Aussie Apparel Group Ltd. has signed a letter-of-intent with Newport Beach, Ca based GBI to acquire the Bluetorch trademark and other intellectual property. Terms of the potential agreement were not disclosed.
The potential agreement would give Aussie Apparel the right to utilize the Bluetorch name in all categories with the exception of Bluetorch TV whose rights are owned by Fox Sports Net.
Bruce MacGregor, President and CEO of Aussie Apparel said, “As we have previously stated, we continue to look for acquisition candidates that will contribute to our revenue goal of $280 million over the next five years. The Bluetorch letter-of-intent is consistent with this objective.”
Added MacGregor, “The Bluetorch brand epitomizes what extreme sports is all about. Fox has created an incredible following for the Bluetorch name through its Bluetorch TV offerings. Given the history of Bluetorch, there is a heritage that covers all of the extreme sport categories. The revenue potential for Bluetorch in both apparel and licensing is immense, both domestically and internationally, making the brand an extremely valuable addition to our existing portfolio of brands.”
Both parties to the agreement anticipate a definitive agreement within four weeks.
