ARMSTRONG, Iowa, April 24, 2013 /PRNewswire/ -- Art's Way Manufacturing Co., Inc. (NASDAQ: ARTW), a leading manufacturer and distributor of agricultural machinery, equipment and services, and Rojac Industries, Inc. announce they have signed a letter of intent. The letter of intent calls for Rojac Industries, Inc. to sell to Art's Way Manufacturing Co., Inc. the operating assets of its Agro Trend Manufacturing division, an agricultural machinery distributor and manufacturer of snow blowers, trailers, and running gears located in Clifford, Ontario, Canada. The transaction is pending final agreement with closing expected during May of 2013.
J. Ward McConnell Jr., Chairman of the Board of Directors said, "The synergies between the two companies will contribute to growth and expansion of Art's Way business portfolio and asset base."
About Art's Way Manufacturing Co., Inc.
Art's Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, round hay balers, plows, hay and forage equipment, manure spreaders, reels for combines and swathers, and top and bottom drive augers, as well as pressurized tanks and vessels, and modular animal confinement buildings and laboratories. After-market service parts are also an important part of the Company's business. The Company has three reporting segments: agricultural products; pressurized tanks and vessels; and modular buildings.
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This news release includes "forward-looking statements" within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including: (i) our expectations regarding timing and completion of the acquisition of certain assets of Rojac Industries, Inc., (ii) our beliefs regarding the contribution of the assets purchased from Rojac Industries, Inc. to the growth of the Company; and (iii) our beliefs regarding other impacts that the acquisition of certain assets of Rojac Industries, Inc. will have on the Company, are forward-looking statements. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to, delays in reaching or failure to reach an agreement to complete the execution of the acquisition of certain assets of Rojac Industries, Inc.; quarterly fluctuations in results; customer demand for our products; domestic and international economic conditions; factors affecting the strength of the agricultural sector; the cost of raw materials; the management of growth; the availability of investment opportunities; and other factors detailed from time to time in our Securities and Exchange Commission filings. Actual results may differ markedly from management's expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements. We do not intend to update forward-looking statements other than as required by law.
SOURCE Art's Way Manufacturing Co., Inc.