The Precision Equipment Co., Inc.; Cincinnati, Ohio, USA was incorporated June 30, 1919 by Thomas E. New. In mid-1920 it became licensed to manufacture regenerative receivers under Armstrong's patent, and sold them using the "Ace" trade name. Powel Crosley, Jr. purchased Precision Equipment Company in 1922 to be able to produce licensed regenerative receivers which performed better than the Harko receivers his Crosley Manufacturing Company was producing at the time.

The Precision Equipment Company continued to manufacture and sell regenerative radios with the ACE trademark, but the company's old location was closed down in 1922 and the new location was in the same building as Crosley Radio Corp. This lasted until January 1924 when the two companies were combined into the Crosley Radio Corporation. The trade name ACE (and Simplex etc.) was also used by Radio Circular.