11-04-2024 4:18am

OWINGS MILLS' UNIVERSAL

Universal Security Instruments has struck a deal to sell its assets amid plans to liquidate.

The Owings Mills, Md., maker of safety products said it has agreed to sell substantially all of its assets to privately held Feit Electric for $6 million.

Universal said it plans to seek shareholder approval for a subsequent liquidation and dissolution, adding that it expects its investors will receive a distribution of about $2.51 a share, more than 70% above Wednesday's closing price of $1.45.

About USI - Universal Security Instruments

USI (Universal Security Instruments, Inc.) makes the most innovative home protection solutions available today. Since our founding in 1969, we’ve become one of the largest manufacturers of smoke and carbon monoxide alarms in the world. We hold 11 patents on detection technologies, based on our proprietary research into the science of fire and fire detection. Our state-of-the-art production facilities are ISO9001 certified, and we’ve gained approval to distribute smoke and carbon monoxide alarms in more than 30 countries.

Beginning in 1973, UNIVERSAL began manufacturing Smoke and Fire Alarms and has developed a complete assortment of UL Listed Battery and Electric Smoke and Fire Alarms, with various features and long battery life.

UNIVERSAL began shipping carbon monoxide alarms in 2000 and recently expanded its product line to include bathroom ventilation products.

UNIVERSAL has become one of the largest manufacturers of Smoke and Carbon Monoxide Alarms in the world. In July of 2003, UNIVERSAL was listed on the American Stock Exchange. Our Trading Symbol is UUU.

USI ELECTRIC® is a wholly-owned subsidiary of Universal Security Instruments, Inc. and was formed in 1998 to sell Smoke and Carbon Monoxide Alarms and other products to the electrical distribution trade.

Universal Security has its headquarters in Owings Mills (a suburb of Baltimore) and maintains strategic warehouse facilities throughout the United States which enables its customers to receive product the next day without the additional cost of overnight service.