( CNN ) -- A manufacturer of military-style rifles says it is leaving Connecticut and is encouraging other companies to do the same after last week 's signing of sweeping gun legislation . PTR Industries of Bristol said the bill approved by the General Assembly was `` fraught with ambiguous definitions , insufficient considerations for the trade , conflicting mandates and disastrous consequences for the fundamental rights of the people of Connecticut . '' In a statement , the company said it hopes to pick a site by summer and move by the end of the year . Gov . Dannel Malloy on Thursday signed what advocacy groups call the strongest and most comprehensive gun legislation in the nation . Compromise sets up likely U.S. Senate debate . The law bans some weapons as well as the sale or purchase of high-capacity magazines like those used in the Newtown , Connecticut , shooting in December that left 20 children and six adults dead . It also requires background checks for all gun purchases . The Connecticut measure adds more than 100 guns to the state 's list of banned assault weapons , limits the capacity of ammunition magazines to 10 rounds and bans armor-piercing bullets . Connecticut governor signs sweeping gun measure . While the new law allows current owners of magazines that can hold more than 10 rounds to keep them , it requires those people to register the magazines with the state and forbids owners from loading them with more than 10 rounds outside their homes or while at a gun range . `` At any given time , we own 100,000 or more 20-round magazines , '' PTR Industries CEO Josh Fiorini told CNN affiliate WFSB . `` How are we supposed to individually register all of those magazines ? '' No more gun sales where semiautomatic used in Sandy Hook shooting . With the restrictions and loss of sales , Fiorini said , his company will be unable to make payroll . John McNamara , vice president of sales , said PTR Industries has 42 employees . `` Indirectly , we employ 15 to 20 local vendors at any given time who have up to 15 to 30 employees each , '' he told CNN on Wednesday . All of the company 's rifles are semiautomatic . PTR Industries sells its products to national distributors , and they are resold to federally licensed retailers across the country , said McNamara . McNamara said he did not have data on current sales in Connecticut , but he said the law makes the company 's rifles illegal for sale or transfer within the state . `` Our governor has decided that he wants our business to stay here and sell the guns he feels deemed illegal to other states , but not our own , '' said McNamara . `` We do not agree with that logic . '' Why is passing new gun control legislation so hard ? Critics have argued the Connecticut legislation will do nothing to stop someone like Adam Lanza , who carried out the Sandy Hook school killings December 14 with an assault-style weapon and high-capacity magazines . `` In his case , he stole the guns and went on a murderous rampage , '' Scott Wilson , president of the Connecticut Citizens Defense League , previously has said . `` Limiting magazine capacity or mandating registration will only affect law-abiding persons , not criminals bent on murder . '' Republican House Minority Leader Larry Cafero , a member of the bipartisan task force that drafted the bill , reassured gun owners they would n't lose their guns or ammunition magazines , `` so long as they follow our rules and register , '' he said . On Thursday , when he signed the gun law , Malloy said , `` We have come together in a way that relatively few places in our nation have demonstrated an ability to do . '' However , he noted , `` Today does not mark the end of our efforts '' to combat gun violence . President Barack Obama has been waging a public pressure campaign for tougher gun laws . Background checks on gun sales : How do they work ? PTR Industries said the safety of children was `` at best questionably improved '' since the shootings . `` Due to an improperly drafted bill , manufacturing of modern sporting rifles in the State of CT has been effectively outlawed , '' the company said in Tuesday 's statement , adding it made the decision with `` heavy heart . '' PTR Industries called on other gunmakers to leave Connecticut and `` show our politicians the true consequences of their hasty and uninformed actions . '' In February , Mississippi House Speaker Philip Gunn invited gunmakers such as Colt 's Manufacturing Co. to relocate to his state from Connecticut and elsewhere . Colt is based in West Hartford . The gun industry in Connecticut is being attacked and `` demonized '' because of national politics , Gunn said in a letter to Colt 's CEO before the gun law 's passage . U.S. Sen. Richard Blumenthal , a Connecticut Democrat , said Gunn sent letters to three gunmakers in his state and called Gunn 's proposal `` preposterous . '' Connecticut residents support the Second Amendment and responsible gun ownership , `` far from demonizing firearms products made here , '' Blumenthal said in a statement . Before the play date , the gun talk . Parents defend rights to keep guns in the home .
PTR Industries says legislation tramples on rights of residents . It says legislation ends manufacturer of `` modern sporting rifles '' in Connecticut . " The bill would have required the state to issue a license for any gun that is manufactured or modified with an attachment that allows it to be fired without having to remove its magazine and other safety