HYDE ATHLETIC INDUSTRIES, INC.
13 Centennial Drive
Peabody, MA 01960Contact(s): John H. Fisher Phone: (978) 532-9000
President and CEO Fax: (978) 532-4956HYDE ANNOUNCES ASSET PURCHASE OF MERLIN METALWORKS
Peabody, Massachusetts, February 17, 1998 -- Merlin Metalworks (Merlin), a world leader in high performance titanium bicycles, has become the newest member of the high performance brands of Hyde Athletic Industries, Inc., through a sale of its assets to Hyde (NASDAQ: HYDEA and HYDEB). The Merlin business complements Hyde’s Quintana Roo triathlon bike and wetsuit subsidiary acquired in 1996. The Merlin acquisition is a key step in Hyde’s building a bicycle division committed to providing dealers a choice of superior niche brands in both products and service.
Merlin, based in Cambridge, Massachusetts, is a manufacturer of titanium road, mountain, triathlon and cyclecross frames. Founded in 1986 by Gwyndaf Jones, who will join Hyde’s new bicycle division, Merlin quickly rose to become the leader in ultra-lightweight, high performance bikes and is recognized worldwide for its dedication to excellence throughout its product line.
Dan Empfield, President of Merlin/Quintana Roo, Hyde’s bike division, stated, "This acquisition will not alter Merlin’s attention to detail, cultural identity or commitment to excellence and benchmark of quality; rather, we believe that it will extend the platform by which qualified bicycle dealers can profitably sell top-branded bikes. Merlin’s General Manager, Federico Larco, will continue to operate the brand as a separate and distinct business, benefiting from Hyde’s financial and marketing strength. We expect that Merlin will also be able to benefit from a structured long-term strategy of customer and consumer friendly marketing, advertising and promotion."
Hyde’s Chairman and President, John H. Fisher concluded, "We believe that this acquisition will expand and deepen our strategy of providing top-quality brands to recreational, competitive and endurance athletes. These customers are the heart of our business and we will continue to be guided by their sport requirements."
Hyde Athletic Industries, Inc. designs, develops, manufactures and markets a broad line of performance oriented athletic footwear products for adults under the Saucony and Spot-bilt brand names. The Company’s Saucony products include running, walking, cross-training and outdoor trail shoes. The Company’s Spot-bilt products include footwear for coaches and officials. The Company’s Quintana Roo products include triathlon bicycles, mountain bicycles, road bicycles and triathlon wetsuits. The Company’s textile products are marketed under the Saucony®, Dave Scott® and Hind® brand names.
This press release contains forward-looking statements that involve a number of risks and uncertainties. For this purpose, any statement contained herein that is not a statement of historical fact may be deemed to be a forward-looking statement. Without limiting the foregoing, the words "believes," "expects," "will" and similar expressions are intended to identify forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in Hyde’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended January 3, 1997 under the caption "Management’s Discussion and Analysis of Financial Condition and Results of Operations -- Certain Factors That May Affect Future Results," which "Certain Factors" are incorporated herein by this reference.
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