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To: TopCat who wrote (209)	5/30/1998 11:13:00 PM
From: Pugs	Respond to of 277

Niwot was in negotiations with Jinwoong at the time the release was out ...lets see what the upcoming PR discloses about this as well as the bigger aquistions. Pugs

To: TopCat who wrote (209)	5/30/1998 11:19:00 PM
From: Pugs	Read Replies (1) \| Respond to of 277

This may help a little, but is still a few months old, <<<<<< Jinwong Partners Quest with Niwot Sports To Form Q Outdoors Following a number of unsuccessful attempts to sell the Quest license to recoup money lost as a result of the Chapter 7 filing by Moonstone Inc. (also known as Moonstone/Quest), Jinwoong opted to partner with Niwot Sports to form a new company, Q Outdoors, to market and expand the Quest product line. Niwot presently owns JRat, Bolder Designs and Mountain Mend warranty repair service; and Kevin Furnary is its president. "We will not receive any cash up front," says Jim McKelvey, senior vice president and CFO for Jinwoong, "but will instead be part owners in the new company and have certain rights each year to either take money out of the business or reinvest it into the company in exchange for an increased stock position. "It was very important to Jinwoong that we see the continuation of the Quest name and product line in the marketplace, and with the arrangement with Kevin Furnary and Niwot, that will happen," adds McKelvey. "If this works as well as we hope it will, there will be an IPO down the road for us and an increase in our stock and investment." Quest product is already on its way to the United States with Jinwoong gearing up to provide stock for retailers by January 15 for spring '98 orders. A second spring shipment is planned for the end of March shop delivery. Q Outdoors will be run by an owner-management team including Furnary as president, Tom Balkum (who also sits on the board of Niwot) as COO, John Andico (formerly national sales manager for Quest) as executive vice president of sales, Mary Hennsingsen (formerly operations manager for Quest) as operations manager, and Dave Whaley as controller. A CFO will be selected from a list that was being prepared by the management team as we went to press. Other former Quest/Moonstone reps and employees returning are Ted Fortuna, Peter Werbel and Jesse Guthrie. Furnary reports that they are moving the brand headquarters to Boulder, Colo., where they will market and expand all the Niwot trademarks under one roof. "An eventual merger of my company [Niwot] into Q Outdoors will occur, so all trademarks will be under the Q Outdoors label," says Furnary. While McKelvey acknowledged that merging the trademarks is a goal down the road, he stated firmly that any decision along those lines was up to the board and a step that was in the future. The board of directors that will be advising and overseeing the operations of Q Outdoors include: Furnary, McKelvey, Andico, Dick Holcombe, Ken Kurica, Wally Berg, TP Lee and Scott Reeves. "With the joining of the Jinwoong resources and Niwot Sports' innovative technologies, Q Outdoors will have a dynamic range of packs, tents, sleeping systems, hardgoods, technical apparel and accessories to serve all levels of retail distribution," says Furnary. "Our company will have the unique position of working like an independent that can effectively innovate for specialty retailers to help them stay in front of the competition, while having the resources and prices to competitively market to the big houses," adds Furnary. -- Michael Hodgson <<<<<<