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Microcap & Penny Stocks : AREE - Formerly TVSI -- Ignore unavailable to you. Want to Upgrade?

To: Pugs who wrote (28)	2/6/1998 7:59:00 PM
From: Riley G	Read Replies (3) \| Respond to of 6528

Friday February 6, 7:13 pm Eastern Time Travis Industries Inc. Signs Letter of Intent to Merge with Planet Sports Inc. biz.yahoo.com GOLDEN, Colo.--Feb. 6, 1998--Travis Industries Inc. (OTC: TVSI - news) announced signing a letter of intent to merge with Planet Sports Inc., a Colorado corporation. The final terms of the merger are currently in negotiation pending completion of a definitive agreement. The name of the company will be changed to Planet Sports Inc. at closing. Planet Sports was formed to acquire leading-edge products, technologies and businesses in the rapidly growing extreme and adrenaline sports marketplace and to take advantage of opportunities provided by the current consolidation in the outdoor sports industry. Planet Sports' management team has developed opportunities which are ready to proceed to a definitive agreement and is in confidential negotiations with several other companies in the outdoor industry. Pursuant to the letter of intent, Thomas P. Raabe, chairman and chief executive officer of Planet Sports, will be placed on the board of directors of Travis in anticipation of the merger. Raabe has served as special securities counsel to Travis for the past several years and has been pursuing acquisition opportunities in the outdoor sports industry for the past two years. Steve Cayou, president of Travis, stated that Planet Sports will bring experienced executive management and outdoor industry veterans to the management team of Travis. Cayou further stated that the merger greatly ensures completion of pending acquisitions and will enhance the company's ability to attract substantial candidates with leading-edge, state-of-the-art technology and advanced marketing techniques. Of the initial transactions planned, Planet Sports has reached a preliminary agreement to acquire Next Level(TM) Sportsystems Inc. Next Level(TM) has launched a sportswear and apparel line aimed at youth team sports and young urban apparel. Next Level(TM) expects to achieve over $10 million in sales in 1998 to accounts including J.C. Penney and to department stores and mainstream, big-box sporting goods retailers. Next Level(TM) projects growing to in excess of $60 million by the year 2000. Next Level(TM) has a unique vision to combine high-visibility marketing and community service through the Next Level(TM) Foundation, a non-profit organization formed to fund and administer programs to inspire America's youth to focus on positive, rather than negative, influences. The company intends its brand and products to be identified with these activities and to attract sponsorships and representation by high-visibility athletes and community leaders. Next Level(TM) currently has several high-profile professional sports figures as investors and spokesmen for the product line. The management team of Next Level(TM) currently consists of five individuals who are veterans in the men's and women's apparel industry with over 60 years combined marketing experience and 25 years of corporate development experience with major apparel companies. Richard Holcombe, president and chairman of Next Level(TM), has over 28 years experience in the apparel textile industry, including 20 years with Woolrich Inc., where he served on the board of directors and as senior marketing vice president. Holcombe has also served on senior management of Amerex and Rockport Shoe Co. Holcombe is expected to become a member of the Planet Sports team. Cayou stated that the merger with Planet Sports and the acquisition of Next Level(TM) are the first steps in a series of planned and potential acquisitions designed to build a $100 million+ outdoor sports and apparel company. Contact: Travis Industries Inc., Golden Steve Cayou, 303/271-1200