Big Smith Enters Into Agreements With Walls Industries; Marks New Direction for Company in Sportswear, Licensing.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--March 3, 1999--Big Smith Brands Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BSBI BSBI Botanical Society of the British Isles ) announced today it has entered into a series of agreements with Walls Industries, Inc. of Cleburne, Texas Cleburne is a city in Johnson County, Texas, United States. The population was 29,050, as of the 2007 census. It is the county seat of Johnson CountyGR6. Cleburne is named for a Confederate General, Patrick Cleburne. that represents a major change of direction for the company. Big Smith has agreed to sell to Walls its workwear Noun 1. workwear - heavy-duty clothes for manual or physical work apparel, clothes, wearing apparel, dress - clothing in general; "she was refined in her choice of apparel"; "he always bought his clothes at the same store"; "fastidious about his dress" manufacturing machinery, its entire inventory of workwear products and raw materials and grant to Walls a license to manufacture workwear under the Big Smith label. After the transaction is complete, Big Smith will focus entirely on the manufacture and sale of sportswear and global licensing of other products. "This is an exciting period in the long history of Big Smith," said Peter Lebowitz, Big Smith CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We are delighted that Walls Industries will carry on the Big Smith workwear tradition with its high standards of quality and reliability. These agreements will make our business less capital intensive and give us the resources to focus on new sportswear and licensing ventures, which should have a significant impact on profitability." The agreements also provide for Walls to lease Big Smith's facilities in Carthage, Missouri and to sublease sublease n. the lease of all or a portion of premises by a tenant who has leased the premises from the owner. A sublease may be prohibited by the original lease, or require written permission from the owner. Big Smith's leased facility in Miami, Oklahoma. Walls has also agreed to purchase the machinery used to produce workwear. Under the asset purchase agreement, Walls will pay Big Smith a price equal to the appraised value of the machinery and equipment. It will also purchase all outstanding workwear inventory and raw materials at book value. In addition, in consideration for a ten-year non-compete agreement, Walls will pay Big Smith $4.6 million over an eight-year period. The agreements are subject to shareholder approval, and Big Smith expects to hold a shareholders meeting shortly. Big Smith Brands, Inc. is an apparel company engaged since 1916 primarily in the manufacture and sales of quality work and fashion apparel under the brand names Big Smith, Smith Mountain Classics, Big Smith Vintage and Big Smith Kids. |
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