SAF T LOK Incorporated Announces Letter of Intent to Purchase
Winner International LLC
-- Terms Call for the SAF T LOK(R) and the Club(R)
Brand Names to Be Retained --
WEST PALM BEACH, Fla., May 4 SAF T LOK INCORPORATED , http://www.saf-t-lok.com, today announced
that it has signed a letter of intent to purchase all of the outstanding
membership interests of Winner International LLC, a privately held security
and safety product company headquartered in Sharon, Pennsylvania. Founded in
1986, Winner International is the maker and marketer of The Club(R), the
number one selling vehicle anti-theft device, and other security and safety
products worldwide.
The purchase terms call for Saf T Lok to acquire the membership interests
of Winner International with a payment of its Common Stock under a Purchase
Agreement. The resulting public company will retain the Saf T Lok(R) and The
Club(R) brand names. Following the acquisition, members of Winner will own
approximately 95% of the combined company.
The transaction is subject to negotiation of the Purchase Agreement,
appropriate authorization, including approval by Saf T Lok's shareholders and
receipt of an independent fairness opinion. A meeting of Saf T Lok's
shareholders is expected to be held promptly following completion of
regulatory filings and review, and upon satisfaction of conditions. Upon
completion of the proposed transaction, Saf T Lok's manufacturing operation
would be relocated to Winner International's facilities in Sharon,
Pennsylvania.
James E. Winner, Jr., founder of Winner International, developed and
patented The Club(R) vehicle anti-theft device which has become recognized as
the world leader in the automotive aftermarket security devices market. The
Club(R) is the original patented, vehicle steering wheel lock. It is endorsed
by the National Fraternal Order of Police, which represents more than 235,000
police officers nationwide.
After successfully building The Club(R) into the No. 1 selling mechanical
anti-theft device for cars and trucks worldwide, Mr. Winner entered into semi
early retirement during 1995. Recognizing the growth opportunity of Saf T
Lok, Mr. Winner and his slate of Directors, Richard Florida, Karen Winner
Hale, John F. Hornbostel, Jr. and Adam Monks, became Directors of the Company
in February 2001 and Mr. Winner assumed the position of Chairman and Chief
Executive Officer of Saf T Lok. Subsequently, Curtis Sliwa of WABC Radio and
Guardian Angel Founder and President and Dewey Stokes, a long time police
officer and former President of the Fraternal Order of Police, have joined the
Board of Directors. In addition, John C. Amer has joined Saf T Lok
Incorporated as its Chief Financial Officer and Treasurer.
"I am very excited about the growth opportunities of the joining of Saf T
Lok and Winner. We have the established name recognition and marketing
capability to successfully promote Saf T Lok products. The Company's patented
combination gun locks for revolvers and semi-automatic handguns complement our
Club(R) trigger lock products and would enhance our position in the hand gun
safety lock market," said James E. Winner, Jr., Saf T Lok's Chairman and Chief
Executive Officer. Furthermore, both companies are in the business of
manufacturing and/or distributing safety and security products. The Saf T
Lok(R) Brand will be extended along with The Club(R) Brand.
Mr. Winner earlier had indicated that the long-term goals of the new Board
of Directors are to drive the business through organized growth and
acquisitions to create a fast-growth Company that will maximize the P/E ratio
of the stock in the marketplace for the benefit of the Company shareholders.
The proposed transaction would be a significant step in the growth of the
Company.
Saf T Lok Incorporated is the manufacturer of the Saf T Lok(R) hand gun
safety locks. The Company's patented combination gun locks, for revolvers and
semi-automatic handguns, become an integral part of the firearm so there is
nothing to remove, no keys or rings to find and no batteries to fail. The
"touch-sensitive" combination allows for operation of the lock -- even in the
dark. Unlike trigger locks, which require guns to be unloaded, the Saf T
Lok(R) gun locks attach to the grip or magazine of a handgun and blocks the
weapon internally so it cannot be fired, even if it is loaded and the trigger
pulled. Only someone who knows the combination can use the gun or remove the
lock.
Winner International was formed and incorporated in 1986. Expanding off
the success of The Club(R), Winner International moved into the commercial,
residential, recreational and personal security and safety markets with other
products worldwide
Certain information and comments contained in this press release may be
forward-looking statements (within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934). Factors set forth in the Company's Annual Report on Form 10-KSB, its
subsequent Form 10-QSB filings together with other factors that appear in this
press release or in the Company's other Securities and Exchange Commission
filings could affect the Company's actual results and could cause the
Company's actual results to differ materially from those expressed in any
forward-looking statements made by, or on behalf of the Company, in this press
release.
