Bluetorch has signed a letter of intent with Laguna Niguel, CA based Island Tribe Inc. to purchase a majority interest in the surf apparel brand.
Bruce MacGregor, President and CEO of Bluetorch Inc. stated, “This is one of the freshest brands I have seen in over twenty years of business. One tends to get jaded by all the product offerings in the marketplace. Nonetheless, the Island Tribe concept and the authentic look of the apparel amazed me from the beginning. I believe we can help Island Tribe management immensely in fulfilling their potential. I am also confident that Island Tribe has tremendous opportunity beyond just apparel. Like the Bluetorch brand, I see Island Tribe as a multi-product category brand down the road.”
Domingo “Ming” Clemente, the Founder of Island Tribe added, “This potential agreement is a life long dream for me. It has been a vision in my thoughts, dreams and lifestyle for more than fifteen years. Now my vision is becoming reality. I am looking forward to Bluetorch Inc. helping us take it to the next level. Bruce has a track record of growing brands, which is very attractive to us.”
Paul Hadley, President of Island Tribe commented, “We have had tremendous success selling Island Tribe apparel. In particular, the reaction from all levels of the marketplace, including celebrities and athletes has been overwhelming. More importantly, Ming and I also understand that for us to maximize the brand's potential, we needed access to a greater infrastructure allowing us to do what we do best, which is to create, market and sell product.”
Added MacGregor, “Ming and Paul have done an amazing job. I am confident, that beyond Island Tribe, they will bring additional skills and savvy to the collective Bluetorch Inc. family. I know I speak for both parties in saying that we are eager to finalize a definitive agreement as soon as possible and move on to the task at hand.”