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SportsClick buys Golden, garment printing leader
11 Aug '08
2 min read
SPORTSCLICK INC is pleased to announce the acquisition of Golden Silk-Screening Co Ltd (Golden), a private Nova Scotia company. Golden is a recognized leader in the print garment industry throughout the Maritimes with established distributors across Canada and the United States.
Golden also holds three valuable product merchandising licenses for Trailer Park Boys, Bluenose II and Floppy Tops.
SportsClick purchased Golden, which has current annual revenues of approximately $1,200,000, for an aggregate purchase price of $350,000 (the "Acquisition"). The purchase price is to be paid by the issuance at closing of an aggregate 625,000 common shares of SportsClick ("Common Shares") at an ascribed price of $0.40 per share and $100,000 in cash.
The Acquisition is arm's length and is subject to regulatory and TSX Venture Exchange approval. The Common Shares to be issued in connection with the proposed acquisition will have a hold period of four months and one day from issuance.
Jack Ross, Sportsclick's CEO, said the Golden acquisition accomplishes a number of important objectives, "To leverage our direct buying relationships with apparel manufacturers we need to find additional markets for their products. In the tourism, school, team and corporate apparel sector the ability to deliver top quality, custom branding is the key to success. Golden brings to SportsClick 30 years of award-winning custom silk-screening and embroidery experience and with more than 5,000 client accounts the crossover sales synergies with our existing operations is significant."
Mr. Ross went on to say "This is a business where customers tend to be repeat buyers. Managing and growing long term customer relationships have been the main focus for Jim Baker and his sales team for over three decades. We are very pleased that Jim will continue to work with us as our Creative and Production Manager."
Jim Baker, Golden's founder and CEO, said "Over the past few years, the nature of our business has changed. Continued success requires reliable access to quality merchandise at highly competitive prices. SportsClick has the merchandise buying power and the financial resources needed to become a dominant player in Canada. I am excited about this opportunity and look forward to working with Jack and his team to make this happen."
Golden's production unit will be consolidated in SportClick's expanded headquarters in Bedford, Nova Scotia which was recently outfitted with state-of-the-art, high-speed custom branding and embroidery equipment.
SportsClick is a leading wholesaler of licensed, authentic sports merchandise & apparel nationwide.
Golden also holds three valuable product merchandising licenses for Trailer Park Boys, Bluenose II and Floppy Tops.
SportsClick purchased Golden, which has current annual revenues of approximately $1,200,000, for an aggregate purchase price of $350,000 (the "Acquisition"). The purchase price is to be paid by the issuance at closing of an aggregate 625,000 common shares of SportsClick ("Common Shares") at an ascribed price of $0.40 per share and $100,000 in cash.
The Acquisition is arm's length and is subject to regulatory and TSX Venture Exchange approval. The Common Shares to be issued in connection with the proposed acquisition will have a hold period of four months and one day from issuance.
Jack Ross, Sportsclick's CEO, said the Golden acquisition accomplishes a number of important objectives, "To leverage our direct buying relationships with apparel manufacturers we need to find additional markets for their products. In the tourism, school, team and corporate apparel sector the ability to deliver top quality, custom branding is the key to success. Golden brings to SportsClick 30 years of award-winning custom silk-screening and embroidery experience and with more than 5,000 client accounts the crossover sales synergies with our existing operations is significant."
Mr. Ross went on to say "This is a business where customers tend to be repeat buyers. Managing and growing long term customer relationships have been the main focus for Jim Baker and his sales team for over three decades. We are very pleased that Jim will continue to work with us as our Creative and Production Manager."
Jim Baker, Golden's founder and CEO, said "Over the past few years, the nature of our business has changed. Continued success requires reliable access to quality merchandise at highly competitive prices. SportsClick has the merchandise buying power and the financial resources needed to become a dominant player in Canada. I am excited about this opportunity and look forward to working with Jack and his team to make this happen."
Golden's production unit will be consolidated in SportClick's expanded headquarters in Bedford, Nova Scotia which was recently outfitted with state-of-the-art, high-speed custom branding and embroidery equipment.
SportsClick is a leading wholesaler of licensed, authentic sports merchandise & apparel nationwide.
SportsClick Inc
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