Collegiate Pacific Completes New Acquisition.Business Editors DALLAS--(BUSINESS WIRE)--Sept. 28, 2000 Collegiate col·le·giate adj. 1. Of, relating to, or held to resemble a college. 2. Of, for, or typical of college students. 3. Of or relating to a collegiate church. Pacific (AMEX AMEX See: American Stock Exchange :BOO) today announced that it has acquired for cash the assets of Funnets Inc of Hartford, Conn. As part of the transaction, Collegiate reacquired 6,600 shares of its common stock that had been originally issued to Funnets as part of a licensing agreement. Funnets is engaged in the design and manufacture of soccer goals and generally recognized as the nations's premier manufacturer for such goals which are used from elementary schools elementary school: see school. to colleges. Collegiate Pacific has been the exclusive distributor of Funnets products since mid 1998. Michael Blumenfeld, 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. of Collegiate, stated, "Funnets represents the near perfect acquisition for Collegiate. With this acquisition we are able to dramatically increase the operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: for these product lines to Collegiate and expand our sales of these products with no increase in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. or personnel. Now that we are in control of the manufacturing and trademarks, we can broaden the lines and distribution networks both domestically and internationally while applying the Funnets and Sportstuff name and logos to a variety of new products. This is the prototype of the acquisitions we are seeking and hopefully that will take Collegiate to the next operating level. As the industry continues to consolidate both in the traditional world and the expanding ecommerce arena, our goal is to position Collegiate financially and operationally as a participant in this consolidation." Collegiate Pacific is considered the nation's fastest growing supplier of sports equipment to the institutional and team dealer markets. The Company currently offers more than 3,000 products and has over 25,000 customers in all 50 states. This news release consists of 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. that involve risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. |
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