Aussie Apparel Group Ltd. announced that it has changed its corporate name from Aussie Apparel Group Ltd. to Bluetorch Inc. in order to reflect the Company's new focus on the Bluetorch brand in the American marketplace. The Company will announce its new symbol this Friday. Effective Monday, November 3, 2003 the Company will begin trading under its new name and symbol.
Bruce MacGregor, President and CEO, said, “Over the last sixty days, Aussie Apparel has undergone a significant transformation as a result of management's refined growth strategy. We are moving beyond the limited Australian labels into a broader portfolio of brands, spurred on by the agreements for the American brands Bluetorch(tm) and TSA(r).”
MacGregor continued, “While Aussie Apparel served well in the Australian extreme sports arena, the Bluetorch name has already developed worldwide name recognition and creates an extensive spectrum of new revenue opportunities compared to the old business model. This dynamic should create a greater following for our company in terms of both retailer and investor awareness.”
On September 22, 2003 the Company, through its wholly owned subsidiary Unboxed Distribution Inc., announced a licensing and option to purchase agreement for the Bluetorch brand for apparel and accessories for North America. At that time, the Company gained the first right of refusal for all countries outside of North America and the first right of refusal globally to license the Bluetorch brand for all categories outside of apparel and accessories exclusive of “media.”
On October 27, 2003 the Company, through another wholly owned subsidiary Total Sports Distribution Inc., announced a similar agreement for the TSA(r) brand, a label launched in 1991 and dedicated to the action sports consumer apparel market. The TSA(r) label has been a staple in the core action sports retail shops since its inception. The Company plans to utilize the TSA(r) brand as an authentic action sports label for the broader mass-market retail community.
