USA: FTS Apparel Announces Receipt of Largest Order in Company's History and $1.2 Million Line of Credit With Bank One
The company also announced today the receipt of the largest order of merchandise in the company's brief history. The order was placed by JC Penney (NYSE:JCP) and is set to be shipped during the third quarter of fiscal 2000. The company has continued to gain momentum since the April closing of a $1.3 million private placement and receipt of $1 million in cash.
Management believes the company's product is gaining greater acceptance within the retail marketplace, especially in Colorado where the company's "Flip the Switch" apparel has been available in over 25 retail locations. On a national level, the "Flip the Switch" label will now be available in 12 JC Penney stores this summer, up from only a test of 3 locations last fall, due to the positive response in the initial JC Penney test market where the FTS label outperformed every other brand in the category both in gross sales and gross margins as a percentage of inventory.
Newly appointed Chairman and CEO, Mr. LeRoy Landhuis, had this to say of the recent developments, "The `Flip the Switch' philosophy permeates our corporate culture and is reflected in our apparel and our relationships within the apparel industry. We believe the market needed a new look and personality. We are willing to fulfill that need, and the industry is beginning to take notice."
About FTS Apparel
Full Tilt Sports, Inc., dba FTS Apparel, trades on the Over-the- Counter Bulletin Board under the ticker symbol FTSX and is a fully reporting company. FTS was formed by a group of ex-professional athletes in 1997.The company's "Flip the Switch" brand name was formed with the purpose of creating a nationally distributed apparel line that reflects a positive image, creates a niche in the designer sportswear industry and takes advantage of prevailing market trends. The company's products and affiliated personalities may be viewed at www.FTSonline.com.
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the company's future expectations including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.
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