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Note L - Subsequent Event
6 Months Ended
Jul. 03, 2022
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE L - SUBSEQUENT EVENT

 

On July 29, 2022, the Company’s wholly owned subsidiary, UESCO, Inc., purchased certain assets and assumed certain liabilities of Knox Safety, Inc.  Knox Safety is a startup company that designs and sells carbon monoxide detectors for residential use.  Its acquisition will serve to complement the product lines currently offered by the Company’s Safety segment.  The Company paid cash of $3,735,000 upon closing of the transaction, which included a deposit of $500,000 to a vendor that had previously been a supplier of Knox Safety. Subsequent to the acquisition of Knox Safety, UESCO changed its name to Rely Innovations, Inc.