HAUPPAUGE, N.Y. and MINNEAPOLIS, Aug. 17, 2020 (GLOBE NEWSWIRE) -- 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.
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.
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