LAS VEGAS, Sept. 13, 2017 /PRNewswire/ -- 500 Group, creator of the billion dollar rolling workshop tool storage category, today announced the sale of its intellectual property to its former licensee Stanley Israel, a Stanley Black & Decker company in an all-cash eight-figure deal. The company has also recently finished another new patented product program which is ready to license.
The upright wheeled storage solutions saw an immediate and meteoric rise in sales after launch, and spawned many imitators who also grew the category over their decades-long sales history. The products were featured prominently twice in the annual report of the licensee's parent company, Stanley Black and Decker, in both the all-resin and metal-resin hybrid technologies pioneered by 500 Group. The products continue to enjoy distribution at most major hardware retailers globally.
"We created an eternal new product category, something that is rare in any market and over the course of a decade kept feeding new innovation to grow it," said Paolo Tiramani, 500 Group's founder and CEO.
Tiramani noted that he expects the more recently finished patented product program will create yet another new power tool and storage category. He anticipates the program will see success on an even larger scale than the rolling workshop tool storage category.
Directly operated 500 Group projects slated for Nevada include Boxabl, an innovation in building construction technology; and Supercar System, an award-winning modular automotive system for the powersports market. Both projects will use proprietary 500 Group technology and are backed by a worldwide supply chain and team of industry experts.
About 500 Group: Paolo Tiramani founded 500 Group as a privately held intellectual property, product development and investment company. The company has since developed to pursue projects in the automotive, blockchain and building construction industries. 500 Group is based in the heart of downtown Las Vegas and operates a 20,000-square-foot R&D facility at the Las Vegas Motor Speedway. For more information visit www.500Group.com.
SOURCE 500 Group