LOS ALAMITOS, Calif.–Jan. 26, 1999–Pacific International Enterprises Inc. (OTC BB:PCIE) and Wake Technology Inc. on Jan. 12, 1999, signed an acquisition agreement where PCIE acquired the assets of Durham Molding Corp.’s (DMC) Wake Technology Wakeboards and Rift Snowboards.
This asset acquisition will be operated as a Division of “The France Group.”
The assets acquired include all tooling, dies, molds, inventories of finished product, product parts and raw materials, bank and cash balances, intellectual properties including all patents and trade, brand or business names, product specifications, research & development, all customer orders on hand and works in process.
Company history: Durham Molding was founded as Wake Technology Inc. in 1992 to design, manufacture and market wakeboards, the first wakeboard-only manufacturer. The company grew to become one of the largest manufacturers of wakeboards and bindings in the world. Wake Tech, always recognized as an industry leader in technology, developed the first twin tip (symmetrical) wakeboard that revolutionized the wakeboard industry. The technology allowed a dramatic improvement in riding capabilities compared with the “mini surfboards with bindings” that preceeded the twin tip design. Wake Tech builds a complete line of boards and bindings, including pro models for former world champion Scott Byerly.
Wake Tech (DMC) also manufactures high performance snowboards under the brand name Rift and a line of unique compression molded skateboard decks that are significantly lighter and stronger than traditional decks. The products were sold through approximately 300 specialty retail sporting goods dealers and chains and in 30 foreign countries through 25 distributors.
Jim Fraser, general manager of The France Group, will be responsible for all the divisional operations and the overall marketing of Wake Tech and Rift product brand names and original equipment manufacturing (OEM) business.
Binks Graval, chairman and chief executive officer of PCIE, stated, “Wake Tech is a dominant player in the rapidly growing wakeboard market. They are the No. 1 selling brand in Japan and the No. 3 selling brand in the U.S.
“Now we have offsetting seasonal product lines to manufacture for OEM customers and for our own brands which will allow us to run the factory year round. Now we can offer more full time employment, more job security and more overall stability to our employees and the local economy.
“In the long run, our customers will also benefit from the overall stabilization of experienced management and production personnel. Before the acquisition, France Sports had 14 presses to manufacture its boards. With Wake Tech and its pooled resources, we now have 21 presses that will dramatically increase our daily production capacity. We have close to $1 million in wakeboard orders to fill immediately and we are already taking order to build snowboards and it’s only our second day on the job.”
The France Group, a division of Pacific International Enterprises, develops and manufactures sports-related products for rapidly growing markets, including snowboarding, wakeboarding, mini-skiing and skateboarding. The France Group brand names are a leader in their category by providing superior levels of performance and quality.
For the most recent publicity release, reference Jan. 20, 1999, Pacific International Enterprises Inc. (OTC BB:PCIE) and France Sports Mfg., on Jan. 14, 1999, signed an acquisition agreement where PCIE acquired the assets of France Sports Mfg. LLC and the assets of Twenty/Four Seven LLC. These asset acquisitions will be operated as “The France Group.”
Forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the companny’s products, increased levels of competition for the company, and dependence on third party suppliers.