The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from PR Newswire

Smith & Wesson Holding Corporation Completes Sale of Smith & Wesson Security Solutions Assets

Friday, July 27, 2012

Smith & Wesson Holding Corporation Completes Sale of Smith & Wesson Security Solutions Assets17:00 EDT Friday, July 27, 2012SPRINGFIELD, Mass., July 27, 2012 /PRNewswire/-- Smith & Wesson Holding Corporation (NASDAQ Global Select: SWHC), a leader in firearm manufacturing and design, today announced that it has completed the sale of substantially all of the assets and various liabilities of Smith & Wesson Security Solutions, Inc. (SWSS), a wholly owned subsidiary of the company that provides turnkey perimeter security solutions and that was reported as discontinued operations in the company's Annual Report on Form 10-K for the fiscal year ended April 30, 2012.   Smith & Wesson had previously announced, on October 6, 2011, that it had decided to divest SWSS.  On July 10, 2012, the company announced that it had entered into an Asset Purchase Agreement with FutureNet Group, Inc. of Detroit, Michigan, to dispose of substantially all of the assets and various liabilities of SWSS.  The company completed the disposition on July 26, 2012.  The total consideration is less than $10.0 million, including proceeds from a two-year licensing agreement.About Smith & WessonSmith & Wesson Holding Corporation (NASDAQ Global Select: SWHC) is a U.S.-based leader in firearm manufacturing and design, delivering a broad portfolio of quality firearms, related products, and training to the global military, law enforcement, and consumer markets. The company's brands include Smith & Wesson®, M&P?, and Thompson/Center Arms. Smith & Wesson facilities are located in Massachusetts and Maine. For more information on Smith & Wesson, call (800) 331-0852 or log on to www.smith-wesson.com.Contacts:Liz Sharp, VP Investor Relations Smith & Wesson Holding Corp.(413) 747-3304lsharp@smith-wesson.comSOURCE Smith & Wesson Holding Corporation