Aussie Apparel Group, Ltd. signed the closing documents last month to acquire the Hot Tuna, Xisle, Piranha Boy and Piranha Girl brands from Federation Group. The definitive agreement, signed on December 17, 2002, is valued at approximately $7.5 million.

Bruce MacGregor, President/CEO of AAG, discussed company plans pertaining to a fall 2003 launch at retail. “The samples for the 2003 fall season for all three brands are being completed as we speak and will be in Los Angeles by the end of the month.”

The fall 2003 product lines have been designed and developed by Federation Group in Australia. AAPG will design and develop ranges for the three brands for Spring 2004 delivery. According to MacGregor, “We still intend to utilize Australian resources on the design side given the Aussie roots and authenticity of the various brands.”

Additionally, the Company announced the appointment of Mr. Read Worth to the position of Senior Vice President of Merchandising. Mr. Worth comes to AAPG from Polo Sport where he was Senior VP of Merchandising.