Smith & Wesson said that on July 10, it entered into an asset purchase agreement with FutureNet Group, Inc., Detroit, MI, to dispose of substantially all of the assets and various liabilities of its wholly owned subsidiary, Smith & Wesson Security Solutions, Inc., a provider of turnkey perimeter security solutions to protect and control access to key military, government, and corporate facilities.
The news came from an 8K filing with the Securities & Exchange Commission.
S&W reported the segment as discontinued operations in its annual report on Form 10-K for the fiscal year ended April 30,. The aggregate consideration to be received by S&W in connection with the transaction is expected to be less than $10.0 million. It anticipates that the closing of the transaction will take place in July 2012.
