Excelsior-Henderson Motorcycle Manufacturing Company Announces Changes to Structure.BELLE PLAINE Belle Plaine may refer to:
New COO, CFO See Chief Financial Officer. Named; Staff Reductions Also Involved Excelsior-Henderson Motorcycle Excelsior-Henderson Motorcycle Company was founded by Dan Hanlon and Dave Hanlon (brothers) who secured the rights to the defunct Excelsior-Henderson trademark in 1994. The two brothers found a number of investors and built a state-of-the-art factory in Belle Plaine, Minnesota. Manufacturing Company (Nasdaq:BIGX) today announced that it is restructuring its business operation to support future company growth. The restructuring is aimed at reducing cost and balancing production volumes with current distribution capabilities. The staff reductions will come from all areas of the company and reduce the number of employees from 216 to 119. Helping to lead the new direction of the Company are three additions to the Senior Management Team: Jack Thornton has been appointed President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , and Terrance Adams has been appointed Chief Financial Officer. These two executives are part of the Platinum Group, a business consulting firm specializing in effective restructuring, financing and corporate development. The Senior Management Team also is enhanced by the addition of Senior Vice President of Sales and Marketing Gary "Jet" Johnson, an industry veteran with expertise in dealer development and training. They join Allan Hurd, Senior Vice President of Manufacturing and Engineering, and Co-Founders Dan, Dave and Jennie Hanlon. "The business decision to make staff reductions was an extremely difficult one," the Co-Founders said. "We will focus on our marketing efforts, lowering motorcycle component costs and expanding our dealer network. However, in order to realign re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. the Company for long-term success, it is necessary to reduce our staff." "This type of action is not uncommon with entities transitioning from development stage to a predictable operating company operating company A business that engages in transactions with outsiders. ," Thornton said, "and it will have an immediate and positive cash flow impact. I am confident that this new strategy to grow our dealer network and align our internal costs to projected unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. will assist in putting the Company on a sounder financial footing." "Following this realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. , the company plans to continue its growth strategy," Adams said, "and we anticipate that the restructuring will enable us to complete our previously announced efforts to obtain significant additional equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay ." The Company also announced that Dave Pomije has resigned from the Board of Directors for personal business reasons. Excelsior-Henderson Motorcycle Manufacturing Company designs, manufactures, markets and sells a proprietary brand of premium heavyweight American cruiser motorcycles, as well as related parts, apparel and accessories branded with a name that evokes an authentic American motorcycling heritage and lifestyle. The Company distributes its products through a national dealer network. Excelsior-Henderson is one of only two authentic American motorcycle companies exclusively committed to the manufacture of motorcycles. For additional information, visit the Company's web site at www.excelsior-henderson.com. |
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