ELMA, N.Y., April 30, 2014 /PRNewswire/ -- The management team at leading knife manufacturer The Ontario Knife Company^® (OKC), headed by President and CEO Kenneth Trbovich, is moving forward with an ambitious five-year, multi-million dollar investment plan designed to consolidate operations at its primary manufacturing facility in Franklinville, New York. OKC is the recipient of economic development assistance in the form of a $416,000 New York State Community Development Block Grant from the Office of Community Renewal, a $300,000 Casino Funds Grant approved by the Cattaraugus County Legislature, as well as previously reported sales and property tax abatements and exemptions through the Cattaraugus County Industrial Development Agency. The initiative includes the construction of an approximate 28,000 square foot addition, capital improvements to the existing plant, the reconfiguration of its production process within the expanded facility, and the addition of new state of the art knife-making equipment. The upgraded and streamlined manufacturing process will allow OKC to make its top-quality 'Made in the USA' fixed blades in higher quantities at more competitive costs.

OKC is a longtime major supplier of knives and tools to the US military and has recently expanded its footprint in the domestic and international commercial markets, including the introduction of OKC products at major big box retailers. "This year is The Ontario Knife Company's 125^th anniversary," said Trbovich. "We are proud of our legacy and we launch this project to seize the initiative on our next 125 years." Referencing the project's strong strategic fit OKC's Treasurer Cari Jaroslawsky said, "The capital investment is designed to scale out the company's manufacturing capacity to support the development of new products and new business that OKC has in the pipeline."

Robert Breton, the Executive Vice President and Chief Manufacturing Officer of OKC, who is also the Mayor of the Village of Franklinville observed, "I have been with OKC for almost 40 years and this is the most exciting project of my tenure." The multi-million dollar project has been in development over the past year. OKC expects to make the initial equipment purchases and to break ground on the 28,000 square foot expansion in May 2014.

Founded in 1889, The Ontario Knife Company is a U.S. owned and operated organization that continually stays on the forefront of knife designs and cutting-edge technology. Ontario's military supply roots go deep into its history, as the company has been supplying quality cutlery to the U.S. Military since WWI, beginning with its famous 18-inch Machete. Today, the company consistently develops new knife designs that allow military personnel to have the products they need in order to get their jobs done both on and off of the battlefield. OKC is also especially proud of being selected as the sole provider of the United States Marine Corps OKC3S Multi-purpose Bayonet System and the Model 4 Rescue Strap Cutter. In addition to being a major supplier to the U.S. Armed Forces, Ontario Knife teams with a nationwide network of distributors/dealers to market its products to many diverse consumer and niche markets including the tactical/military, hunting, outdoors, law enforcement and cutlery industries. Worldwide sales activity encompasses more than 28 countries and continues to grow.

For more information about The Ontario Knife Company and its industry-leading line of advanced knives, machetes, edged products and specialty tools, contact The Ontario Knife Company at P.O. Box 145-26 Empire Street · Franklinville, NY 14737 · Telephone (716) 676-5527 · Or visit www.ontarioknife.com.The Ontario Knife Company is a subsidiary of publicly traded Servotronics, Inc. (listed as SVT on NYSE-MKT exchange).

FORWARD-LOOKING STATEMENTS

Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein. Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions and adequacy of resources. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE The Ontario Knife Company