S&W SOLD?
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http://www.smith-wesson.com/misc/buyout.html
Saf-T-Hammer Corp. Announces Buyout of Smith & Wesson; Firearm Safety & Security
Company Buys Legendary Firearm Manufacturer
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--May 14, 2001--Saf-T-Hammer Corp.
(OTCBB:SAFH), the Scottsdale-based firearm safety and security company today
announced that it has purchased Smith & Wesson Corp. from Tomkins Corp., a
subsidiary of U.K.-based Tomkins PLC (NYSE:TKS).
"Smith & Wesson, a brand name for 147 years, would be at the top of any list
of immediately identifiable corporate logos recognized worldwide," said Bob
Scott, president of Saf-T-Hammer and former vice president of Smith &
Wesson.
"We are proud to return this storied company to American ownership. We
intend to maximize the value of the name and to fully utilize the
manufacturing, marketing and worldwide distribution assets of the company to
create appreciation and value for our shareholders. We also plan to increase
the company's revenues through expanded branding activities and strategic
acquisitions that will compliment the company's current product lines. As
part of the synergy between our two companies, we plan to incorporate
Saf-T-Hammer products into the firearms manufactured by Smith & Wesson."
The stock purchase agreement between Saf-T-Hammer and Tomkins encompasses
all assets including patents, trademarks, intellectual property,
distribution rights, machine drawings, inventory, equipment and physical
assets of Smith & Wesson, including its corporate headquarters in
Springfield, Mass.
Under the agreement, Saf-T-Hammer will pay $15 million in cash, with $5
million paid upon closing and the balance due in May 2002. As of the close,
Smith & Wesson's total assets were approximately $97 million, which includes
two manufacturing facilities. The main facility is a 660,000 square foot
plant on 160 acres located in Springfield. The other facility is a 36,000
square foot plant in Houlton, Maine. Total liabilities are approximately $53
million, which includes a 10-year note payable to Tomkins for $30 million
due in May 2011.
"Tomkins' motivation to sell Smith & Wesson as part of its refocused
worldwide operation, presented an extraordinary opportunity for
Saf-T-Hammer. It took a tremendous amount of creativity and diligence from
both companies to craft the terms of this transaction. We're excited about
the prospects afforded by this unique union of a firearm safety and security
device developer and a firearm manufacturer that is synonymous with
Americana," said Mitchell Saltz, chairman of Saf-T-Hammer.
About Saf-T-Hammer
Saf-T-Hammer is a firearm safety company focused on preventing unauthorized
gun use and unintentional firearm accidents. Saf-T-Hammer customers include
sporting goods distributors, law enforcement distributors, law enforcement
retailers, law enforcement agencies and gunsmiths.
Saf-T-Hammer Products
The Saf-T-Trigger(TM) is a mechanical trigger block, which is permanently
installed in the trigger guard of firearms. The block is activated quickly
and simply with a special key, which raises a post into position behind the
trigger, physically blocking the rearward movement of the trigger. With the
Saf-T-Trigger activated, the firearm cannot be fired.
The Maximum Security Cable(TM) is "shockproof" and unlike many similar
products currently on the market, will not open when subjected to jarring
and its heavier steel cable is virtually cut proof. As recently discovered,
many cable lock devices for firearms were less than adequate. Through
independent testing, the product has proven to be up to 10 times stronger
than a variety of conventional cable locks currently available.
The Versa Vault(TM) is a handgun vault designed to provide more than 40
percent more capacity than any comparable product on the market. It offers
the highest possible degree of electronic and mechanical security available
and features an owner-programmable and user-friendly lighted keypad with
four keys and has more than 10,000 available combinations.
The vault is designed for both vertical and horizontal installation,
includes a steel mounting plate, and has a tamper alert, low battery alert
and easy access for electronic backup and internal lighting. Its small
10-inch x 14-inch x 3.5-inch external dimensions provide maximum space
utilization and allows the Versa Vault to be installed nearly anywhere. It
has a unique internal holster that presents the firearm to the owner for
maximum speed and accessibility. This holster is also removable, providing
additional storage capacity depending upon the owners needs.
For more information, visit the company's Web site at:
http://www.saf-t-hammer.com/
Safe Harbor Statement
Statements about the company's future expectations, including synergies
between the two companies, and all other statements in this release, other
than historical facts, are "forward-looking statements" within the meaning
of section 27A of the Securities Act of 1933, section 21E of the Securities
Act of 1934, as that term is defined in the Private Securities Reform Act of
1995. The company intends that such "forward-looking statements" be subject
to the safe harbors created thereby.
CONTACT:
Market Pathways, Irvine, Calif.
