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
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.
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.
Mike Matte on behalf of Terry Wise for Forward Industries Enquiries
Lisa Hendrickson/LCH Communications for IPS Enquiries