Q.E.P. Co., Inc. Announces Expansion of Executive Leadership Team

BOCA RATON, Fla., July 23, 2018 (GLOBE NEWSWIRE) -- Q.E.P. Co., Inc. (OTC:QEPC.PK) (the "Company") announced today that its Board of Directors has expanded the  executive leadership team by appointing Harry Schulman as Chief Executive Officer, effective August 1, 2018, reporting to Lewis Gould, who will continue as Executive Chairman of the Company’s Board of Directors.  Mr. Schulman will also continue as a member of the Company’s Board of Directors.

Lewis Gould commented, “We are excited to add a successful, seasoned executive to lead the QEP organization and help maximize the Company’s shareholder value.  The addition of Harry strengthens our organization and supports our strategy to optimize our existing business as well as grow through strategic acquisitions.”

Harry Schulman commented, “I have great admiration for the Company that Lewis and his team have built and look forward to leading this fine organization to an even greater future.”

From 1989 until 2007, Mr. Schulman, 66, was instrumental in building Applica, Inc., a $700 million public company, as CFO, President and CEO.  In 1998 he led the acquisition of Black & Decker Household Products Group, representing a transformational $500 million transaction.  Mr. Schulman has deep experience in manufacturing and sourcing in China and elsewhere.  He developed an industry consolidation strategy that resulted in the sale of Applica in 2007 to a major private equity firm.   After the sale of Applica, Mr. Schulman served as an Operating Partner for Baird Capital Partners. 

Q.E.P. Co., Inc., founded in 1979, is a world class, worldwide provider of innovative, quality and value-driven flooring and industrial solutions. As a leading manufacturer, marketer and distributor, QEP delivers a comprehensive line of hardwood and laminate flooring, flooring installation tools, adhesives and flooring related products targeted for the professional installer as well as the do-it-yourselfer. In addition, the Company provides industrial tools with cutting edge technology to the industrial trades. Under brand names including QEP®, ROBERTS®, Capitol®, Harris®Wood, Fausfloor®, Vitrex®, Homelux®, TileRite®, PRCI®, Nupla®, HISCO®, Plasplugs®, Ludell®, Porta-Nails®, Tomecanic®, Bénètiere®, Elastiment®, X-TREME Board™ and AppleCreek™, the Company sells its products to home improvement retail centers, specialty distribution outlets, municipalities and industrial solution providers in 50 states and throughout the world.

CONTACT:

Q.E.P. Co., Inc.

Lawrence P. Levine

Senior Vice President and

    General Counsel

561-994-5550