NEWPORT BEACH, Calif.–Dec. 7, 2000–NewBridge Capital Inc. (OTCBB:NBRG) (“NewBridge”) Thursday announced that it completed its purchase of assets from Annex Distribution (“Annex”), the distributor of Random Snowboards.
NewBridge created a wholly owned subsidiary, Annex Distribution Inc., a California corporation, in connection with the acquisition.
With this acquisition, NewBridge is on its way with its plan to consolidate companies in the action sports product market, including skateboarding, surfing and snowboarding. Annex Distribution will continue to market Random Snowboards and related apparel through specialty shops in the United States and 10 foreign countries.
Annex Distribution will continue to sponsor a professional snowboard team, as well as managing a youth membership program. Annex’s current management team and members of its pro team joined the newly formed NewBridge subsidiary in connection with the acquisition. As consideration, NewBridge issued shares of its common stock and assumed approximately $94,000 in liabilities of Annex.
Back in October, NewBridge closed its acquisition of SkateSurfSnow.com. Now, NewBridge owns the distributor of Random Snowboards and SkateSurfSnow Inc. which operates an e-commerce Web site and a retail store in Huntington Beach, Calif., serving the fast growing skateboard, surfing and snowboarding markets. SkateSurfSnow.com sells core action sports products, the latest hard and soft goods, apparel and accessories.
NewBridge’s plan of operation includes identifying operating companies and real property for acquisition. This business plan focuses on making acquisitions of or investments in what management considers businesses that present the greatest opportunities for growth and increased shareholder value.
NewBridge will seek to expand these businesses and provide financial and management services to such businesses.