September 25, 2002 — Portland, Oregon — Premier Snowskate® and World Industries announce today that they have reached a confidential settlement in a pending patent infringement lawsuit over two patents owned by Premier Snowskate®, covering its popular Snowskate(TM) products. Under the settlement, World Industries will become a licensee of Premier Snowskate®, and will continue to manufacture and sell Snowskate(TM) products throughout the United States. The companies will now work together to promote the rapidly growing sport of snowskating. World Industries joins a select group of Snowskate licensees, which together offer a wide variety of high-quality Snowskate products in the marketplace.

The licensing agreement allows World Industries to design, distribute, and manufacture Snowskates with its own exclusive designs, materials, and graphics. The agreement protects Premier’s patentable Snowskate technology and assures World’s Snowskates will meet Premier’s high-quality standards. Both World Industries and Premier Snowskates are currently available for immediate purchase through their respective sales staff.

“I am happy to be working with World to promote the snowskate category,” says Andy Wolf, founder of Premier. “I feel that their involvement will help the sport grow and expose it to more people. World has a solid name, and with their skate roots, they are a perfect match for the snowskate.”

Premier and its licensees will continue to police patent infringements and seize counterfeiters. A percentage of royalties from all licensing agreements will be used to promote and market the sport of snowskating including, but not limited to, promoting events, Snowskate parks and more.

A Snowskate is slightly wider and longer than a skateboard, is made of plastic with a channeled base for stability and tracking and a foam top sheet for grip. Snowskates combine the design, physics and feeling of skateboarding and snowboarding and are for use on snow-covered hills, Snowskate parks, or even right in the backyard.

Premier, the original snowskate manufacturer, launched in 1998. Premier Snowskates® are currently available in specialty snow/skate shops worldwide and in select mail-order catalogs.