QEP Completes Sale of Certain Harris Flooring Group Assets to Marquis Industries
BOCA RATON, Fla., Sept. 25, 2023 (GLOBE NEWSWIRE) -- 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 Brown
Executive Vice President and
Chief Financial Officer
561-994-5550
