VIDA AND MACGREGOR PARENT COMPLETE MERGER; COMBINED ENTITY RENAMED MACGREGOR SPORTS AND FITNESS, INC.
VIDA AND MACGREGOR PARENT COMPLETE MERGER; COMBINED ENTITY RENAMED MACGREGOR SPORTS AND FITNESS, INC. MINNEAPOLIS, Jan. 7 /PRNewswire/ -- Vida Ventures, Ltd. (Vida), said today that it had completed the acquisition of Sports Acquisition Corporation (SAC) in a merger transaction completed on Dec. 30, 1991. Both Vida and SAC shareholder approval of the transaction was obtained on Dec. 27, 1991, as well as approval to rename the combined entity MacGregor Sports and Fitness, Inc., and to reverse split its common shares in a ratio of one share for every two shares. The combined company will be headquartered in Greenville, S.C. Michael S. Casazza has been named president of MacGregor Sports and Fitness, Inc. Casazza has over 19 years of experience in senior executive positions with Wilson Sporting Goods Co. and Dunlop Slazenger Corporation. Casazza said, "Among the products on which the new company has the right to use the MacGregor trademark are baseballs and softballs, bats, gloves, protective equipment and various accessories; basketballs; footballs; soccerballs; volleyballs; playground balls; hockey equipment; racquet sports equipment; all forms of fitness equipment; sports trading cards; and all types and designs of bicycles." Casazza further stated, "The company's strategy is to focus its marketing efforts on team sports and fitness and to build on the reputation and strength of the MacGregor trademark on a worldwide basis." With the merger complete, the company intends to begin the process for qualifying its common shares, warrants and units for trading on the National Association of Securities Dealers Automated Quotation System (NASDAQ) and regional exchanges. -0- 1/07/92 /CONTACT: Michael S. Casazza of MacGregor Sports and Fitness, 803-963-8200/ CO: Vida Ventures, Ltd.; Sports Acquisition Corporation; MacGregor Sports and Fitness, Inc. ST: Minnesota IN: LEI SU: TNM
LB-DS -- MN002 -- 7218 01/07/92 09:52 EST
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|Date:||Jan 7, 1992|
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