Seth Horowitz, Chairman, President and CEO of Everlast Worldwide Inc. told those gathered for the Company’s Annual Meeting, “Last year was an important year in the history of our Company. It was the year Everlast transformed its business model by licensing our men’s and women’s apparel lines and focusing on boxing equipment, our foundation, and worldwide brand licensing. We benefited from our strong and highly focused licensing efforts, signing a record 30 new licensees in 2005. All of our businesses, especially our flagship boxing equipment products, enjoyed greater visibility and brand recognition throughout 2005 and beyond.”
In his remarks to shareholders, Mr. Horowitz said, “We see continued growth for our boxing equipment business as a result of our worldwide marketing activities and the increasing popularity of boxing as a sport and as a fitness activity. And, as the undisputed leader in market share of boxing equipment, we will receive the most benefit. Moreover, the universal appeal of the iconic Everlast brand has allowed us to strategically move into new product categories around the world as a result of our highly focused and successful licensing strategy.
“The accomplishments we achieved last year have put in place a solid foundation from which to advance our business strategies during the current year. While we will continue to draw upon our illustrious heritage as boxing’s preeminent brand, we are much more than a boxing brand, we are a lifestyle brand and one with universal appeal and we intend to capitalize on that positioning as we grow the Company.”
At the meeting, shareholders elected eight members to the Board of Directors, who will serve until the next Annual Meeting. Shareholders also voted to amend the bylaws of the Company to classify the composition of the Board of Directors. The selection of Berenson LLP as the Company’s independent auditors was also ratified by the shareholders.
Before adjourning the meeting, Mr. Horowitz told those in attendance, “As a Company, Everlast is in a better position now than it has been in its 96-year history. We significantly strengthened our balance sheet by refinancing our debt, and positioned the Company for consistent and profitable growth for this year and beyond. Finally, we will increase our visibility within the financial community and we remain steadfast in our commitment to enhance shareholder value.”
