Stock Alert: Forward Industries Surges 63% On Kablooe Design Acquisition

(RTTNews) - Shares of Forward Industries inc. (FORD) are gaining more than 63 percent or $0.87 in Tuesday's morning trade at $2.24 after the distributor of carry and protective solutions for hand-held electronic devices announced the acquisition of Kablooe Design.

Monday, Forward Industries said it has acquired substantially all of the assets of Kablooe Design, a Minnesota-based medical and consumer design and development company, for consideration comprising of cash, equity, assumed debt and contingent earn outs. Kablooe received a cash payment of about $350,000 and 300,000 shares of Forward Industries common stock, par value $0.01 per share.

Kablooe is located in the third largest medical device development hub in the U.S. and its clients include Medtronic, Boston Scientific, Coloplast, Atricure, Cega Innovations and Rapid Diagnostek.

Forward Industries has traded in a range of $0.78 to $2.71 in the past 52 weeks.