Dussault signs LoI to buy Canadian Dayton Boots

11 Mar '08

2 min read

Dussault Apparel Inc announced that it has signed a nonbinding Letter of Intent to acquire Vancouver's legendary Dayton Boots Enterprises Inc.

Dayton began business in 1946 and is one of Canada's best known and best loved quality footwear and boot brands. Its products are sold primarily through retailers across Canada and recently began distribution in Scandinavia.

The Company has been led since February 2007 by Chief Executive Officer Stephen Encarnacao, former Marketing Chief at Reebok International and Chief Operating Officer of Puma USA.

Upon closing of the proposed acquisition, the agreement calls for the issuance of 3 million shares of Dussault Apparel? in exchange for the purchase of all the assets and undertaking of Dayton Boots Enterprises Inc.

The LOI filed with the SEC provides that the definitive agreement shall state the closing is to occur on or before April 30, 2008. The LOI is subject to due diligence procedures on the business and affairs of Dayton Boots Enterprises Inc including review of its financial statements with the stated intention that the Company and Dayton Boots Enterprises, Inc. will enter into a definitive agreement on or before April 30, 2008.

Jason Dussault, Chairman and Chief Creative Officer, comments, "We have looked at several situations to potentially increase shareholder value and we feel the acquisition of Dayton provides the best prospect of fulfilling that goal. The decision to acquire Dayton was generated from Dussault Apparel's desire to place itself as a complete lifestyle brand."

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