Shannon T. Squyres (media and investors), 949/955-1860
KEYWORD: ARIZONA CALIFORNIA MASSACHUSETTS
S & W Home | Consumer Products | Public Safety & Defense | Women | Dealers | Academy/SSC | Specialty Services
Saf-T-Hammer Corp. Announces Buyout of Smith & Wesson; Firearm Safety & Security
Company Buys Legendary Firearm Manufacturer
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--May 14, 2001--Saf-T-Hammer Corp.
(OTCBB:SAFH), the Scottsdale-based firearm safety and security company today
announced that it has purchased Smith & Wesson Corp. from Tomkins Corp., a
subsidiary of U.K.-based Tomkins PLC (NYSE:TKS).
"Smith & Wesson, a brand name for 147 years, would be at the top of any list
of immediately identifiable corporate logos recognized worldwide," said Bob
Scott, president of Saf-T-Hammer and former vice president of Smith &
Wesson.
"We are proud to return this storied company to American ownership. We
intend to maximize the value of the name and to fully utilize the
manufacturing, marketing and worldwide distribution assets of the company to
create appreciation and value for our shareholders. We also plan to increase
the company's revenues through expanded branding activities and strategic
acquisitions that will compliment the company's current product lines. As
part of the synergy between our two companies, we plan to incorporate
Saf-T-Hammer products into the firearms manufactured by Smith & Wesson."
The stock purchase agreement between Saf-T-Hammer and Tomkins encompasses
all assets including patents, trademarks, intellectual property,
distribution rights, machine drawings, inventory, equipment and physical
assets of Smith & Wesson, including its corporate headquarters in
Springfield, Mass.
Under the agreement, Saf-T-Hammer will pay $15 million in cash, with $5
million paid upon closing and the balance due in May 2002. As of the close,
Smith & Wesson's total assets were approximately $97 million, which includes
two manufacturing facilities. The main facility is a 660,000 square foot
plant on 160 acres located in Springfield. The other facility is a 36,000
square foot plant in Houlton, Maine. Total liabilities are approximately $53
million, which includes a 10-year note payable to Tomkins for $30 million
due in May 2011.
"Tomkins' motivation to sell Smith & Wesson as part of its refocused
worldwide operation, presented an extraordinary opportunity for
Saf-T-Hammer. It took a tremendous amount of creativity and diligence from
both companies to craft the terms of this transaction. We're excited about
the prospects afforded by this unique union of a firearm safety and security
device developer and a firearm manufacturer that is synonymous with
Americana," said Mitchell Saltz, chairman of Saf-T-Hammer.
About Saf-T-Hammer
Saf-T-Hammer is a firearm safety company focused on preventing unauthorized
gun use and unintentional firearm accidents. Saf-T-Hammer customers include
sporting goods distributors, law enforcement distributors, law enforcement
retailers, law enforcement agencies and gunsmiths.
Saf-T-Hammer Products
The Saf-T-Trigger(TM) is a mechanical trigger block, which is permanently
installed in the trigger guard of firearms. The block is activated quickly
and simply with a special key, which raises a post into position behind the
trigger, physically blocking the rearward movement of the trigger. With the
Saf-T-Trigger activated, the firearm cannot be fired.
The Maximum Security Cable(TM) is "shockproof" and unlike many similar
products currently on the market, will not open when subjected to jarring
and its heavier steel cable is virtually cut proof. As recently discovered,
many cable lock devices for firearms were less than adequate. Through
independent testing, the product has proven to be up to 10 times stronger
than a variety of conventional cable locks currently available.
The Versa Vault(TM) is a handgun vault designed to provide more than 40
percent more capacity than any comparable product on the market. It offers
the highest possible degree of electronic and mechanical security available
and features an owner-programmable and user-friendly lighted keypad with
four keys and has more than 10,000 available combinations.
The vault is designed for both vertical and horizontal installation,
includes a steel mounting plate, and has a tamper alert, low battery alert
and easy access for electronic backup and internal lighting. Its small
10-inch x 14-inch x 3.5-inch external dimensions provide maximum space
utilization and allows the Versa Vault to be installed nearly anywhere. It
has a unique internal holster that presents the firearm to the owner for
maximum speed and accessibility. This holster is also removable, providing
additional storage capacity depending upon the owners needs.
For more information, visit the company's Web site at:
http://www.saf-t-hammer.com/
Safe Harbor Statement
Statements about the company's future expectations, including synergies
between the two companies, and all other statements in this release, other
than historical facts, are "forward-looking statements" within the meaning
of section 27A of the Securities Act of 1933, section 21E of the Securities
Act of 1934, as that term is defined in the Private Securities Reform Act of
1995. The company intends that such "forward-looking statements" be subject
to the safe harbors created thereby.
CONTACT:
Market Pathways, Irvine, Calif.
Shannon T. Squyres (media and investors), 949/955-1860
KEYWORD: ARIZONA CALIFORNIA MASSACHUSETTS
S & W Home | Consumer Products | Public Safety & Defense | Women | Dealers | Academy/SSC | Specialty Services
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