ATWEC Technologies Acquires Manufacturer Assembled Products, Inc. in $2.6M Deal

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Nov 11, 2020, 08:08 ET

MEMPHIS, Tenn., Nov. 11, 2020 /PRNewswire/ -- ATWEC Technologies, Inc. (OTCMKTS: ATWT) a technology company specializing in child safety, today announced it has acquired its manufacturer, Assembled Products, Inc., in a deal worth $2.6 million in cash and stock. Assembled Products has been the proprietary manufacturer of ATWEC's child safety systems, including the KV-4 Child Reminder System with RFID technology deactivation, and the new KV-X vehicle sterilization system, for the past 30 years.

"Bringing the manufacturing of our transportation safety devices in-house better enables us to respond to the growing market demand for solutions to keep bus and vehicle passengers safe," said Darnell Stitts, President and CEO at ATWEC Technologies. "Acquiring Assembled Products allows us to keep costs down and scale more quickly. Plus, by expanding into manufacturing, we can diversify the range of our offerings."

Assembled Products, Inc. is a U.S. manufacturer and designer of electronic and mechanical apparatuses. Since its founding in 1986, it has worked with major companies, including Halliburton, the U.S. Air Force, FedEx, and AutoZone.

"An exclusive partnership between ATWEC Technologies and the resources of Assembled Products will fast-track next-generation product development and bring a long-overdue higher level of safety to the transportation industry," said Glen Stevens, Operations Director at Assembled Products.

Assembled Products is currently housed in a 33,000-square-foot building in Rogersville, AL after rapidly outgrowing its 4,000-square-foot space in Memphis, TN. The company has zero liabilities and hundreds of thousands in assets. Gross sales in 2019 were approximately $1 million dollars.

Following the acquisition, all aspects of manufacturing and production will now be controlled by the ATWEC board. This deal will result in ATWEC saving approximately 75% of its production costs, which will increase margins by approximately 75% as well. That savings will be reinvested into R&D. ATWEC will also keep all Assembled Products' full-time employees on staff, including Glen Stevens who has been with Assembled Products for over 34 years.

Shareholders and other investors can find the disclosure related to ATWEC's acquisition of Assembled Products and moving up to the OTCQB in the 4^th quarter statements on the OTC Markets website.

About ATWEC Technologies, Inc.

ATWEC Technologies, a Memphis-based safety and security technology company, is changing the way commercial vehicle owners, operators, and passengers think about health and safety. Founded in 1979, ATWEC Technologies has developed a complete line of child safety devices designed to guard against children being left behind on buses, as well as safety and sanitation products for commercial vehicles. ATWEC Technologies trades on the OTC Markets under the symbol "ATWT." For more information, visit atwec.com or follow @AtwecTech on Twitter.

Safe Harbor Statement

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected".

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Contacts:

ATWEC Technologies, Inc.
Darnell Stitts, CEO/President
[email protected]
901-435-6849

Media contact:
Denise DiMeglio
[email protected]
610-228-2102

SOURCE ATWEC Technologies, Inc.