Aussie Apparel Group Ltd. is further expanding its stable of action sports brands, announcing last week that it has signed a letter-of-intent with GBI to acquire the Bluetorch trademark and other intellectual property. Terms of the deal were not disclosed.
AASI would have rights to use the Bluetorch name across categories, but is restricted from using the Bluetorch TV name, where Fox Sports Net has built brand name awareness with the extreme sports consumer.
The company, which also owns the Hot Tuna and Xisle brands, is in the process of aggregating action sports brands to attain its goal of developing a $28 million business over the next five years.
Both parties see a definitive deal within four weeks.
In a separate report, Aussie officials sought to clarify to the financial markets that they were not affiliated with the former owner of the AASI symbol. Nasdaq took the symbol from former owner, Mooney Aerospace Group Ltd., a year ago and it was subsequently assigned to Aussie Apparel Group on May 27, 2003.
