Superior Uniform Group, Inc. Acquires Blade Sportswear, Inc.
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SEMINOLE, Fla., Nov. 2, 2009 (GLOBE NEWSWIRE) -- Superior Uniform Group
(Nasdaq:SGC) today announced the acquisition of Blade Sportswear, Inc.
("Blade"), effective November 2, 2009. Blade, founded in 1991, a privately owned
company, specializes in the design, manufacture and distribution of uniforms to
major domestic restaurant and foodservice chains throughout the U.S. Blade's
award-winning image apparel is worn by some of the most prestigious brands in
the foodservice market. The transaction is an asset purchase including the
assumption of certain liabilities.
"This acquisition brings Superior Uniform an outstanding customer base and will
further enhance our position in the foodservice market," said Michael Benstock,
CEO of Superior Uniform Group. Blade's revenues for the first nine months of
2009 were approximately $4.8 million. "Every Superior Uniform employee has
played an important role in positioning our company to take advantage of
opportunities to grow our business. Blade's strong reputation and history
positions Superior Uniform Group to continue to deliver substantial long-term
value to our customers and shareholders. We expect this acquisition to be
accretive to our earnings in 2010. Our financial position remains very strong
and has allowed us to successfully weather the current economic storm while
continuing to invest in the future growth of our company. We are actively
pursuing additional potential strategic acquisitions."
About Superior Uniform Group, Inc.
Superior Uniform Group, Inc., established in 1920, is one of America's foremost
providers of fine uniforms and image apparel. Superior manages award-winning
apparel programs for major corporations. They are leaders in innovative uniform
program designs, global manufacturing, and state-of-the-art distribution.
Superior, through their subsidiary "The Office Gurus," is also a near-shore
premium provider of cost effective bilingual contact center and office
solutions.
Superior's financial strength and resources support a customer's diverse needs
while embracing a "Customer 1st, Every Time!" philosophy and culture. Their
commitment to service, technology, quality and value-added benefits separates
them from the competition in each of their seven primary markets: Healthcare,
Hospitality, Food Service, Retail Employee I.D., Government Service, Private
Security, and Rental Service. For more information please call (800) 727-8643,
or visit their Web site at: www.superioruniformgroup.com.
Forward-Looking Statements
Statements contained in this press release which are not historical facts may
constitute forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. All forward-looking statements are
subject to risks and uncertainties, including without limitation, those
identified in the Company's SEC filings, which could cause actual results to
differ from those projected.
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CONTACT: Superior Uniform Group, Inc.
Andrew D. Demott, Jr., CFO
(727) 397-9611
Fax: (727) 803-9623
Edelman
Michael McCullough
(404) 832-6372
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