· Expected Launch of New Technical Outerwear Line in 2008
· Significant Growth
CARLSBAD, CA,– Ashworth, Inc. (NASDAQ: ASHW), a leading designer of golf-inspired
lifestyle sportswear, today announced the acquisition of the Sun Ice® and Sunice® trademarks from Fletcher Leisure Group Inc.
(“FLG”). The Company expects to launch a
new golf-related technical outerwear line during 2008 under this brand in the
Ashworth established a wholly-owned subsidiary, Sunice Holdings, Inc., which will own the Sun Ice and Sunice trademarks and be entirely focused on the new
technical outerwear line. The product
line will be concurrently marketed by the Company’s existing sales and
marketing team dedicated to Ashworth®-branded apparel. FLG will provide design services for Sunice Holdings, Inc. and facilitate sourcing relationships
for the new outerwear line.
The purchase price for the trademarks consists
primarily of participation in the future EBITDA of Sunice
Holdings, Inc.
Edward J. Fadel,
President of Ashworth, Inc. who will oversee all operational aspects of Sunice Holdings, Inc., commented on the acquisition, “The
recognized strength of the Sun Ice brand in technical outwear complements our
existing strength in Ashworth golf-inspired apparel, offering significant
cross-selling opportunities and anticipated penetration of new accounts for
both brands. The Sun Ice line should
also leverage Ashworth’s existing sales and distribution infrastructure by enabling
the concurrent marketing of two high quality, complementary product lines and
expanding our overall base of sales.”
Allan H. Fletcher, Chief Executive Officer of
Ashworth, Inc., commented “The relationships and outerwear expertise acquired
in this transaction will also promote improvements to the Callaway Golf apparel
outerwear product line and further strengthen the Company’s position in the
golf market.”
Ashworth, Inc. (NASDAQ:
ASHW) is a leading designer of men’s and women’s golf-inspired lifestyle
sportswear distributed domestically and internationally in golf pro shops,
resorts, upscale department and specialty stores and to corporate customers.
Ashworth’s three market-leading brands include: Ashworth Collection ™, a range
of upscale sportswear designed to be worn on and off course; Ashworth Authentics ™, which showcases popular items from the
Ashworth line; and Ashworth Weather Systems®, a technical performance line.
Ashworth is also an Official Apparel Licensee of Callaway Golf Company.
Ashworth is also a
leading designer, producer and distributor of headwear and apparel under The
Game® and Kudzu® brands. The Game is a leading headwear brand to collegiate
bookstores and Kudzu products are sold into the NASCAR/racing markets and
through outdoors sports distribution channels, including fishing and hunting.
Ashworth is also the exclusive on-site event merchandiser for the Kentucky
Derby.
For
more information, please visit the Company’s Web site at www.ashworthinc.com., Allan
H. Fletcher, CEO, Edward J. Fadel, President, Greg W.
Slack, CFO, (760) 929-6100