Thursday February 12, 11:33 am Eastern Time
Saf T Lok Announces $6 Million Order With National Distributor
TEQUESTA, Fla.--Feb. 12, 1998--Saf T Lok (NASDAQ: LOCK - news) announced today the completion of an agreement with distributor D & W Enterprises of Tarrytown, New York. The $6,025,000 cash order is for the purchase of Saf T Lok's ''Grip Locks'' and their recently patented ''Magazine Locks'' for handguns.
D & W Enterprises has been in business since 1982 handling distributing and remarketing of product for Fortune 500 companies. The company, headed by CEO Warren Rothstein, will market Saf T Lok's life saving devices to their numerous affiliates in the United States and abroad. The company has large warehouse facilities in the Northeast and the Midwest.
Rothstein stated that they had been evaluating the Saf T Lok product line for six months but the dual factors of the pending legislation of safety locking devices for handguns, as well as the addition of the ''Magazine Lock'' to the product line, helped bring the deal to fruition.
''We wanted to be the first to offer the complete product line as legislation passes and the public demand increases,'' said Rothstein. oWe completed a critical analysis of the product and its potential market and came up with some very promising figures. As it stands now, if we secure just 2% market share of the approximate 80 million existing firearms in the U.S. alone, that will put us well on our way to a $100+ million sales performance over the next couple of years.''
Rothstein added that he was first drawn to the life saving devices because of his interest in children's issues. He currently sits on the board of ''Children of Chernobyl'' and feels that the Saf T Lok technology is also a certain protector of children.
Saf T Lok CEO, John Gardner, spoke of the order stating that ''This is just our second deal with a national distributor and we are cultivating more such relationships both nationally and internationally.'' Gardner also stated that the company intends to begin shipment within a few weeks.
Saf T Lok currently produces two safety locking devices that effectively preclude a weapon from firing by an unauthorized user, using a coded, touch oriented mechanism that engages the safety. The unique, patented device becomes an integral part of the firearm and does not need to be removed to operate the gun. The lock can be unlocked in seconds by an authorized user even in the dark and can safely be used on a loaded firearm.
This press release contains forward-looking statements regarding future events and the future performance of Saf T Lok Incorporated that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company's SEC filings, including Form 10-K, Form 10-Q and Form 8-K reports.
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Contact:
Saf T Lok, Tequesta
Kurt Divich, Public Relations Director
888/632-4653 |
