Q.E.P. CO., INC. ACQUIRES LUDELL BRAND OF STRIKING TOOLS
BOCA RATON, FLORIDA – October 22, 2012 – Q.E.P. CO., INC. (OTC: QEPC.PK) (the “Company”) announced today the purchase of the assets related to the Ludell™ brand of striking tools, principally consisting of inventories, equipment, the Ludell trademark and other intangibles, for aggregate consideration of $1.3 million subject to certain post-closing adjustments. Ludell™ tools have been distributed in the U.S. for over 100 years and will continue to be manufactured and distributed in the USA from the Company’s Oklahoma City, OK facility acquired in connection with its acquisition of Nupla Corporation earlier this year.
Lewis Gould, Chairman of the Company’s Board of Directors, commented: “Ludell’s line of high quality wood and fiberglass handled tools that cater to both the professional and DIY markets provides a great complement to both our Nupla and Hisco brands and further leverages our presence in the markets served by Nupla.” Mr. Gould continued, “In addition to furthering our strategy of opening up new vertical markets for Q.E.P.’s product line,we expe ct that the addition of the Ludell™ brand to our portfolio of valued brands will enhance the Company’s intrinsic value.”