Investor Relations| P & F Industries, Inc. Subsidiary Sells Cylinder Division to Rosenboom Machine &Tool, Inc.
Jody Burfening/Seema Brin
P & F Industries, Inc. Subsidiary Sells Cylinder Division to Rosenboom Machine &Tool, Inc.
In addition, RMT has agreed to hire all Green Hydraulic Cylinder Division employees in Bowling Green, Ohio. Green has retained its Access Division and Agricultural Division and RMT has agreed to lease certain space and provide certain services in connection with those operations to Green. As a result of the transaction, Green has effectively exited the hydraulic cylinder business.
Richard Horowitz, President and CEO of P&F Industries commented, ?P & F management believes that the Hydraulic Cylinder Division is no longer a strategic fit with the remainder of P & F?s operations and it was in the best interest of the Company to use the proceeds from the transaction for other corporate purposes. We remain committed to identifying potential opportunities to create greater value for our shareholders, customers and employees?.
P & F Industries, Inc., through its four wholly-owned subsidiaries, Florida Pneumatic Manufacturing Corporation, Countrywide Hardware Inc., Green Manufacturing, Inc. and Embassy Industries, Inc., manufactures and/or imports air-powered tools, various residential hardware such as staircase components, kitchen and bath hardware, fencing hardware and door and window hardware, and baseboard and radiant heating products. P & F's products are sold under their own trademarks, as well as under the private labels of major manufacturers and retailers.
This is a "Safe-Harbor" statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those related to the Company's future performance, are based upon the Company's historical performance and on current plans, estimates and expectations, which are subject to various risks and uncertainties, including, but not limited to, the impact of competition, product demand and pricing. These risks could cause the Company's actual results for the 2004 fiscal year and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
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