Announces Bid to Acquire Harper Brush Works

The Company announced it has executed an asset purchase agreement ("APA") with Harper Brush Works, Inc. ("Harper Brush") as an initial "stalking horse bid" for substantially all of the assets of Harper Brush.Harper Brush is a 112-year-old manufacturer and distributor of quality cleaning products headquartered in Fairfield, Iowa.The company's core products include brushes, push brooms, mops, buckets, dust pans, house wares, long-handled cleaning tools, microfiber/dusting tools, and eco-friendly cleaning products.

Flooring OptiVirginia Beach Homeons for Your.On October 1, 2012 Harper Brush filed motions with the U.S. Bankruptcy Court for the Southern District of Iowa seeking orders to approve the APA for the Company to purchase substantially all of its assets under section 363 of Chapter 11 of the United States Bankruptcy Code, and to approve the auction and bidding procedures.  

Under the APA, the Company would acquire all of Harper Brush's real estate, inventory, intellectual property and other assets for approximately $2.2 million. The auction is to be held in case other potential buyers present proposals and is expected to occur over the next 45 days. Closing of the transactions contemplated under the APA is subject to the satisfaction of customary closing conditions and to court approval, which may not occur.