Bolle Inc. Retains Financial Advisor to Review Strategic Alternatives and Announces Management Changes.DENVER--(BUSINESS WIRE)--Nov. 15, 1999-- Bolle Inc. (Amex: BLE), one of the world's leading eyewear eye·wear n. 1. Eyeglasses, goggles, or other objects worn over the eyes. 2. Fashionable eyeglasses. brands, today announced that it has engaged Banc of America Securities to advise its Board of Directors on strategic alternatives. Martin E. Franklin, Chairman of Bolle Inc. commented, "While Bolle's operating performance has improved significantly over the last several quarters, our stock price has not reflected these accomplishments. Therefore, we felt it necessary to retain Banc of America Securities to advise the Board on a number of strategic alternatives. We have signed a non-binding letter of intent with a private company who has offered $5.25 per share in cash to acquire Bolle Inc. We anticipate that by the end of the month this will become a definitive agreement, which would be subject to various conditions including financing, or that we will be free to pursue other strategic alternatives at that time. Importantly, management will continue to focus on operating the business and building the Bolle brand worldwide, as we conclude our review of the various options." Additionally, the Company announced that Gary Kiedaisch has tendered his resignation as President and Chief Executive Officer of Bolle Inc., effective November 30th, 1999, to become President and Chief Executive Officer of Bauer Nike Hockey, Inc. Upon Mr. Kiedaisch's departure, the Office of the Chairman will assume all 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. responsibilities on an interim basis, while current senior management will continue to operate the business on a day-to-day basis. Mr. Kiedaisch will continue to serve on Bolle Inc.'s Board of Directors. Mr. Franklin concluded, "During his tenure as Chief Executivm well in his new position." Bolle Inc. (Amex: BLE), is a vertically integrated designer, manufacturer and marketer of Bolle(R) branded eyewear, including Bolle(R) premium sunglasses sunglasses A tinted pair of glasses used to ↓ light arriving at the eye, which are labeled according to the amount of UV light blocked; nonprescription glasses are classified according to use and amount of UV radiation blocked Sunglasses , goggles goggles, n the protective eyewear worn by dental personnel and patients during dental procedures. goggles see periocular leukotrichia. , and tactical and safety eyewear. Bolle is also the exclusive North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. distributor but are not limited to, changes in fashion trends, risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the retail industry, use of contract manufacturing and foreign sourcing, import restrictions, competition, seasonality and other factors. Investors are cautioned that all forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. involve risks and uncertainties, including those risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. |
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