Smith & Wesson
Smith & Wesson announced that Jeffrey D. Buchanan has been named executive vice president, chief financial officer and treasurer. Buchanan, 55, has been a member of the company’s board of directors and chairman of the audit committee since 2004. Buchanan has resigned from the board to serve as CFO.
California Handgun Ammunition Registration Deemed Unconstitutional
A California Superior Court in Fresno enjoined enforcement of AB 962, enacted in 2009, that would have required all purchases of “handgun ammunition” to be registered. The statute also would have mandated that firearms retailers fingerprint law-abiding customers like common criminals and would have banned mail-order ammunition sales. The law’s definition of “handgun ammunition” was so vague and ill-defined that the court declared the law constitutionally void.
LaserMax announced a favorable resolution to litigation involving Crimson Trace. The litigation was initiated by Crimson Trace against three of LaserMax’s product lines, alleging patent infringement. The settlement terms included no finding of liability on the part of LaserMax, and LaserMax will not pay any money to Crimson Trace. In addition, Crimson Trace must grant LaserMax irrevocable, royalty-free licenses for each of the three remaining patents identified within the lawsuit. The Court also ordered Crimson Trace to pay LaserMax $10,000 in sanctions. Other terms of the settlement remain confidential.
Liquidation of Sabre Defence Industries
Cadence Bank, N.A. announces their asset sale of Sabre Defence Industries and Sabre Defence Holdings of Nashville, Tennessee. The company’s inventory, accounts, equipment, documents, government contracts and general intangibles will be included in a sealed bid process to close on February 14, 2011.
Indictments Issued Against Sabre Defence and Individuals for Firearms Export Violations
A federal grand jury indicted the Sabre Defence, its owner, and four company executives for charges related to international firearms and trafficking violations of the Arms Export Control Act. Named as defendants in a 21-count indictment were Sabre Defence Industries (SDI) owner Guy Savage, SDI president Charles Shearon, SDI CFO Elmer Hill, Michael Curlett, SDI-U.S. sales manager, and SDI-U.S. international shipping and purchasing manager Arnold See. Savage was arrested in the United Kingdom and the United States has requested extradition.
According to the indictment, the defendants were part of a conspiracy to illegally import and export regulated firearms and firearm components and technology to and from the United States. The indictment alleges that Savage directed the illegal activities from his personal residences in the United Kingdom, as well as from a related company owned by Savage, Sabre Defence Industries LTD, located in the United Kingdom.
2011 SHOT Show Successful
The 2011 Shooting, Hunting and Outdoor Trade (SHOT) Show soared above expectations by setting records for buyer attendance at 31,769 and media attendance at 2,074. Overall attendance of 57,390, comprising buyers, exhibitors, media and guests, ranked the show as the third largest ever behind the 2008 and 2010 events.
“The importance of the SHOT Show to the firearms industry cannot be underestimated,” said Steve Sanetti, president and CEO of NSSF, which owns the trade show. “The SHOT Show is simply the must-attend business event for all segments of our industry. Based on what we’re hearing, industry has every reason to think that 2011 shows promise of being another strong year.”
Filling the Sands Expo and Convention Center to capacity with 1,600 exhibiting companies covering 630,000 net square feet with their booths, SHOT Show brings together all facets of the $4 billion industry. Many companies use SHOT Show, the largest trade show of its kind in the world, to announce new products and services. Buyers and media members are able to handle and discuss products that include firearms, ammunition, outdoor and tactical clothing, optics, knives, related accessories and law enforcement equipment.