Acme United Corporation (AMEX:ACU) announced today the acquisition of the assets, customer base, and patents of the knife and cutting business of Tiger Sharp Technologies, Inc. from its founders.
The purchase price was the aggregate value of inventory, trademarks and brand names totaling approximately $350,000. Revenues were approximately $400,000 in 2006.
Tiger Sharp was founded in 2002 in Dallas, Texas to commercialize its unique replaceable blade technology. The Company pioneered many extremely sharp replaceable blade pocket knives, and distributed them to independent knife dealers, industrial wholesalers, and companies such as John Deere and Browning.
Walter C. Johnsen, Chairman and CEO of Acme United said, “Tiger Sharp provides an excellent platform on which to build. Its replaceable blade patents are currently used in folding and fixed blade knives, where they provide a cost effective way to maintain sharp cutting edges. We envision incorporating the patented designs into restaurant and food processing implements, floral knives, and many industrial cutting tools.
Mr. Johnsen added that the recent acquisition of Camillus Cutlery provides Tiger Sharp with a well known brand a broad family of knives to incorporate its technology. We are excited about the prospects of the combined businesses.
Mr. Johnsen also said that Tiger Sharp will be folded into existing Acme operations, and that operating efficiencies are anticipated from the increased volume.
ACME UNITED CORPORATION is an innovative supplier of cutting devices, measuring instruments, and safety products for school, home, office and industrial use. Its leading brands include Westcott®, Clauss®, and PhysiciansCare ®.
Forward-looking statements in this report, including without limitation, statements related to the Company’s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including without limitation the following: (i) the Company’s plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company; (ii) the Company’s plans and results of operations will be affected by the Company’s ability to manage its growth, and (iii) other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.
Contacts:
Paul G. Driscoll, 203-254-6060
Fax:
203-254-6521
