QEP Completes Sale of Certain Harris Flooring Group Assets to Marquis Industries
September 25 2023 - 7:30AM
Q.E.P. CO., INC. (OTCQX: QEPC) (the “Company” or
“QEP”) today announced that, on September 20, 2023, it completed
the sale of certain assets of its Harris Flooring Group to Marquis
Industries, Inc. (“Marquis Industries”), a subsidiary of Live
Ventures Incorporated (Nasdaq: LIVE), in a transaction valued at
approximately $10 million.
The purchased assets include the Naturally Aged
Flooring™, Harris®, Kraus® and Heritage Mill® brands in North
America, as well as related inventory and associated domain names
and websites. Marquis Industries has also extended offers of
employment to substantially all Harris Flooring Group employees.
QEP’s primary flooring-related businesses in tools, adhesives,
underlayment and accessory products are not included in this
transaction.
Len Gould, President & CEO, The Americas, of
QEP said, ”We believe Marquis Industries is the proper steward
going forward for the Harris Flooring Group. QEP will continue to
focus on what we do best, our core business of Flooring Tools,
Adhesives, and Underlayment.”
“Across the globe, the QEP family of brands
dominates the sundry categories in flooring. This divestiture will
enable us to add more time, focus, and scale to our growth plan and
speed to our Innovation-Roadmap.”
As the Company is currently in the process of
selling the remaining assets of the Harris Flooring Group, the
Company cannot at this time make a good faith determination of cost
estimates, or ranges of cost estimates, associated with the sale of
all Harris Flooring Group assets. If required, the Company will
provide such information at such time as its management is able in
good faith to estimate the amount, or range of amounts, of these
costs.
About QEP
Founded in 1979, Q.E.P. Co., Inc. is a leading
designer, manufacturer and distributor of a broad range of
best-in-class installation solutions for commercial and home
improvement projects worldwide. QEP offers a comprehensive line of
specialty installation tools, adhesives, and underlayment. QEP
sells its products throughout the world to home improvement retail
centers, professional specialty distribution outlets, and flooring
dealers under brand names including QEP®, LASH®, ROBERTS®,
Capitol®, Premix-Marbletite® (PMM), Vitrex®, Brutus®, Homelux®,
PRCI®, Plasplugs®, and Tomecanic®.
QEP is headquartered in Boca Raton, Florida with
offices in Canada, Europe, Asia, Australia and New Zealand. Please
visit our website at www.qepcorporate.com.
Forward-Looking Statements
All statements contained in this press release,
other than statements of historical facts, may constitute
forward-looking statements within the meaning of the federal
securities laws. These statements can be identified by words such
as "expects," "plans," "projects," "will," "may," "anticipates,"
"believes," "should," "intends," "estimates," and other words of
similar meaning. Forward-looking statements include, but are
not limited to, statements regarding the Company’s business
following the sale and statements regarding the anticipated pre-tax
charges and disposal costs. Any forward-looking statements
contained herein are based on current expectations and beliefs, and
are subject to a number of risks and uncertainties, including those
listed in the Company’s annual report, as such risk factors may be
amended, supplemented or superseded from time to time by other
reports and disclosures made by the Company. Forward-looking
statements may also be adversely affected by general market
factors, competitive product development, product availability,
federal and state regulations and legislation, manufacturing issues
that may arise, patent positions and litigation, among other
factors. The forward-looking statements contained in this
press release speak only as of the date the statements were made,
and the Company does not undertake any obligation to update
forward-looking statements, except as required by law.
CONTACT: Q.E.P. Co., Inc.Enos
BrownExecutive Vice President andChief Financial
Officer561-994-5550
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