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| 01-Aug-2001 |
American Boardsports Completes Merger With OneClass Synergy Corporation |
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SAN DIEGO--(BUSINESS WIRE)--Aug. 1, 2001--The merger between American Boardsports Company, Inc. (ABCI) and OneClass Synergy Corporation, a Delaware corporation (OTCBB:ONCL - news) officially closed effective July 24, 2001. OneClass Synergy is now required to undertake a 50 to 1 reverse stock split of all issued and outstanding shares. The reverse will take effect on approximately August 11, 2001. OneClass Synergy Corporation will also change its name to ABCI Holdings, a Delaware Corporation.
The stock ticker for OneClass Synergy's shares will change because of the reverse split and the name change to ABCI Holdings, Inc. The new stock ticker symbol will be used after the reverse is effected on or about August 11, 2001. The new symbol will be assigned by the CUSIP Service Bureau, the actual letters of which will not be available until August 11, 2001. Current shareholders of ABCI stock will be contacted after the reverse split is effective by the company's exchange agent, U.S. Stock Transfer Corporation, about how to exchange their shares 1 for 1 for the new ABCI Holdings, Inc. stock. These newly issued shares will be restricted from trading on the public market until they are registered with the SEC. Registration is expected later this calendar year.
Effective with the close of the merger a new management team assumed control of the Company's operations. The team is led by Joseph La Torre. As CEO, La Torre will immediately deploy an enterprise software plan to optimize the manufacturing processes and internal communication as well as oversee financial growth and expansion. Floyd Ryan, founder of 4117 Investments - ABCI's Canadian design and manufacturing facility, will run the day-to-day operations of the Company and manage the factory in Vancouver. Thomas N. Carter, one of the founders of ABCI, will continue on as Chairman to develop new business opportunities, strategic alliances, and implement mergers and acquisitions. Robert T. Kirk, an investment banker, will serve on the board of directors as corporate finance advisor.
"Each member of the new team has a proven track record in both the action sports industry as well as in state-of-the-art manufacturing and design technology,'' said Joseph La Torre, Chief Executive of American Boardsports. "The new team has also been successful in working with growth companies, with expertise in IPO's, secondary offerings, venture capital, as well as mergers and acquisitions.''
Joseph La Torre has a broad range of expertise in business management in retail, defense and action sports. He began his career as an attorney and is currently licensed to practice law in California. As an attorney, La Torre represented clients in complex business transactions including reorganizations, liquidations, and mergers and acquisitions. La Torre was CEO of LOK-Fast, Inc., a manufacturer of tools used to install aerospace fasteners for military and commercial aircraft. La Torre patented several innovative tooling systems that were incorporated into the European Airbus consortium. In the early 1990's, La Torre diversified the company into manufacturing components for the mountain bike industry and patented one of the first innovative "straight pull'' hub designs which has become the industry standard in high-end mountain bikes.
Floyd Ryan is the principal founder of R.E. International and Revelation (rev) Snowboards, one of the premiere action sports distributors in Canada. In 1992, Ryan co-founded 4117 Investments Ltd. and grew the company into a 15,000 square foot high-performance snowboard and wakeboard production facility. Ryan has extensive knowledge of the action sports industry and the manufacturing processes of boardsports products. Ryan was directly involved in the research and development of the patented "Freedom Groove'' binding mount technology, an innovative system that allows the board rider infinite binding positioning to achieve the desired stance for both snowboards and wakeboards.
Thomas Carter has over twenty years of experience in the action sports and multimedia technology industries. An avid surf and skateboarder, he pioneered the first neutrally buoyant wakeboard and founded Thruster Wakeboards in 1988. Carter has licensed products with companies such as Yahoo, Dreamworks SKG, Sega, Hang Ten and Nokia. In 1996, Carter founded Netrom Inc. a multimedia, software development firm and published the first action sports CD ROM periodical and Internet CD ROM magazine called "Digital Action''.
Carter was one of the founders of ABCI in 1993. As Chairman, Carter will work to direct sales and marketing and financial programs to provide revenue for new and continuing operations in order to maximize return on investment and increase productivity and profitability.
Robert T. Kirk was the original investment banker managing the public offering of Ride Snowboards in 1995. From 1987 until 2001 Kirk was President and Chairman of investment banking for a national US brokerage firm. His firm directly managed the capital formation for companies that raised over $300 million. During his tenure, the company completed approximately 40 initial public offerings, and over sixty private placements. Kirk is currently an international advisor to public and private companies in the US, China and Hong Kong.
About American Boardsports Company
Founded in 1993, American Boardsports Company, Inc. (ABCI) designs and manufactures branded consumer products for the rapidly growing outdoor extreme sports sector. Products include snowboards, wakeboards, skateboards along with related accessories and apparel. ABCI has manufacturing facilities in Vancouver, B.C. and is known for innovation and technology in action sports products. ABCI's brand names include "Thruster(TM)'' wakeboards, "Revelation(TM)'' snowboards, "Rev(TM)'' snowboards, ``Human(TM)'' skateboards, "Republic(TM)'' skateboards, "Competition Brand(TM)'' and the "Freedom Grove(TM).''
Currently patented in Canada, the Company's proprietary "Freedom Groove'' technology is an innovative binding system that allows infinite positioning to achieve the desired stance for both snowboards and wakeboards. The company has marketed and developed its brands over eight years and now plans an aggressive sales and acquisition strategy to build market share. The action sports lifestyle appeals to the generation "X'', "Y'' and "I'' consumers, which are demographic groups between the ages of 8 to 35. More information is available at the company Web site http://www.americanboards.com.
Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. In addition to the factors discussed in the filings with the Securities and Exchange Commission, among the other factors that could cause actual results to differ materially are the following: adverse changes in the business conditions and the general economy; competitive factors, such as rival companies' pricing and marketing efforts; availability of third-party material products at reasonable prices; the financial condition of the customer; risks of obsolescence due to shifts in market demand; and litigation involving product liabilities and consumer issues. American Boardsports cautions readers not to place undue reliance upon any such forward looking statements, which speak only as of the date made. ABCI expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.
Contact:
American Boardsports Company, Inc.
San Diego
Thomas Carter
760/730-3828
www.americanboards.com
or
Investor Relations Services, Inc.
Tony Dick
386/409-0200
mailto: info@invrel.net |
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