SAN DIEGO, Feb. 5, 2007 (PRIME NEWSWIRE) -- 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.