QUALITY PRODUCTS, INC. COMPLETES ACQUISITION OF CONSUMER LINE WITH 3 MILLION SALES BACKLOG
/REPEAT FROM YESTERDAY FOR NEEDED POINTS/ TAMPA, Fla., March 4 /PRNewswire/ -- Quality Products, Inc.
(NASDAQ: QYPI) today announced that its wholly owned subsidiary Q.P.I. Consumer Products Corporation has completed the acquisition of P.I. Consumer Products Corporation, a wholly owned subsidiary of P.I. Inc., of Hyannis, Mass. Consideration for the purchase of the corporation consisted of 800,000 restricted common shares, 100,000 free trading common shares of Quality Products, Inc., and $700,000 cash.
The assets acquired include approximately $4,000,000 in plant fixtures and equipment, $3,000,000 in inventory, and Patents, Trademarks, and Copyrights covering the consumer product lines. The consumer lines consist of a multitude of foam products, including spa covers, camping equipment, duck and other decoys, kickboards, flooring products, children's toys and puzzles, Bump-R-Tubes, and marine and sports items. Sales backlog of the consumer product line is currently in excess of $3,000,000 with orders from national retail chains such as Wal-Mart, K Mart, Bradleys, Sam's Wholesale Club, F.W. Woolworths, Pace, Price Club, Sports Town, Big 5 Sporting Goods, Herman's Sporting Goods, Sears, Oshmans, Thrifty Drugs, Eckerd Drugs, and others. The acquisition improves the total backlog of Quality Products, Inc. to over $7,000,000. -0- 3/4/93 /CONTACT: Jim Renaldo of Quality Products, 813-963-1300/ (QYPI)
CO: Quality Products, Inc.; P.I. Consumer Products Corp. ST: Florida, Massachusetts IN: LEI SU: TNM
BM -- CL013 -- 3268 03/05/93 01:25 EST
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|Date:||Mar 5, 1993|
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