Monday March 8, 10:23 am Eastern Time
Company Press Release
Moto Guzzi Revved Up for Wall Street
Merger with North Atlantic Acquisition Corporation Completed
NEW YORK--(BUSINESS WIRE)--March 8, 1999--Mark Hauser, CEO of Trident Rowan Group, Inc. (NASDAQ:TRGI - news), today announced that Trident's subsidiary, Moto Guzzi Corporation, the renowned Italian pioneer of motorcycle design and manufacturing, completed its merger with North Atlantic Acquisition Corporation (NAAC) (NASDAQ:NACQA - news). The company will trade under the symbol GUZI. The deal provides an initial $8.9 million in cash equity and the possibility of up to $15 million more from the exercise of warrants. For Moto Guzzi this transaction represents a major step in the growth of the company.
The company plans to implement far-ranging programs to update production processes, to develop new products, and to expand sales. Moto Guzzi plans to invest additional capital on R&D, focusing on quality and design.
Founded over 77 years ago, Moto Guzzi is one of the world's oldest designers and manufacturers of motorcycles. ''The Moto Guzzi name means more than just motorcycles,'' said Moto Guzzi's Executive Chairman, Mark Hauser. ''Moto Guzzi is style. True to its Italian heritage, it represents a rich history and culture. We are returning Moto Guzzi to its rightful place as the cycle enthusiast's preferred choice by combining technological innovation and the tradition of our distinguished past,'' he added.
''We look forward to being part of the Moto Guzzi organization and look forward to being part of the growth of the corporation and brand,'' said David Mitchell, former Chairman of NAAC and now a director of Moto Guzzi. ''This merger will allow us to build on the company's history with solid expertise and financial backing.''
Already known for luxury and performance bikes in several categories, Moto Guzzi will focus more extensively on the heavyweight bike category. Heavyweights make up a $5 billion annual market worldwide and are the fastest growing segment in the market with global sales up approximately 20% over the past year. Current Moto Guzzi models include the California, Nevada Club, V10 Centauro, and 1100 Sport Corsa. New models available in 1999 include the California Stripper and the V11 Sport. Some projects on the longer-term horizon include a new generation for the California family and a new line of 750cc's with a new engine and chassis.
About Moto Guzzi
Moto Guzzi is one of the oldest, most storied motorcycle manufacturers in the world. Headquartered in Mandello del Lario, Italy, the company produces several models of heavyweight and high-performance motorcycles. With unit sales of about 5700 in 1998, Moto Guzzi sells its products through a network of over 750 wholly and partially owned importers and independent dealers worldwide. In addition to motorcycles for the general consumer, Moto Guzzi also manufactures models targeted at government agencies, national and local police forces and highway patrols.
The information in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those contemplated by the forward-looking statements.
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Contact:
Company Contact:
Moto Guzzi Corporation
Mark Hauser, Executive Chairman
212/644-4441
or
Press/Investor Relations:
Ruder Finn
Hillary Kessler
212/583-2745
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More Quotes
and News: North Atlantic Acquisition Corp (Nasdaq:NACQA - news)
Trident Rowan Group Inc (Nasdaq:TRGI - news)
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