Weatherly Aircraft Acquires Equine Product Line
January 27 2010 - 11:40AM
Marketwired
Weatherly Aircraft Company (PINKSHEETS: WACF) announced today that,
as part of its planned growth and diversification program, it had
reached a definitive agreement to acquire certain equine product
lines from California based Sports Prescriptions, Inc.
The product lines include Equi Wear™, Double Diamond Gloves™,
Force Field Magnetics™ and Sports Rx™. The market for the products
is directed towards apparel for the horse rider and various therapy
products for horses. It is contemplated that the acquisition will
be completed within the next 60 days however during the transition
period, Weatherly's new subsidiary Equine Health Products, Inc.,
will immediately act as an exclusive distributor for the
products.
The company intends, having completed an economic study, to
relocate the majority of the manufacturing operations from Asia and
India to the United States. The economic study concluded that by
relocating manufacturing to the US inventories can be drastically
reduced and the response time to customers greatly improved.
Richard Corline, President, stated, "We are extremely pleased
with this acquisition as it is the first step of our planned
diversification into the growing animal health products market. The
equine industry alone contributes $39 billion in direct economic
impact to the US economy and it has been estimated that the horse
population has reached 9.2 million. We believe that our product
range can achieve significant growth in our market segment. We have
already seen a positive response from customers from our slogan
'Made in America by American Tax Payers' which emphasizes our
planned production in the US."
In an unrelated matter the Company confirmed that management
will continue their efforts to resolve the issues which have arisen
regarding the FAA Type Certificate for the Weatherly Aircraft. The
Type Certificate is a major asset of the Company and its ownership
is being challenged by two third parties. Management, having taken
legal advice on this matter, is of the opinion that it is the
rightful holder of the TC as reflected by the FAA published
register and intends to vigorously defend its position.
About EQUINE HEALTH, INC.
The company's entry into the equine products market, through its
subsidiary Equine Health, Inc. represents the first phase of its,
diversification into the animal health care market. The Equi Wear™
product line consists of a fully developed apparel line for the
"English" style horse rider. The Force Field Magnetics™ product
line consists of a range of bio-magnetic therapy products for both
the horse and rider.
The equine product manufacturing industry is fragmented with the
majority of manufacturers being family type businesses. The company
believes the industry is ripe for consolidation and is aggressively
pursuing other related acquisition opportunities.
The horse industry in the United States contributes $39 billion
in direct economic impact to the US economy and supports 1.4
million jobs on a full time basis, according to a recent study
released by the American Horse Council.
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995.These
forward-looking statements can be identified by terminology such as
"will," "expects," "future," "intends," "plans," "believes,"
"confident" and similar statements. Among other things, quotations
from management in this announcement contain forward-looking
statements. Forward-looking statements involve inherent risk and
this announcement contains forward-looking statements. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement.
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CONTACT Richard Corline Ph. 951-763-9065 Email Email Contact