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Stork Craft Manufacturing Inc. Acquires Brand & Trademarks Of Canwood Furniture

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Stork Craft Manufacturing Inc. is announced the acquisition of the brand and trademarks of: Canwood Furniture Inc. Since 1986 Canwood has provided their classic “look” of fine solid pine furniture with a clear lacquer finish to the North American market. Given the strong Canadian dollar, increased raw material costs, global competitive pressures and severe labor shortages, the principals of Canwood concluded earlier this year that they could not continue in a business dependent primarily on domestic production and announced their intention to wind-up their Penticton-based manufacturing operations by mid-July 2008. Mr. Mel Kemp, Canwood President, stated, “After thoroughly evaluating our options, we resigned ourselves to the fact that winding up our manufacturing operations was the only viable alternative. However, upon receiving a call from the CEO of Stork Craft expressing interest in acquiring our business, we quickly realized that an extraordinary opportunity existed to provide continuity to our customers. Given the global size, scope and significant financial strength of Stork Craft, there was indeed a viable business approach to continue to exploit the equity of the Canwood brand as well as grow it internationally.” “We were extremely impressed with Stork Craft as a company” continued Mel Kemp, “since we share the same values for safety, quality and customer satisfaction to which we have long been committed. And I am delighted that I will have a continuing role in sales and marketing when Canwood becomes an operating division of Stork Craft. Naturally, we are disappointed that Canwood will not continue in its current form but we are very excited and energized by this new beginning for the Canwood brand and are confident that numerous retailers and consumers will be gratified by the opportunity to have continued access to Canwood products.” Mr. Jim Moore President & CEO Stork Craft said, “We are very pleased to add Canwood Furniture to our corporate family. It is always nice to see a program come together where each company provides important synergies towards a plan of preserving a 22-year-old trusted brand such as Canwood. Moreover, for Mel Kemp to remain involved is indeed a bonus”. The juvenile category will be the first to be addressed by this new venture. Many of Canwood’s best sellers, including Base Camp, Whistler, Erika and Sunridge, the latter being an enhanced replacement of the Alpine Bunk Bed Series, will be introduced in the foreseeable future. Given Stork Craft’s dominance of the baby furniture category, it is expected that Canwood cribs will also be offered to fully bridge the baby and youth segments. The eventual addition of adult beds will round out the bedroom category and enable retailers to present a comprehensive gallery of products to meet the needs of their customers. "Perhaps a factor which will be most interesting to many retailers," added Jim Moore, "is the expectation that wholesale prices will be noticeably lower than those currently in effect with the full complement of products supported by a quick ship inventory commitment." Stork Craft Manufacturing Inc. is one of the largest suppliers of juvenile furniture in the world and has been in business since 1946. Stork Craft manufactures their products in Asia in their own 500,000 square foot factory as well as their strategic partner’s facilities totaling 3,500,000 square feet of manufacturing capacity. Stork Craft products are distributed throughout North America, Europe and Asia with North American distribution points located in Seattle, New Jersey and Vancouver, BC.

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