Q.E.P. Co., Inc. Announces Acquisition in Australia

BOCA RATON, Fla., April 04, 2018 (GLOBE NEWSWIRE) -- Q.E.P. Co., Inc. (OTC:QEPC.PK) (the "Company" or “QEP”) announced today the expansion of its operations in Australia through the acquisition of certain assets of PR Floors Pty Ltd. (“PR Floors”). PR Floors is a wholesale flooring distribution company established in Queensland in 1961 that provides a wide range of branded flooring products, underlays, marine sealants and accessories as well as one of the most extensive ranges of flooring tools and accessories in the country.

Lewis Gould, Chairman of the Board of Directors, commented, “We are extremely pleased to welcome customers and associates of PR Floors to the QEP family. The addition of six locations throughout Queensland to our fifteen existing Australian Flooring Supplies (“AFS”) stores throughout Victoria and New South Wales creates the largest distributor of its kind with an unmatched ability to meet the needs of the professional flooring installer throughout Australia. The acquisition will add efficiency, purchasing power, operational strength and geographic reach to our AFS operation.”

Mr. Gould continued, “PR Floors will be directed by the same great QEP management team of Bruce Maclaren and Barry McGuire, along with Ugo Tettamanti and Craig Hilderbrand – ‘Pros’ in our industry.” Mr. Gould further added that this acquisition is the first this year in QEP’s continuing growth strategy.

Bruce Maclaren, Managing Director, QEP Australia, commented, “We have enjoyed a relationship with PR Floors and its founders as long-time QEP customers. Through this addition, we are excited to have the opportunity to expand the range of products and services available to PR Floors and AFS customers.”

Terms of the transaction are confidential.

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 manufacturer, marketer and distributor, QEP delivers a comprehensive line of hardwood and laminate 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 the industrial trades. Under brand names including QEP®, ROBERTS®, Capitol®, Harris®Wood, Fausfloor®, Vitrex®, Homelux®, TileRite®, PRCI®, Nupla®, HISCO®, Plasplugs®, Ludell®, Porta-Nails®, Tomecanic®, Bénètiere®, Elastiment®, X-TREME Board™ and AppleCreek™, 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.

CONTACT:
Q.E.P. Co., Inc.
Mark S. Walter
Senior Vice President and
Chief Financial Officer
561-994-5550

Source:Q.E.P. Co., Inc.