login | register | Subscribe To Snowboard Magazine

Execute Sports Announces the Sale and Transfer of the Academy Snowboard Brand

SAN DIEGO, Feb. 5, 2007 — Execute Sports Inc. (OTCBB:EXCS) announced today the sale and transfer of the Academy Snowboard brand. Academy Snowboards, acquired in 2006 as part of the Pacific Sports Group, Inc. acquisition, has been sold back to the original owners. In November, after a year of disappointing sales and sub-standard production, Execute Sports decided to shut down the division and actively began seeking a buyer for the high end snowboard brand. Deal points include the transfer of all liabilities, current receivables and all rights to the brand back to the original owners.

“The sale of Academy was pivotal in the successful restructuring of the company,” said Geno Apicella, CEO of Execute Sports. “In lieu of the situation, the best possible deal was made, significantly reducing Execute’s outstanding debt while finding a perfect home for the brand. With the sale of Academy behind us, Execute Sports will continue to focus on its growing Watersports business. Credit must be given to our board members for completing this deal in a swift and efficient manner. We couldn’t be happier with the final results and we truly wish the brand and its new owners a new-found success in the future.”

About Execute Sports, Inc.

Based in San Clemente, California, Execute Sports, Inc. develops performance products including wetsuits, vests, rash guards and wakeskates, for the action sports industry. The Company’s brands include Execute Wetsuits, Kampus Wakeskates and Kampus Shoes, Collective Development Bindings and Collective Development Bags. For more information, go to http://www.executesports.com.

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include expectations regarding the ability of the company to continue its growth and the financial performance thereafter. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this release. These risks include the ability to accomplish goals and strategies, anticipated revenue enhancements, general economic conditions and the level of consumer spending, and numerous other factors identified in the Company’s Form 10-KSB and other filings with the Securities Exchange Commission.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

No Shit

Ahaha, Academy is pathetic.

c'mon...

...academy is a company built and maintained from heart. i hope for jb, kyle, matty p., chad, nova, erich d., jonas, hell the whole crew, that things look up and forward for them. great bunch of guys. now JB, CALL SOMEONE BACK!!!

yep

heard about this a while ago but didnt know if it was true... i guess the company that made there boards this year was some crappy china company and used really shitty cores.. so thats part of the reason why

Naww...

I heard they were makin their boards in US but had a bad batch and held a bunch of their boards from the market because of quality. Thats nice. Instead of selling you a crappy board, they just lost themselves a bunch of money. Guess they actually care about the rider or something like that. I can say that all the academy boards i've ridden have been way sicker than anything else i've ridden. i don't know how they make em so perfect but they do! Hell ya thats great news to me. congrats to the family.

///tm

it goes a little deeper than that. academy had issues securing a l.o.c. with their u.s. mfg a few years ago (at a good o.e.m. facility), the shit petered down in a bad way and eventually they moved production to china (not sure if it was for all lines)..anyways, long story short, i hope the team pulls it off and takes the brand/original reputation back.

Craig Kelly Forever.

They're not made by 5 Axis an

They're not made by 5 Axis anymore? I heard they were a reputable manfacuturer.

///™

academy are/were at five axis mfg. like i mentioned, i am not sure if they are still there or if they are only building some of their higher end lines at five axis and their less expensive models in asia.

Craig Kelly Forever.