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, 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.
About Kablooe
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.
