Businessweek

Forward Industries, Inc. engages in the design, marketing, and distribution of carry and protective solutions primarily for hand held electronic devices. The company distributes and sells its products globally. The company’s principal customer market is original equipment manufacturers (OEMs). Its OEM products include carrying cases and other accessories for medical monitoring and diagnostic kits and various other portable electronic and non-electronic products (such as sporting and recreational products, bar code scanners, smartphones, GPS and location devices, tablets and firearms). The company’s other products include soft-sided carrying cases, bags, clips, hand straps, protective plates, and other accessories made of leather, nylon, vinyl, plastic, PVC and other synthetic materials. Its OEM products are used by consumers for protecting and carrying or transporting portable electronic and other products, such as blood glucose monitoring kits, bar code scanners, GPS and location devices, cellular telephones, firearms, sporting and recreational products, and other products. The company’s carrying cases are designed to enable these devices to be stowed in a pocket, handbag, briefcase, or backpack, clipped to a belt or shoulder strap, or strapped to an arm, while protecting the consumer electronic or other product from scratches, dust, and mishandling. Diabetic Products The company sells carrying cases for blood glucose diagnostic kits directly to OEMs of these electronic, monitoring kits made for use by diabetics. The OEM customer packages its carry cases in box as a custom accessory for the OEM’s blood glucose testing and monitoring kits, or to a much lesser extent, sells them through their retail distribution channels. These kits typically include a small, electronic blood glucose monitor, testing strips, lancets for drawing a drop of blood and its carrying case, customized with the manufacturer’s logo and designed to fit and secure the glucose monitor, testing strips, and lancets in separate straps, pouches, and holders. Other Products The company also sells carrying and protective solutions to OEMs for a range of other portable electronic and other products, including sporting and recreational products, bar code scanners, smartphones, GPS and location devices, tablets, and firearms, on a made-to-order basis that are customized to fit the products sold by its OEM customers. The company’s selling prices for these products also vary across a range, depending on the size and nature of the product for which the company design and sell the carry solution. Product Development The company typically receives requests to submit product designs in connection with a customer’s introduction and rollout to market of a new product that the customer has determined to accessorize and customize with a carry solution. The company’s design and production resources develop detailed product specifications and design options for its customer’s evaluation. Customers The company’s OEM customers are located in the North, Central, and South America; the Europe, the Middle East and Africa Region; and the Asia Pacific Region. Sourcing Agent In March 2012, the company entered into a buying agency and supply agreement with Forward Industries Asia-Pacific Corporation (Forward China), a British Virgin Islands corporation. Forward China shall act as the company’s exclusive buying agent and supplier of Products in the Asia Pacific region. Discontinued Operations In June 2012, the company determined to exit its global retail business. History Forward Industries, Inc. was founded in 1954. The company was incorporated under the laws of the state of New York in 1961.