SOURCE: Optex Systems Holdings, Inc.

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June 10, 2013 06:00 ET

Optex Systems Holdings, Inc. Teams to Win Assets of Miller-Holzwarth Bankruptcy Auction

RICHARDSON, TX--(Marketwired - June 10, 2013) - Optex Systems Holdings, Inc. (OTCQB: OPXS) ("Company"), a leading manufacturer of optical sighting systems and assemblies primarily for Department of Defense applications, is pleased to announce that the Company collaborated with two auction companies to be the successful bidder in the recent auction of the former Miller-Holzwarth, Inc. ("MHI") assets.

Optex teamed with BidItUp Auctions Worldwide, Inc. ("BidItUp") and Maynard Industries ("Maynard") in the bankruptcy auction, held at the Medina, Ohio County Courthouse on June 6, 2013. With Maynard and BitItUp, Optex submitted the combined winning bid of $750,000 for the real estate, machinery, inventory, intellectual property and other intangibles. 

"We are extremely pleased with this acquisition of assets, intellectual property, and related products," stated Optex CEO Danny Schoening. "Not only were we able to acquire piece parts and tooling at greatly reduced prices for existing Optex products, we also secured designs and product models of parts that previously had been single-sourced only through MHI. We are now able to add new product lines, complementing our existing core competencies, while bringing valuable inventory and tooling which has already passed critical customer testing. This could not have happened without the diligent work from the teams from BidItUp and Maynard." Mr. Schoening noted that the remaining assets including the land, building and inventory including machinery and furnishings were acquired by BidItUp and Maynard Industries.

"While we continue to work diligently to grow Optex organically, we are also executing our plan to actively pursue strategic acquisitions which will be accretive to our earnings and strengthen our relationships with our customers," states Merrick Okamoto, Chairman of the Optex Board of Directors.

"The key to winning this bid was the inclusion of Optex, the industry leader," commented Senior VP of Maynard Industries, Matthew DelGuidice. "We will continue to work together and efficiently work our way through this transaction."

ABOUT OPTEX SYSTEMS
Optex, which was founded in 1987, is a Richardson, Texas based ISO 9001:2008 certified concern, which manufactures optical sighting systems and assemblies, primarily for Department of Defense (DOD) applications. Its products are installed on various types of U.S. military land vehicles, such as the Abrams and Bradley fighting vehicles, Light Armored and Armored Security Vehicles, and have been selected for installation on the Stryker family of vehicles. Optex also manufactures and delivers numerous periscope configurations, rifle and surveillance sights and night vision optical assemblies. Optex delivers its products both directly to the military services and to prime contractors. For additional information, please visit the Company's website at www.optexsys.com.

ABOUT MAYNARD INDUSTRIES
Maynard Industries is a world leader in industrial asset recovery programs for used machinery and equipment. Our international team of professional Project Managers match assets with the appropriate sales strategy, be it private treaty, run-to-wind-up, liquidation or auction. Maynard conducts sales of equipment used in every area of heavy industry, with particular expertise with used machines and equipment in the automotive manufacturing, metal fabrication, semiconductor, biopharma, SMT, PCB, machine tool, forestry, mining, plastics and printing industries. Over the past century, Maynard has built an extensive network of qualified contacts and we leverage these to our clients' benefit in every project to sell their used machinery and equipment. We realize maximum values by combining proven traditional sales methods with cutting-edge integrated marketing and promotion strategies.

ABOUT BIDITUP AUCTION WORLDWIDE, INC.
BIDITUP Auctions Worldwide is a global leader in asset conversion and provides auction, real estate, and appraisal services to a comprehensive array of markets. Services feature on-site auctions, live BidCast webcast auctions in real time, and online auctions. BIDITUP sells individual or aggregated assets across the globe, 24 hours a day, and seven days a week. Whether selling an individual asset, inquiring as to the value of business assets, or liquidating an entire operation, BIDITUP prides itself on matching buyers and sellers to maximize value. Today, BIDITUP Auctions Worldwide is recognized as one of the world's leaders in the auction industry.

Safe Harbor Statement
This press release and other written reports and oral statements made from time to time by the Company may contain so-called "forward-looking statements," all of which are subject to risks and uncertainties. You can identify these forward-looking statements by their use of words such as "expects," "plans," "will," "estimates," "forecasts," "projects" and other words of similar meaning. You can identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address the Company's growth strategy, financial results and product and development programs. You must carefully consider any such statement and should understand that many factors could cause actual results to differ from the Company's forward-looking statements. These factors include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement. You should carefully evaluate such statements in light of factors described in the Company's filings with the SEC, especially on Forms 10-K, 10-Q and 8-K. In various filings the Company has identified important factors that could cause actual results to differ from expected or historic results. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete list of all potential risks or uncertainties.

Contact Information

  • CONTACT:
    Optex Systems Holdings, Inc.
    Stanley A. Hirschman
    President
    (972) 764-5677
    ir@optexsys.com
    1420 Presidential Drive
    Richardson, TX 75081