Ashworth, Inc. Announces Acquisition of Sun Ice(R) Trademarks
16 Janvier 2008 - 2:00PM
Business Wire
Ashworth, Inc. (NASDAQ: ASHW), a leading designer of golf-inspired
lifestyle sportswear, today announced the acquisition of the Sun
Ice� and Sunice� trademarks from Fletcher Leisure Group Inc.
(�FLG�). The Company expects to launch a new golf-related technical
outerwear line during 2008 under this brand in the United States,
the United Kingdom, Ireland and Europe. Ashworth established a
wholly-owned subsidiary, Sunice Holdings, Inc., which will own the
Sun Ice and Sunice trademarks and be entirely focused on the new
technical outerwear line. The product line will be concurrently
marketed by the Company�s existing sales and marketing team
dedicated to Ashworth�-branded apparel. FLG will provide design
services for Sunice Holdings, Inc. and facilitate sourcing
relationships for the new outerwear line. The purchase price for
the trademarks consists primarily of participation in the future
EBITDA of Sunice Holdings, Inc. Edward�J. Fadel, President of
Ashworth, Inc. who will oversee all operational aspects of Sunice
Holdings, Inc., commented on the acquisition, �The recognized
strength of the Sun Ice brand in technical outwear complements our
existing strength in Ashworth golf-inspired apparel, offering
significant cross-selling opportunities and anticipated penetration
of new accounts for both brands. The Sun Ice line should also
leverage Ashworth�s existing sales and distribution infrastructure
by enabling the concurrent marketing of two high quality,
complementary product lines and expanding our overall base of
sales.� Allan H. Fletcher, Chief Executive Officer of Ashworth,
Inc., commented �The relationships and outerwear expertise acquired
in this transaction will also promote improvements to the Callaway
Golf apparel outerwear product line and further strengthen the
Company�s position in the golf market.� About Ashworth, Inc.
Ashworth, Inc. (NASDAQ: ASHW) is a leading designer of men�s and
women�s golf-inspired lifestyle sportswear distributed domestically
and internationally in golf pro shops, resorts, upscale department
and specialty stores and to corporate customers. Ashworth�s three
market-leading brands include: Ashworth Collection�, a range of
upscale sportswear designed to be worn on and off course; Ashworth
Authentics�, which showcases popular items from the Ashworth line;
and Ashworth Weather Systems�, a technical performance line.
Ashworth is also an Official Apparel Licensee of Callaway Golf
Company. Ashworth is also a leading designer, producer and
distributor of headwear and apparel under The Game� and Kudzu�
brands. The Game is a leading headwear brand to collegiate
bookstores and Kudzu products are sold into the NASCAR/racing
markets and through outdoors sports distribution channels,
including fishing and hunting. Ashworth is also the exclusive
on-site event merchandiser for the Kentucky Derby. For more
information, please visit the Company�s Web site at
www.ashworthinc.com. Forward-Looking Statements This press release
contains forward-looking statements related to the Company�s market
position, finances, operating results, marketing and business plans
and strategies within the meaning of Section 27A of the Securities
Act, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These forward-looking statements may contain the
words "believes," "anticipates," "expects," "predicts,"
"estimates," "projects," "will be," "will continue," "will likely
result," or other similar words and phrases. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. The Company undertakes no
obligation to update any forward-looking statements, whether as a
result of new information, changed circumstances or unanticipated
events unless required by law. These statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected. These risks include the uncertainties
associated with implementing a successful transition in executive
leadership, the impact of borrowing base limitations in the
Company�s new credit facility, the evaluation of strategic
alternatives that may be presented, timely development and
acceptance of new products, as well as strategic alliances, the
integration of the Company�s acquisition of Gekko Brands, LLC, the
impact of competitive products and pricing, the success of the Sun
Ice and Callaway Golf apparel product lines, the preliminary nature
of bookings information, the ongoing risk of excess or obsolete
inventory, the potential inadequacy of booked reserves, the
successful operation of the distribution facility in Oceanside, CA,
the successful implementation of the Company�s ERP system, and
other risks described in Ashworth, Inc.�s SEC reports, including
the annual report on Form 10-K for the year ended October�31, 2007.
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