SPRINGFIELD, Mass.,
July 5, 2017 /PRNewswire/
-- American Outdoor Brands Corporation (NASDAQ Global
Select: AOBC), a leading manufacturer of firearms and a provider of
quality accessory products for the shooting, hunting, and rugged
outdoor enthusiast, today announced that its firearms business,
Smith & Wesson Corp., has agreed to acquire substantially
all of the assets of Gemini Technologies, Incorporated ("Gemtech"),
a provider of high quality suppressors and accessories for the
consumer, law enforcement, and military markets.
James Debney, President and CEO
of American Outdoor Brands, said, "Gemtech is widely recognized for
producing some of the finest rifle and pistol suppressors in the
market. Gemtech's strong product development capabilities,
combined with our experience in brand management and our
manufacturing expertise, will help us to efficiently develop both
firearms and suppressors, minimizing our time to market for both
product categories. We view this acquisition as opportunistic,
allowing us to enter the suppressor category, which resonates
strongly with our core firearm consumer, at a time when the market
is particularly soft. These elements combine to make Gemtech an
excellent fit with our long term strategy."
The company intends to complete the acquisition of Gemtech
utilizing cash on hand and expects the transaction to close this
summer. Ron Martinez, President of Gemtech, will continue in
his leadership role as General Manager, heading up the company's
strong team located in Eagle,
Idaho.
About Gemini Technologies, Incorporated
Gemini
Technologies, known as Gemtech, began as a group of leading
designers with roots in the suppressor business going back to 1976.
Gemtech's world-class suppressors are in use with all branches of
the U.S. military and are also in use by many special operations
forces, military, and police around the world. Based in
Eagle, Idaho, Gemtech is an
International Organization for Standardization (ISO) 9001:2008
certified company and maintains effective rigorous quality
assurance systems and processes. For more information visit Gemtech
online at https://gemtech.com.
About American Outdoor Brands Corporation
American
Outdoor Brands Corporation (NASDAQ Global Select: AOBC) is a
provider of quality products for shooting, hunting, and rugged
outdoor enthusiasts in the global consumer and professional
markets. The company reports two segments: Firearms and Outdoor
Products & Accessories. Firearms manufactures handgun and
long gun products sold under the Smith & Wesson®, M&P®, and
Thompson/Center Arms™ brands as well as provides forging,
machining, and precision plastic injection molding services.
Outdoor Products & Accessories provides shooting, hunting, and
outdoor accessories, including reloading, gunsmithing, and gun
cleaning supplies, tree saws, vault accessories, knives, laser
sighting systems, tactical lighting products, and survival and
camping equipment. Brands in Outdoor Products & Accessories
include Smith & Wesson®, M&P®, Thompson/Center Arms™,
Crimson Trace®, Caldwell® Shooting Supplies, Wheeler® Engineering,
Tipton® Gun Cleaning Supplies, Frankford Arsenal® Reloading Tools,
Lockdown® Vault Accessories, Hooyman® Premium Tree Saws, BOG POD®,
Golden Rod® Moisture Control, Schrade®, Old Timer®, Uncle Henry®,
UST™, and Imperial™. For more information on American Outdoor
Brands Corporation, call (844) 363-5386 or log on to
www.aob.com.
Safe Harbor Statement
Certain statements contained in
this press release may be deemed to be forward-looking statements
under federal securities laws, and we intend that such
forward-looking statements be subject to the safe-harbor created
thereby. Such forward-looking statements include the timing
and completion of our acquisition of Gemtech; our belief that the
acquisition of Gemtech allows us to enter the suppressor category
and furthers our long term strategy of becoming the leading
provider of quality products for the shooting, hunting, and rugged
outdoor enthusiast; and our expectation of operating
synergies. We caution that these statements are qualified by
important factors that could cause actual results to differ
materially from those reflected by such forward-looking
statements. Such factors include the demand for our products;
matters; the state of the U.S. economy in general and the firearm
industry in particular; general economic conditions and consumer
spending patterns; the potential for increased regulation of
firearms and firearm-related products; speculation surrounding
fears of terrorism and crime; our anticipated growth and growth
opportunities; our ability to increase demand for our products in
various markets, including consumer, law enforcement, and military
channels, domestically and internationally; the position of our
hunting products in the consumer discretionary marketplace and
distribution channel; our penetration rates in new and existing
markets; our strategies; our ability to introduce new products; the
success of new products; our ability to expand our markets; our
ability to integrate acquired businesses in a successful manner;
the general growth of our firearm accessories business; the
potential for cancellation of orders from our backlog; and other
risks detailed from time to time in our reports filed with the SEC,
including our Annual Report on Form 10-K for the fiscal year ended
April 30, 2017.
Contact: Liz Sharp, VP
Investor Relations
Smith & Wesson Holding Corp.
(413) 747-6284
lsharp@smith-wesson.com
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SOURCE Smith & Wesson