Sport-Haley acquires all Assets of Fantasi

26 Jun '10

3 min read

Sport-Haley, Inc., a leading developer, manufacturer and distributor of distinctive golf and lifestyle apparel, announced the successful completion of the acquisition of all of the assets of Fantasi International, Inc., a Florida corporation, doing business as Bette & Court Golf. Among the assets conveyed to Sport Haley in the transaction, via an assignment for the benefit of creditors in a Florida state court proceeding, were the Bette & Court and Swing trademarks and other related marks and/or trade names. Bette & Court and Swing are established women's golf and active lifestyle apparel brands. The Company expects to continue marketing the Bette & Court and Swing brands independently from its SPORT HALEY women's fashion golf apparel brand. The Bill of Sale, which was signed on June 17, 2010, was effective June 4, 2010. Pursuant to a purchase agreement entered into between the parties, Sport Haley paid $410,000 for the assets of Fantasi and did not assume any of Fantasi's liabilities. The asset purchase transaction was unanimously approved by the Company's Board of Directors.

Samuel A. Kidston, the Company's Chairman of the Board, said, "The combination of our SPORT HALEY and Ben Hogan brands with the Bette & Court and Swing brands strategically positions the Company for significant future growth. Importantly, we believe this acquisition will prove to be a catalyst for greater visibility and profitability for investors, and it fits within the steps we are undertaking to restructure the Company."

Catherine B. Blair, the Company's President & Creative Director, commented, "Bette & Court and Swing are brands with a loyal following in women's golf apparel. We are very excited for the opportunity to be able to combine the strengths we have developed within golf apparel markets over the last several years with such well-recognized women's apparel brands. We believe that the synergies of jointly managing diverse women's brands while separately marketing them will grow sales and help return the Company to sustained profitability."

The Company also announced that the following five directors were re-elected at the annual meeting of shareholders to serve for the following year: Samuel A. Kidston, James R. TenBrook, Erik W. Thoresen, Lloyd M. Sems, and Mark J. Stevenson. The annual meeting of shareholders commenced on June 15, 2010, and was adjourned until and completed on June 18, 2010. In addition, the shareholders ratified the Company's appointment of Eide Bailly LLP to serve as its independent auditors for the 2010 fiscal year.

Organized in 1991, Sport-Haley, Inc. is a leading golf apparel company which designs, purchases, contracts for the manufacture of, and markets women's and men's fashion apparel and outerwear under the SPORT HALEY and Ben Hogan labels. The SPORT HALEY and Ben Hogan fashion golf apparel collections, known for their innovative designs, quality fabrics, generous fits and classic styles, are primarily marketed in the premium and mid-priced markets through a network of independent sales representatives to golf professional shops, country clubs and resorts within the United States. Ben Hogan fashion apparel is distributed pursuant to a licensing agreement with Callaway Golf Company.

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