BOCA RATON, Fla., Feb. 11, 2014 (GLOBE NEWSWIRE) -- Q.E.P. CO., INC. (OTC:QEPC.PK) (the "Company") today announced its intent to purchase Faus Group, Inc. ("Faus USA"). Faus USA manufactures premium laminate flooring and accessories.
Faus USA is a wholly-owned subsidiary of Industrias Auxilliares Faus, S.L.U. ("Faus Spain") a Spanish company that is in bankruptcy. The Spanish bankruptcy court has approved the Company entering into a stock purchase agreement to acquire all of the capital stock of Faus USA and certain intellectual property rights held by Faus Spain, subject to a period for review of the proposed transaction by the creditors of Faus Spain.
The Company currently expects the transaction to be completed before the end of February 2014, although the possibility exists that the transaction will not be successfully completed or that the closing may be delayed. The Company will provide additional information when the transaction is completed.
Q.E.P. Co., Inc., founded in 1979, is a world class, worldwide provider of innovative, quality and value-driven flooring and industrial solutions. As a leading worldwide manufacturer, marketer and distributor, QEP delivers a comprehensive line of hardwood flooring, flooring installation tools, adhesives and flooring related products targeted for the professional installer as well as the do-it-yourselfer. In addition the Company provides industrial tools with cutting edge technology to all of the industrial trades. Under brand names including QEP®, ROBERTS®, Capitol®, Harris®Wood, Vitrex®, Homelux®, TileRite®, PRCI®, Nupla®, HISCO, Ludell, Porta-Nail and Elastiment®, the Company markets over 5,000 products. The Company sells its products to home improvement retail centers, specialty distribution outlets, municipalities and industrial solution providers in 50 states and throughout the world.
Q.E.P. Co., Inc. Richard A. Brooke Senior Vice President and Chief Financial Officer 561-994-5550