USA: Ashworth Inc. Announces New Korean and Australian Licensees
Ashworth Inc. and Dong Jin International Limited recently entered into a multi-year licensing and distribution agreement for South Korea. Dong Jin has already established golfman shops at several retail locations and also has a team to develop the Ashworth brand in Korea. Ashworth has also signed a licensing agreement for Australia and New Zealand with Sporte Leisure Pty Ltd. Sporte Leisure is an established golf lifestyle apparel manufacturer in Australia and will integrate the Ashworth brand into its current account base and distribution channel beginning in Fall 2000. Sporte Leisure has been named in a list of Australia's top 100 Fastest Growing Private Companies in Business Review Weekly.
Randy Herrel, president and chief executive officer stated, "Ashworth's management spent several months reviewing proposals from potential licensees and we are confident that both Dong Jin and Sporte Leisure will represent and develop the Ashworth brand in their respective markets." Under the terms of the agreements, the licensees will import certain product lines from Ashworth and manufacture other licensed products designed specifically for their country's markets. "These two new international business partners continue to establish Ashworth as a global brand leader."
Ashworth Inc. is a Southern California-based designer of men's and women's golf-inspired lifestyle sportswear distributed domestically and internationally in golf pro shops, resorts and upscale department and specialty stores.
This press release contains forward-looking statements related to the company's market position, finances, marketing plans and strategies. These statements involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks include the timely development and acceptance of new products, the impact of competitive products and pricing, the success of the women's and corporate divisions, the preliminary nature of bookings information, the ongoing risk of excess or obsolete inventory, potential inadequacy of booked reserves and other risks described in Ashworth Inc.'s SEC reports, including the report on Form 10-K for the year ended Oct. 31, 1999.
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