NEW YORK, Feb. 1, 2007 (PRIME NEWSWIRE) -- Industrial Enterprises of America, Inc. (OTCBB:IEAM), a specialty automotive aftermarket supplier, today announced that the Company has purchased Fire 1st Defense, LLC, an innovative company that markets and sells consumer friendly fire extinguishers/suppressant. The net purchase price consisted of a combination of cash and stock valued at approximately $500,000.
Fire 1st Defense's fire extinguisher utilizes a patented delivery system driven by compressed gas, making it unique and simple to operate. As part of the purchase price, IEAM acquired all inventory, purchase orders, patents and copyrights.
John Mazzuto, Chief Executive Officer of Industrial Enterprises of America, commented, "The Fire 1st Defense fire extinguisher is a unique product in its market and its distribution has been steadily increasing among grocery store chains nationwide. This brand represents the perfect product to utilize excess capacity at our EMC Packaging plant."
The design of the Fire 1st Defense fire extinguisher was driven by a need primarily for young children and elderly consumers to have access to a compact, lightweight and easy-to-use fire extinguisher for use in the event of a fire in the home. Fire 1st Defense contains no toxins or harsh chemicals nor does it have any pins, gauges or confusing directions. It has a spray time that is two to three times longer than competing brands of compact fire extinguishers. Additionally, the product never requires recharging where many fire extinguishers have the need to be inspected and potentially recharged annually.
To learn more about Fire 1st Defense Extinguisher, visit www.fire1stdefense.com.
About Industrial Enterprises of America, Inc.
Industrial Enterprises of America, Inc., headquartered in New York, NY, is an automotive aftermarket supplier that specializes in the sale of anti-freeze, auto fluids, charcoal fluids, and other additives and chemicals. The company has distinct proprietary brands that collectively serve the retail, professional and discount automotive aftermarket channels.
Statement Under The Private Securities Litigation Reform Act
Except for the historical information contained herein, the matters discussed in this press release may include forward-looking statements or information. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of Industrial Enterprises of America set forth herein and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, are forward-looking statements. Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties which could cause the Company's future results to differ materially from those anticipated, including: (i) the Company's history of ongoing operating losses; (ii) the overall marketplace and clients' usage of products, including demand therefore, the impact of competitive technologies, products and pricing, particularly given the substantially larger size and scale of certain competitors and potential competitors, control of expenses, and revenue generation by the acquisition of new customers; Other risks are detailed from time to time in the Company's 2006 Annual Report on Form 10-K, as amended, its Quarterly Reports on Form 10-QSB, and in its other Securities and Exchange Commission reports and statements. The Company assumes no obligation to update any of the information contained or referenced in this press release.