GENERATOR DISTRIBUTION ANNOUNCES INTENT TO SELL TO SILVERZIPPER.COM
January 5, 2000 ¿ Carlsbad, California ¿ Generator Distribution Co. Ltd. (SWAG, PROM, TWIST) Announced today that it has entered into a letter of intend to sell all of its outstanding shares to Silverzipper.com (a New York based company, OTC BB: SZIP).
Generator’s business strategy has been to develop solid branded product within the youth lifestyle market. The three Generator brands SWAG, PROM, TWIST have all developed a unique point of difference and are very well positioned for incremental growth. Future strategies include launching brand extensions into complimentary product categories for each brand. These strategies can be realized much quicker with the partnership of a company like Silverzipper.com.
Generator President and founder Andrew Friesen, stated “Working with Silverzipper.com will enable us to fulfill our aggressive growth plans for each of the three brands. Silverzipper.com’s economy of scale will allow Generator to aggressively market our three brands, continue to deliver incredible consumer value and ensure timely delivery of goods”
Cec Annett, Generator VP, added, ” We are very excited about the potential of working with a company like Silverzipper.com. As we continue to expand the product offering for each of the brands, Silverzipper.com will bring us tremendous experience in sourcing and production”.
Silverzipper.com previously announced its July, 1999 acquisition of Robern Skiwear, Inc. a distributor of snowboard and ski apparel (“Drift” and “Ski Gear”) and anticipates a first quarter closing of Serac Sports, Ltd. a mountain apparel and equipment company. As a “click and mortar” company, silverzipper.com will eliminate channel conflict by offering certain brands exclusively on Company websites at factory direct prices and other brands to traditional retailers with advantageous profit margins built in. The Generator brands will continue to market through these traditional retail channels.
Paul E. Palmeri, Chairman and CEO of silverzipper.com stated; “the acquisition of Generator represents a significant addition to silverzipper.com’s selection of brands and further enhancement of our management team. Andrew Friesen, (Generator’s President) and his team are talented, experienced and relate to our targeted Gen X, Gen Y consumer.”
Generator Distribution Company Ltd., Founded in 1988, is a designer and marketer of highly technical snowboard apparel, streetwear and accessories. “Swag®” was launched as one of the industries first technical snowboard specific apparel and accessory brands. In 1993 Generator introduced “Prom®” as a women’s’ specific apparel and streetwear brand. Generator acquired the “Twist®” brand in 1998 and are currently marketing it as the progressive alternative to entry price point snowboard apparel and boot brands. For more information call 800-900-SWAG or look us up at www.swag.com