RONE REGAL ONE CORPORATION Inks Letter of Intent to Acquire David Galoob's Lightsport Products, Incorporated
- Link With REGAL ONE Seen as Means to Accelerate Market Penetration and Revenue Growth of Lightsport's Products -
LOS ANGELES, and MOSS BEACH, Calif., May 2 /PRNewswire-FirstCall/ -- REGAL ONE CORPORATION (OTC Bulletin Board: RONE - news) and Lightsport Products, Incorporated announced today that they signed a letter of intent for RONE to acquire all of Lightsport, a privately held company founded by David Galoob, formerly Chairman of NYSE listed Galoob Toys. When it was acquired by Hasbro in 1958, Galoob Toys was one of the largest toy companies in the world.
"We're extremely pleased at the growth opportunity which Lightsport presents to Regal One shareholders," said Dr. Malcolm R. Currie, Chairman and Chief Executive Officer. Dr. Currie, a well respected business leader who was Chairman of Hughes Aircraft and Delco Electronics, noted, "The management of RONE has sought the proper merger candidate for the company for some time and in Lightsport Products, Inc. and its founder, David Galoob, we believe that we have found an excellent fit -- a large and growing market opportunity and a seasoned, successful management that can create substantial value for our shareholders."
"We believe that Lightsport's innovative and proprietary products bring new visual excitement to all the growing markets we intend to serve," said David Galoob. "We're proud to introduce actively illuminated safety garments into the workplace that will reduce injuries and save lives. With our merger into RONE and access to the public markets, we hope to accelerate our market penetration and rapidly increase revenues."
"Lightsport has already inked licensing agreements with world-class companies", Mr. Galoob added, "and we expect to increase our manufacturing capacity to meet the potential demands of a large market."
Lightsport manufactures and markets technologically enhanced apparel that is brightly illuminated and can be attractively animated into both the workplace safety marketplace and the sports and consumer products marketplace. VisionTex, Lightsport's workplace safety division, addresses large, growing markets in the manufacturing, construction and transportation industries, police and fire departments worldwide, and all branches of the military. Consumer Products and Sports Garments are manufactured and marketed in a broad range of illuminated garments presented in bright appealing colors, some with moving pictures, logos, patriotic or whimsical messages, and can be created or reproduced in almost any image for collegiate and professional sports and other consumer apparel markets. These products include team jackets, sweatshirts, hats, vests, tops and other apparel.
The closing of the transaction is contingent on the negotiation and execution of definitive acquisition agreements, completion of due diligence, restructuring of RONE's capital structure, and certain shareholder, regulatory and other conditions. The parties can give no assurance that these conditions will be satisfied or that the transaction will be completed.
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward- looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in REGAL ONE CORPORATION'S Securities and Exchange Commission filings; completion of due diligence, shareholder approval, regulatory approvals and certain other pre- closing conditions for all incomplete merger or acquisition transactions; economic downturns affecting the operations of REGAL ONE CORPORATION or companies proposed for merger or acquisition; the termination of previously announced acquisitions; delays or the inability to obtain regulatory approvals for previously announced acquisitions; the inability to initiate or complete any contemplated restructuring, offering, acquisition, disposition or other transaction; failure to complete the introduction of new products or services; adverse equity market conditions and declines in the value of REGAL ONE CORPORATION common stock; and the unavailability of financing to complete management's plans and objectives. The forward-looking statements contained in this press release speak only as of the date hereof and REGAL ONE CORPORATION disclaims any intent or obligation to update these forward-looking statements.
SOURCE: REGAL ONE CORPORATION |
