Forward Industries Announces Relocation of Corporate Headquarters to Hauppauge, NY

Rhea-AI Summary

Forward Industries (NASDAQ: FORD) has relocated its corporate headquarters from West Palm Beach, Florida, to Hauppauge, New York, to enhance synergy with its subsidiary, Intelligent Product Solutions (IPS). This strategic move aims to grow its design division and improve operational efficiency. The company has also expanded IPS with a new manufacturing facility in Ronkonkoma. Additionally, Forward Industries acquired Kablooe Design, which will now operate from Hauppauge, aligning with its focus on the Northeast market for medical clients.

Positive

• Relocation to Hauppauge improves operational efficiency and synergy with Intelligent Product Solutions.
• Expansion of Intelligent Product Solutions with new manufacturing facility in Ronkonkoma.
• Acquisition of Kablooe Design strengthens product design capabilities and market reach.

Negative

• Potential integration challenges with Kablooe may affect operational effectiveness.
• Economic downturn due to COVID-19 could impact future growth prospects.

HAUPPAUGE, N.Y., Sept. 09, 2020 (GLOBE NEWSWIRE) -- Forward Industries (NASDAQ: FORD) today announced that it has moved its corporate headquarters to Hauppauge, NY from West Palm Beach, Fla. to maximize the synergy with its subsidiary Intelligent Product Solutions, also located in Hauppauge (Long Island, NY).

“The decision to relocate our headquarters to Hauppauge reflects the group’s continued focus on growing our design division whilst improving efficiency from consolidating resources,” said Terry Wise, CEO of Forward Industries.  “Our subsidiary, Intelligence Product Services (IPS), continues to play a pivotal strategic role in the Group’s future growth and success.”

The Forward relocation to Long Island builds on IPS’ recent expansion, with the addition of a light manufacturing and prototyping facility in Ronkonkoma, NY.

Forward Industries acquired Intelligent Product Solutions in January 2018.  IPS, an award-winning global product design and development company, offers expert product design and engineering services, including Internet of Things (IoT) and wearable technology solutions. Its clients are among the leading brands in consumer electronics, medical devices, enterprise and security solution providers, and IoT-connected solutions.

In August 2020, Forward Industries acquired the assets of Kablooe Design, an innovative leading medical and consumer design and development company, and that company will now also be headquartered in Hauppauge with operations in Minneapolis, Minn.

In addition, Forward’s new Hauppauge headquarters location provides it with proximity to the Northeast market, with greater access to the many medical customers and potential medical customers located in the region.

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.

Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements including statements regarding synergies, growth and opportunities from the acquisition. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. The results anticipated by any or all of these forward-looking statements might not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include our ability to successfully integrate Kablooe into Forward, changes affecting the business in which Kablooe operates, continued economic downturn from the COVID-19 pandemic and competition from third parties. Further information on our risk factors is contained in our filings with the SEC, including our Annual Report on Form 10-K. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

For more media information, contact:
Anthony Camarda
(631) 547-3041
acamarda@forwardindustries.com

Lisa Hendrickson
(516) 643-1642
PR for Intelligent Product Solutions
lisa@lchcommunications.com 

FAQ

Why did Forward Industries relocate its headquarters?

Forward Industries relocated its headquarters to Hauppauge, NY, to maximize synergy with its subsidiary, Intelligent Product Solutions, and improve operational efficiency.

What is the significance of Forward Industries acquiring Kablooe Design?

The acquisition of Kablooe Design enhances Forward Industries' capability in product design and development, particularly in the medical sector.

Where is Forward Industries' new headquarters located?

Forward Industries' new headquarters is located in Hauppauge, New York.

What impact does the relocation have on Forward Industries' operations?

The relocation is expected to improve operational efficiency and focus on growing its design division, aligning more closely with its subsidiary.

How does Forward Industries plan to capitalize on its new location?

The new location provides better access to medical customers and potential clients in the Northeast market.