
cyber-attacks, system implementations, data privacy or catastrophic
losses,
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and those other risks and uncertainties described in the
Company's most recent Annual Report on Form 10-K, its Quarterly
Reports on Form 10-Q, and its other reports and statements filed by
the Company with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date on which they
are made. The Company undertakes no obligation to update publicly
or revise any forward-looking statement, whether as a result of new
information, future developments or otherwise. The Company cautions
you against relying on any of these forward-looking statements.
www.pfina.com
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SOURCE P&F Industries, Inc.