Forward Industries Issues Open Letter to Shareholders Reviewing Plans to Build Shareholder Value, 2014 Activities and Company Opportunities

WEST PALM BEACH, FL--(Marketwired - Nov 26, 2014) - Forward Industries, Inc. (NASDAQ: FORD)

• Highlights dramatic turnaround in both revenue and operating cash flow
• Announces hiring of financial advisers to explore strategic alternatives including the sale of the existing operation and identifying accretive acquisitions
• Shares vision for creating shareholder value through transformative acquisitions and organic growth

Forward Industries, Inc. (NASDAQ: FORD) today issued the following open letter to shareholders reviewing the strategic direction for the Company pursued over the past year, including organic growth, a potential acquisition, and other strategic alternatives for our existing business.

Dear Shareholders:

Since the current management team, including CEO Robert Garrett, Jr., took over leadership at Forward Industries in 2012, our primary objective has been to grow our business both organically and through strategic acquisition.

In FY2013, we hit an important organic milestone: we grew sales to more than $30 million from $22.8 million in FY2011, and returned the Company to operating profitability for the first time since FY2006. The Company turned an operating profit during the first three quarters of 2014.

While we are pleased with the increased earnings and return to profitability, we are also realistic and understand the growth challenges that we face. As part of our fiduciary duty to shareholders, we must consider all strategic alternatives, including reinvestment in organic growth, non-organic growth through acquisition, an outright sale of the legacy business and/or other monetization of assets. Your board has retained experienced financial advisers to help maximize value to shareholders in the process.

The Company's common stock price has experienced few catalysts for appreciation since our initial public offering in 1995. Aside from a two-year period from 2004 to 2006, when the Company benefitted from a single large contract, the stock has typically traded between $1.00 and $2.50 per share. At our current size, the Company is sub-scale to remain public, especially considering increased costs for accounting and compliance. We strongly believe that getting our Company to appropriate scale through organic growth, acquisition and other measures will benefit all shareholders.