Monday December 14, 5:33 pm Eastern Time
Company Press Release
Arete Industries Inc. Responds to
Article Reporting on Aggression
Sports Subsidiary
BOULDER, Colo.--(BUSINESS WIRE)--Dec. 14, 1998--Arete Industries Inc.
(OTC:AREE - news) Monday responded to a newspaper article published in the
Rocky Mountain News in its Dec. 12 edition business section titled: ''Lowe Brothers
Return to Extreme-Sports Life; Boulder Company Hires Trio to Design, Consult.''
In this article, Arete President and CEO, Tom Raabe, was erroneously quoted as
saying, ''Aggression Sports should have the capability to become a $200 million to
$300 million business.''
Raabe states that the reference was to the approximate size of the market niche that
Aggression Sports initially intends to address.
To clarify the statement, Raabe cited recent information published by Outdoor
Retailer in its Sourcebook 1999, the 1998 State of the Market, published annually,
indicating that the entire high-end specialty marketplace, including numerous
categories that Aggression Sports will not address is approximately $4.8 billion
annually as of fall 1998 and the size of this market that Aggression Sports will
address is approximately one-half of that figure. Intending to start with backpacks,
load carrying systems and hydration systems; followed by tents, sleeping bags, pads
and bivy sacks, apparel including layering systems, outerwear, and ultimately
backpacking and mountaineering accessories and hardware, Raabe explained that
Aggression's five year target is to achieve $50 million in sales.
Raabe further stated that, ''Otherwise, the Rocky Mountain News article was well
written and researched.''
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