COCOA, FL – On July 31st, in a company-wide email to all employees, KelTec announced the enactment of a $15/hour base pay minimum to take effect with the August 1-7, 2021 pay period.

“The decision was made,” said George Kellgren, Founder, President and CEO, “to enact this before the
Florida mandate to address issues with rising inflation rates, increased cost of living, as well as increased
competitiveness in the marketplace.

“While the increase will directly impact our entry level jobs, “Mr. Kellgren continued, “I will be rolling out pay
increases for all employees currently making above minimum wage on a linear scale based on their current
base pay rate.”

The memo also explained that this adjustment is designed to bring employees who are making below
$15/hour up to a livable wage, while still providing some level of adjustment for those that are already making
above that rate.

“A raise of the minimum wage rate is one thing,” added Mr. Kellgren. “But a base rate increase is simply the
right thing to do and do immediately.”

Founded in 1991 by Swedish immigrant George Kellgren, KelTec became quickly known not just as a leading
firearms innovator, but also as a close, hard-working, family-oriented culture. Which is why, during the
outbreak of the nation’s COVID crisis in 2020, the company structured staff and manufacturing lines around
those who didn’t need to be home with children and also continued pay with benefits to those who did.

“This year marks the company’s 30th Anniversary,” concluded Mr. Kellgren. “We’re a company built on
innovation and quality brought to life by the hard work and the many contributions of each of our employees.
Thank you all for your hard work and support over the years.”

Often credited with revolutionizing the firearm industry, KelTec is one of the top firearms manufacturers in the
world and top 5 handgun manufacturers in the US, employing nearly 300 American citizens, many of whom
are Veterans.

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