Saf T Lok Looks Forward to Magazine Lock Production
Business Wire - October 10, 1997 17:07
%SAF-T-LOK LOCK LOCKC %FLORIDA %GOVERNMENT V%BW P%BW
TEQUESTA, Fla.--(BUSINESS WIRE)--Oct. 10, 1997--Saf T Lok (Nasdaq:LOCK.C), who
manufactures and distributes the only child safety lock that safely locks a loaded firearm,
announced Friday that it is on schedule to produce its first magazine locks in November of this
year.
At Saf T Lok annual meeting Friday, after re-electing the current directors, shareholders were
updated on the existing production schedule for the child safety locks that the company
manufactures. The Saf T Lok grip lock model, which has been in production since early 1997, is
now being produced for over 40 models of revolvers with over 10,000 units in stock and ready
to ship. The Saf T Lok magazine lock will go into production late 1997 and is expected to be
produced to fit 17 different models of semi-automatic handguns by the end of the first quarter of
1998 and eventually be produced to fit all magazine fed firearms. By mid 1998, Saf T Lok's
child safety devices are expected to fit 80% of the total handguns available on the United States
market.
The Saf T Lok grip lock is produced with 1,000 different combinations, while the magazine lock
will be produced with 10,000 different combinations, all which can be set by the user.
When asked about the pending delisting from the Nasdaq stock market, John Gardner, president
and CEO of Saf T Lok said: "We have been in contact with Nasdaq and are hopeful that we will
be able to come to an agreement where by we will continue to be listed on Nasdaq. The two
issues in question are the price of Saf T Lok stock and the company's net capitalization. The
price of the stock, considering recent trading, no longer seems to be an issue, and the company
believes that it can meet the net capitalization requirement by Nasdaq's deadline."
Saf T Lok management pointed out to its shareholders that Saf T Lok has been extensively tested
by independent engineering firms, is approved by the Fraternal Order of Police and is endorsed
by the foremost experts on locks, the Associated Locksmiths of America.
CONTACT: Saf T Lok
Jacquie Cofer, 800/723-8565
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