Ride Goes 'FullTilt' Into Wakeboards
PRESTON, Wash., Nov. 11 /PRNewswire/ -_ Ride, Inc. (Nasdaq: RIDE - news) a leading manufacturer and worldwide marketer of snowboards and related products, today announced it has signed a letter of intent to expand into the water sports industry through its proposed merger with US2 Sports Group, Inc., located in Woodinville, Washington. Just three years old, US2 Sports Group has quickly established FullTilt wakeboards as the third largest brand in this high growth sector of the watersports industry.
Bill Van Sickle, founder and president of US2 Sports Group will join Ride and continue to lead the marketing and sales of the FullTilt brand. Manufacturing and administrative functions will be absorbed into Ride's current facilities.
''This combination will enable FullTilt to accelerate its leadership in wakeboard technology and performance,''* said Van Sickle. ''The merger provides US2 Sports Group with a winning advantage for our dealers and customers.* It combines our established brand and experience with Ride's manufacturing know-how and operations expertise.* This partnership takes both companies to a new level.''*
''We are committed to bringing Ride's proven technological innovation and commitment to dealer and customer support to the watersports industry,''* said Bob Hall, Ride's Chief Executive Officer. ''By combining our operational and financial strengths with this strong watersports brand, we are well positioned to take advantage of the growth in this very exciting industry.* This expansion shows Ride's commitment to bring its reputation for superior products and the benefits of its operational resources to contemporary sports enthusiasts year round.''*
The purchase price is comprised of approximately $1.7 million in Ride, Inc. common stock and is expected to be accounted for as a pooling of interests.
Established in 1992, Ride is headquartered at the foothills of the Cascade Mountains, in Preston, Washington. As a leading manufacturer of snowboard equipment and apparel under the brand names: Ride, Liquid, 5150, Preston, Device, Cappel, Smiley Hats and SMP Clothing, Ride, Inc. has set the standard for the highest quality performance and function in snowboard design.
* Denotes a forward looking statement. To the extent this press release discusses financial projections, information of expectations about the Company's products or markets, otherwise makes statements about the future, such statements are forward looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. Factors which could cause future performance to vary from current expectations include, but are not limited to, order cancellation, changes in the competitive environment, industry and product concentrations, dependence on third-party supply and selling efforts and other risks outlined in the Company's Forms 10-K and 10-Q as filed with the Securities and Exchange Commission.
SOURCE: Ride, Inc. |
