Gatorz Inc. Purchases XRyderz and No Fear Retail Chains
(firmenpresse) - SAN DIEGO, CALIFORNIA -- (Marketwired) -- 04/10/13 -- Gatorz Inc. (TSX VENTURE: GTZ) ("Gatorz" or the "Company") today announced that it has entered into an agreement dated April 4, 2013 to purchase of 98% all of the outstanding shares of Ryderz Compound, Inc. ("Ryderz"). Ryderz currently operates a chain of 34 retail stores in the United States under the XRyderz or No Fear store banners.
Gatorz purchased Ryderz on the following terms:
About Ryderz
Ryderz is a private company with its headquarters at 1905 Aston Avenue, Carlsbad, California. Under the brands XRyderz and No Fear, Ryderz is a retailer of action sports and casual youth lifestyle apparel and accessories targeting young adults and teens. Ryderz sells a broad range of apparel and accessories, including t-shirts, jackets, sweatshirts, jeans, walk shorts, board shorts, eyewear, bags and watches, complemented by a selection of motocross, scooter and BMX accessories, toys and gifts. Ryderz licenses the Fearless brand for sale in their retail stores and on the web. The Company also sells apparel and accessories consistent with its lifestyle focus from leading third party vendors including Oradd, Fox, Famous, Fatal, Spy Optic, Oakley and Gatorz. The primary customers are young males, with the men's category accounting for 70% of sales in fiscal 2012 while women's and youth make up 15% and 5% of sales, respectively. As of January 31, 2013, Ryderz operated 34 retail stores in five states, including California, Nevada, Arizona, Oregon and Hawaii. Additionally, the Company operates an e-commerce platform under the brand name XRyderz. Ryderz had revenues in fiscal 2012 of $19 million, with assets of $3.9 million and liabilities of $6.3 million.
Available Significant Financial Information on Ryderz
The following present selected financial statement information on the financial condition and results of operations for Ryderz. Such information is derived from the financial statements, containing a review engagement report, of Ryderz for the six and a half month period ending from date of incorporation to January 31, 2012 and the internal management prepared financial statements for the year ended January 31, 2013.
During the due diligence process and based on discussions with Ryderz management, more than $1.2 million in one-time non-recurring costs were identified and included in the net income for the period ended January 31, 2013.
Concurrent Financing
Gatorz also today announced that it has received a loan from Kloiber Holdings, LLC ("Kloiber") pursuant to which Kloiber has agreed to loan to Gatorz US$1.5 million which loan shall bear interest at a rate of 12% per annum and shall be repayable in full, together with all accrued interest, in three years.
Gatorz intends to use the proceeds of this loan to re-brand additional stores to the XRyderz brand, open new stores and for general working capital purposes.
Mike DiAnna, President & Chairman of the Board of Gatorz stated: The acquisition of Ryderz Compound represents the next step in our strategic plan to build a leading action sports retail business footprint in the United States and strengthen our foundation for future brand development globally. With the combined organization culture and operating philosophies, this gives us great confidence we can successfully leverage our expertise to selectively expand a broad offering of authentic brands and products in a gratifying retail experience, while offering superior customer service.
"Ryderz Compound is well positioned in several important states in the West. This acquisition provides the Company with an immediate presence and market share in a key region of the United States," said Robert Reynolds, CEO of Gatorz. "Ryderz has done a terrific job in servicing the Action Sports market and we look to continue on expounding on the existing offering and growing our retail presence in other key regions."
About Gatorz
Gatorz () designs, develops, manufactures, and distributes performance eyewear crafted from 7075 billet aircraft aluminum, along with a premium injection-molded Italian frame line. Gatorz precision-built aluminum eyewear is proudly made in the USA, offering superior craftsmanship, performance and durability. Gatorz proprietary technologies include the ability to customize the frame to the wearer's specific facial features. In addition, the Company's lens technology, TruRay Optics, offers a comprehensive assortment of ballistic impact lenses which are 100% UVA/UVB-blocking, optically correct and distortion-free. Gatorz's distribution markets include, motorsports, skydiving, military, motorcycle enthusiast, hunting & fishing, action sports, and youth lifestyle markets.
About Ryderz
Ryderz owns and operates 34 retail stores and an e-commerce platform selling to the action sports community. Ryderz purchased 34 No Fear retails stores at auction in July 2011 and have been converting the stores to our new brand XRyderz. The stores sell apparel, accessories and shoes to the action sports community with a moto heritage but including skate, bmx and street brands and consumers.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Gatorz Inc. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Gatorz Inc.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Investor Relations Inquiries: Gatorz Inc.
Mike Dianna
Chairman of the Board of Directors
(800) 767-4287
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 10.04.2013 - 13:08 Uhr
Sprache: Deutsch
News-ID 1215270
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
SAN DIEGO, CALIFORNIA
Phone:
Kategorie:
Fashion
Anmerkungen:
Diese Pressemitteilung wurde bisher 123 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Gatorz Inc. Purchases XRyderz and No Fear Retail Chains
"
steht unter der journalistisch-redaktionellen Verantwortung von
Gatorz Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
