Followers | 600 |
Posts | 70831 |
Boards Moderated | 3 |
Alias Born | 09/27/2006 |
Wednesday, November 11, 2020 8:24:14 AM
https://www.otcmarkets.com/stock/ATWT/news/ATWEC-Technologies-Acquires-Manufacturer-Assembled-Products-Inc-in-26M-Deal?id=279757
MEMPHIS, Tenn., Nov. 11, 2020 /PRNewswire/ -- ATWEC Technologies, Inc. (OTCMKTS: ATWT) a technology company specializing in child safety, today announced it has acquired its manufacturer, Assembled Products, Inc., in a deal worth $2.6 million in cash and stock. Assembled Products has been the proprietary manufacturer of ATWEC's child safety systems, including the KV-4 Child Reminder System with RFID technology deactivation, and the new KV-X vehicle sterilization system, for the past 30 years.
"Bringing the manufacturing of our transportation safety devices in-house better enables us to respond to the growing market demand for solutions to keep bus and vehicle passengers safe," said Darnell Stitts, President and CEO at ATWEC Technologies. "Acquiring Assembled Products allows us to keep costs down and scale more quickly. Plus, by expanding into manufacturing, we can diversify the range of our offerings."
Assembled Products, Inc. is a U.S. manufacturer and designer of electronic and mechanical apparatuses. Since its founding in 1986, it has worked with major companies, including Halliburton, the U.S. Air Force, FedEx, and AutoZone.
"An exclusive partnership between ATWEC Technologies and the resources of Assembled Products will fast-track next-generation product development and bring a long-overdue higher level of safety to the transportation industry," said Glen Stevens, Operations Director at Assembled Products.
Assembled Products is currently housed in a 33,000-square-foot building in Rogersville, AL after rapidly outgrowing its 4,000-square-foot space in Memphis, TN. The company has zero liabilities and hundreds of thousands in assets. Gross sales in 2019 were approximately $1 million dollars.
Following the acquisition, all aspects of manufacturing and production will now be controlled by the ATWEC board. This deal will result in ATWEC saving approximately 75% of its production costs, which will increase margins by approximately 75% as well. That savings will be reinvested into R&D. ATWEC will also keep all Assembled Products' full-time employees on staff, including Glen Stevens who has been with Assembled Products for over 34 years.
Shareholders and other investors can find the disclosure related to ATWEC's acquisition of Assembled Products and moving up to the OTCQB in the 4th quarter statements on the OTC Markets website.
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • BLO • Apr 22, 2024 8:49 AM