Forward Industries Inc. Sells Swiss Subsidiary to Settle $4.1M Debt with Asia-Pacific Unit

Reuters

2025/05/23

Forward Industries Inc. Sells Swiss Subsidiary to Settle $4.1M Debt with Asia-Pacific Unit

Forward Industries, Inc. has announced a significant transaction involving the sale of its wholly-owned subsidiary, Forward Industries (Switzerland) GmbH, along with certain other assets related to its discontinued Original Equipment Manufacturer business. The transaction was made with Forward Industries (Asia-Pacific) Corporation, a company owned by Terence Wise, who serves as Forward Industries' Chairman and CEO. This move aims to satisfy outstanding payables of $4.1 million to the Asia-Pacific entity. The agreement also includes terminating a previous Agency Agreement and extending the maturity date of a promissory note to December 31, 2025. The transaction was approved by a Special Committee of the Board, which engaged financial adviser CoView Capital, Inc. to ensure the fairness of the deal to shareholders.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Forward Industries Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001683168-25-003941), on May 22, 2025, and is solely responsible for the information contained therein.

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Sells Swiss Subsidiary to Settle $4.1M Debt with Asia-Pacific Unit\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2025-05-23 04:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\" xmlns:newsg2=\"http://iptc.org/std/nar/2006-10-01/\" xmlns:xhtml=\"http://www.w3.org/1999/xhtml\"><head><title>\n      Forward Industries Inc. 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Sells Swiss Subsidiary to Settle $4.1M Debt with Asia-Pacific Unit\n    \n\n        Forward Industries, Inc. has announced a significant transaction involving the sale of its wholly-owned subsidiary, Forward Industries (Switzerland) GmbH, along with certain other assets related to its discontinued Original Equipment Manufacturer business. The transaction was made with Forward Industries (Asia-Pacific) Corporation, a company owned by Terence Wise, who serves as Forward Industries' Chairman and CEO. This move aims to satisfy outstanding payables of $4.1 million to the Asia-Pacific entity. The agreement also includes terminating a previous Agency Agreement and extending the maturity date of a promissory note to December 31, 2025. 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