Forward Industries Board Authorizes Repurchase of Up to 5% of Its Outstanding Common Shares

Business Wire, June 29, 1999

WESTBURY, N.Y.--(BUSINESS WIRE)--June 29, 1999--

Forward Industries, Inc. (Nasdaq: FORD) today announced that its Board of Directors has authorized the repurchase of up to 5% of the Company's outstanding shares of common stock, or up to approximately 296,000 shares. The shares, which may be purchased from time to time in open market transactions, depending on price, availability and the Company's cash position, will be held in treasury. At June 28, 1999, there were approximately 5.9 million shares of Forward common stock outstanding.

Jerome E. Ball, Chairman and Chief Executive Officer of Forward, stated "Our Board took this action because they believe that the Company's shares represent excellent value at current price levels. As insiders currently own approximately 29% of outstanding shares, we, along with our public shareholders, stand to benefit from reduced share dilution stemming from this buyback."

FORWARD INDUSTRIES, INC. designs, manufactures and distributes leather, nylon and vinyl custom carrying cases primarily for cellular phones, laptop computers and home medical equipment. The Company sells its products directly to original equipment manufacturers and recently launched a line of laptop computer cases marketed under the "Terrapin" brand name through mass merchandisers, computer retailers and at www.onsale.com. Forward's products may also be viewed at www.koszegi.com and www.terrapinpc.com.

Statements in this press release other than statements of historical fact are "forward-looking statements." Such statements are subject to certain risks and uncertainties, identified from time to time in the Company's filings with the Securities and Exchange Commission that could cause actual results to differ materially from any forward-looking statements. These forward-looking statements represent the Company's judgment as of the date of the release. The Company disclaims, however, any interest or obligations to update these forward-looking statements.