Amerityre Corp. has acquired "a significant portion" of the manufacturing assets of Kik Technology Inc., a well-known manufacturer of polyurethane foam tires.
The assets acquired include tire models and molds used by Kik to produce low-duty cycle polyurethane foam tires. With the sale of these assets, Kik will cease business operations.
"The acquisition of the models and molds provides Amerityre with the capability to produce a broader range of products to better service the low-duty cycle tire market," says Dr. Gary Benninger, Amerityre's CEO and president. "With this expanded variety of tire products and sizes, Amerityre will now be able to offer its customers a Flatfree tire for every application."
In a related move, William Knooihuizen, Kik's former president, has joined Amerityre in a senior account management position.
For its fiscal year 2006 (Feb. 1, 2006, to Jan. 31, 2007), Kik reported foam tire product sales of $1.8. For the nine-month period ended Oct. 31, 2007, sales were $937,645.
