Forward Industries, Inc. (NASDAQ:FORD) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On January 29, 2019, Forward Industries, Inc. (the “Company”) entered into a three-year Distribution Agreement (the “Agreement”) with Mooni International AB (“Mooni”) and its owner, Staffan Bern (the “Owner”). In accordance with the Agreement, the Company: (i) was appointed as the exclusive distributor of Mooni’s current and future products (including future products developed or offered by Mooni and/or the Owner) in North America, (ii) subject to certain repayment requirements, the Company paid $400,000 to Mooni, and (iii) was granted an option to purchase a controlling interest of Mooni at a valuation not to exceed $5 million which, if exercised, would be effective on the 12 month anniversary of the effective date of the Agreement. Additionally, Forward Industries Asia-Pacific Corporation, a company owned by Terence Wise, the Company’s Chairman and Chief Executive Officer, was named the designated supplier under the Agreement. Prior to the Company entering into the Agreement, The Justwise Group Limited, a company owned by Mr. Wise, was appointed the exclusive distributor of Mooni’s products in the United Kingdom.
About Forward Industries, Inc. (NASDAQ:FORD)
Forward Industries, Inc. designs and distributes carry and protective solutions, primarily for hand held electronic devices, including soft-sided carrying cases, bags, clips, hand straps, protective plates and other accessories. The Company operates in the design and distribution of carry and protective solutions, primarily for hand held electronic devices segment. Its original equipment manufacturer (OEM) products include carrying cases and other accessories for blood glucose monitoring kits and various other portable electronic and non-electronic products. Its carrying cases are designed to enable the devices to be stowed in a pocket, handbag, briefcase, or backpack, clipped to a belt or shoulder strap, or strapped to an arm. Its products include Diabetic products and Other products. The Company, through its subsidiaries, Forward US and Forward Switzerland, distributes and sells its products across the world.