CONVERSE SIGNS DEFINITIVE AGREEMENT TO ACQUIRE APEX ONE.NORTH READING, Mass.--(BUSINESS WIRE)--May 9, 1995--Converse Inc. (NYSE NYSE See: New York Stock Exchange :CVE (Common Vulnerabilities and Exposures) A list of information security exposures and vulnerabilities sponsored by US-CERT and maintained by the MITRE Corporation. ) today announced it has signed a definitive agreement to acquire Apex One, Inc., a leading designer and marketer of quality activewear, outerwear, headwear head·wear n. A hat or other covering for the head. , accessories and printables under licenses with major North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. professional sports The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. teams and leagues, colleges and universities. In each of these categories, Apex offers both authentic and official licensed and branded products. This acquisition provides Converse with a complementary product line and entry into the licensed sports apparel sector. The acquisition, which is subject to certain conditions, is expected to be completed in May 1995. In connection with this transaction, Converse will issue $11 million of subordinated notes to Apex investors and 1.75 million warrants for five years to purchase shares of Converse Inc. stock at an exercise price of $11.40. In addition, Converse will assume approximately $20 million of existing Apex bank debt related to their working capital. For the fiscal year ended December, 1994 Apex generated revenues of approximately $100 million. Commenting on the acquisition, Gib Ford, Chairman and Chief Executive Officer of Converse, stated, "The Apex brand represents a high quality, innovative product line and fits extremely well with the Converse brand of performance athletic shoes. Apex also holds important licenses for apparel bearing the names, logos and insignia of sports teams and leagues under licenses granted by the National Football League (NFL NFL abbr. National Football League NFL (US) n abbr (= National Football League) → Fußball-Nationalliga ), the United States Olympic Committee “USOC” redirects here. For USOC in telephony, see registered jack. The United States Olympic Committee (USOC) is a non-profit organization that serves as the National Olympic Committee (NOC) for the United States and coordinates the relationship between the and numerous colleges and universities in North America Universities in North America have an extensive history of being some of the leading educational institutions in the world. North American universities were originally modelled after universities in Europe but have developed different systems of their own. , which will continue under our operation." "The addition of licensed apparel will complement the existing Converse athletic and athleisure footwear categories. This expanded product offering will also generate opportunities to enhance the Converse retail distribution network. The Apex acquisition is expected to contribute to earnings in fiscal 1996," Mr. Ford added. "We look forward to working with the Apex team as we integrate the Apex brand into Converse operations and focus on the further expansion of worldwide footwear and apparel markets," Mr. Ford concluded. Converse Inc., the largest U.S. manufacturer of athletic shoes, is a leading designer, manufacturer and marketer of high quality athletic and leisure footwear and is a licensor of sports apparel and accessories that are distributed worldwide through over 9,000 athletic specialty, sporting goods, department and shoe stores. CONTACT: Converse Inc. Investor Contact: Donald J. Camacho, 508/664-1100 or Morgen-Walke Associates Robert Jones/Christine DiSanto, 212/850-5600 or Media Contact: Jennifer Murray, 508/664-1100 or Morgen-Walke Associates Stacy Berns, 212/850-5675 |
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