Printer Friendly

WETJET ANNOUNCES PROPOSED SALE OF ASSETS TO MASTERCRAFT

 WETJET ANNOUNCES PROPOSED SALE OF ASSETS TO MASTERCRAFT
 PAYNESVILLE, Minn., Sept. 26 /PRNewswire/ -- Wetjet International,


Ltd. ("Wetjet"), announced today that it has entered into a letter of intent with MasterCraft Boat Company ("MasterCraft") regarding the sale of certain assets of Wetjet's personal watercraft business to MasterCraft.
 Under the letter of intent, MasterCraft would purchase certain inventory, machinery, equipment, patents and trademarks of Wetjet for a purchase price of $700,000 payable over the nine months following the closing date. Substantially all of the proceeds will be used to repay outstanding Wetjet indebtedness. Following the sale of assets to MasterCraft, Wetjet intends to wind up its personal watercraft business by disposing of any remaining inventory and related assets. The letter of intent also provides that Edward Webb, Wetjet's president, will become an employee of MasterCraft.
 The proposed sale of assets is subject to the execution of a definitive agreement and the approval thereof by the boards of directors of Wetjet and MasterCraft and by the shareholders of Wetjet, to certain investigations by MasterCraft, and to the satisfaction of other customary conditions.
 Wetjet has been engaged in the personal watercraft business since 1985. MasterCraft is the world's largest manufacturer of high- performance water-ski boats and has a strong reputation for product innovation.
 -0- 9/26/92
 /CONTACT: Edward Webb, president of Wetjet, 612-243-3311/ CO: Wetjet International, Ltd.; MasterCraft Boat Company ST: Minnesota IN: SU:


GK -- NYSA003 -- 3749 09/26/92 11:06 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 26, 1992
Words:241
Previous Article:'STAR TREK' SCI-FI COLLECTIBLES SHOW AT HYATT LAX FEATURES NEW 'STAR TREK: THE NEXT GENERATION' ACTION FIGURES, TODAY
Next Article:IAM OFFICIALS WARNS UNION MAY STRIKE USAIR
Topics:


Related Articles
WETJET ANNOUNCES SALE OF ASSETS TO MASTERCRAFT
C&A: higher results in quarter.
Mastercraft on the block.
Collins & Aikman Completes Sale Of Mastercraft Group To Joan Fabrics Corporation
MASTERCRAFT, ELITE GO SEPARATE WAYS.
Swiffer WetJet Eliminates Mopping Drudgery.
A head's up move by P&G: Swiffer WetJet has a scrubbing head to remove tough dirt spots.
Southeastern Wisconsin's Second Largest Builder Unveils New Model at 2004 Parade of Homes; MasterCraft Builders to Match Canned Goods Donations.
MasterCraft Builders Awarded 'Best Decorated Model' at Parade of Homes; Local Company Also Announces Donations to Homeless Shelter.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters