BFD INDUSTRIES WILL ACQUIRE GEM NONWOVENS, INC.
BFD INDUSTRIES WILL ACQUIRE GEM NONWOVENS, INC. MARKHAM, Ontario, Oct. 6 /PRNewswire/ -- BFD Industries
(Vancouver: BFI) today announced it signed an asset purchase agreement to acquire the assets of GEM Nonwovens, Inc. ("GEM"), an automated manufacturer of disposable surgical head and shoe covers, located in Huntsville, Ala.
Under the terms of the agreement, and in accord with the Bankruptcy Court approval, BFD will acquire all the assets of GEM, and will satisfy GEM's obligations to certain creditors who hold such assets as security, which obligations do not exceed $330,000 (U.S.). Additionally the patented process for the automated equipment has been acquired from another party in consideration for the payment of a royalty of 4 percent of the gross profits that are produced from the use of the patented process for a period of six years. This agreement is subject to the approval of the Vancouver Stock Exchange. BFD Industries manufactures and markets a full line of patented eye and face shield products for healthcare, industrial, and consumer applications. The shields are optically clear, distortion-free and anti-fogging. They are also disposable in order to eliminate any chance of cross contamination. BFD's Alpha Pro Tech unit manufactures surgical and dental face masks, as well as medi-pads. BFD has manufacturing facilities in Birmingham, Ala., Salt Lake City, and Janesville, Wis. This press release was prepared on behalf of the board of directors by the undersigned who accepts full responsibility for its contents: ON BEHALF OF THE BOARD Sheldon Hoffman, CEO The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. -0- 10/6/92 /CONTACT: Sheldon Hoffman, CEO, BFD Industries, 60 Centurian Dr., No. 112, Markham, Ontario, L3R 9R2, 416-479-0654; or Tom Laughran, 708-564-5610, Bruce Marcus, 212-580-0703, Earle Brown, 813-796-1452, or Tim King, 213-541-4415, all of The Investor Relations Company, for BFD Industries/ (BFI.) CO: BFD Industries; GEM Nonwovens, Inc. ST: Ontario IN: MTC SU: TNM
SM -- DE025 -- 7266 10/06/92 17:28 EDT
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|Date:||Oct 6, 1992|
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