Swiss Army Brands, Inc. and Victorinox AG to Form New International Watch Company with a Unified Brand and Consolidated Operations.Business Editors SHELTON, Conn.--(BUSINESS WIRE)--July 30, 2001 Swiss Army Brands, Inc. (Nasdaq:SABI SABI Secret And Below Interoperability SABI Survivor Acquired Brain Injury SABI Secret And Below Information ) and Victorinox AG of Ibach, Switzerland jointly announced today an agreement to form Victorinox Swiss Army Watch, AG, a new watch company that will market and distribute a single unified brand of Victorinox/Swiss Army Watches in all international markets outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and the Caribbean. Swiss Army Brands expects the transaction to be completed by October 2001. Swiss Army Brands and Victorinox will each contribute an equivalent amount of cash, inventory and their entire watch businesses outside the United States, Canada and the Caribbean to the new company. Distribution and logistics for the new company will be located at Victorinox in Ibach, Switzerland. Sales, marketing and product design and development will be located in Bienne, Switzerland, the current headquarters of Swiss Army Brands Schweiz AG, Swiss Army Brands' existing international watch company. Victorinox, the majority shareholder of Swiss Army Brands, is the manufacturer of Victorinox(R) Original Swiss Army(TM) Knives knives n. Plural of knife. knives Noun the plural of knife knives knife and is the provider of the Swiss-made knives, multi-tools and cutlery cutlery, various types of implements for cutting, preparing, and eating food. In addition to different kinds of knives and the steels to sharpen them, the term usually encompasses forks and spoons. products marketed by Swiss Army Brands in the United States, Canada and the Caribbean. Victorinox and Swiss Army Brands have a business relationship dating back to 1937. "Victorinox and Swiss Army Brands have a strong and long-standing relationship," said Sue Rechner, president of the new company. "This merger is a natural combination of two watch brands with similar attributes and complementary business strategies. All of the individual strengths of the two watch brands will be combined to form a strong company poised for international growth." The executive team of Victorinox Swiss Army Watch will consist of a group of watch industry veterans. In addition to Ms. Rechner, Cheri McKenzie, vice president of global marketing for Swiss Army Brands, will be responsible for marketing, Jean-Marc Guillod, currently with Swiss Army Brands Schweiz and David Feuter, currently with Victorinox, will direct international sales. Michel Michel named after Gaston Michel, a French surgeon (1875-1937). Michel clip metal skin sutures in various sizes from 8 to 16 mm long. Each clip is a 2 mm wide band of metal with a downturned sharp prong at each end. Thievent, president of Xantia S.A., a company owned by Swiss Army Brands and Victorinox and the manufacturer of Swiss Army Brand watches, will lead the manufacturing efforts. Victorinox Swiss Army Watch expects to initiate its introduction of the new Victorinox/Swiss Army brand in Italy in October of this year. Brand roll-outs are scheduled to occur shortly thereafter in other international markets where one or both of the companies currently do business. Swiss Army Brands, Inc. is the exclusive United States, Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. , and Caribbean marketer of Victorinox(R) Original Swiss Army Knives(TM), multi-tools and SwissCards(TM). In addition to its line of Swiss Army Brand(R) Watches, 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 and Writing Instruments, the Company also markets Bear MGC MGC Mammalian Gene Collection MGC Media Gateway Controller MGC Middle Georgia College MGC Museums and Galleries Commission (UK government) MGC Mississippi Gaming Commission MGC Manual Gain Control (TM) knives and multi-tools as well as cutlery under the R. H. Forschner(R) brand. The Company sublicenses the famous Victorinox Crest and the Victorinox trademark to select quality manufacturers for Victorinox(R) Travel Gear and Victorinox(R) Apparel. The Company web site is located at www.swissarmy.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statements under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 This release contains, in addition to historical information, 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. about the operations of Victorinox Swiss Army Watch AG, the completion of the transaction, the introduction of the new Victorinox Swiss Army watch brand in Italy and in other countries . The forward-looking statements were prepared on the basis of certain assumptions which relate to the management of Victorinox Swiss Army Watch, the relationship with Victorinox AG, the time of the introduction and roll-outs of the new brand, the benefits of combining the two operations and management's success in integrating the watch business of the two companies. Even if the assumptions upon which the projections are based prove to be accurate and appropriate, the outcome of this transaction and the business going forward may differ from the expectations stated herein. |
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