Variflex, Inc. and Bravo Sports, a privately held leading global manufacturer and marketer of branded and OEM hard goods, components and accessories for the skateboard and in-line skating markets, announced that Bravo Sports has completed the acquisition of Variflex. As a result of the acquisition, Variflex shareholders will receive $7.60 in cash for each share of Variflex common stock owned. Shares of Variflex will cease trading on the NASDAQ SmallCap Market as of Tuesday, October 26, 2004.
Bravo President and COO Tony Armand said, “We are extremely pleased to complete this business combination. Variflex brings to Bravo several attractive brands and product lines in our traditional inline skate and
skateboard categories as well as in new recreational markets for Bravo such as trampolines and canopies. As a result, Bravo will be a more diversified leader in the sporting goods and outdoor recreation categories. We look
forward to working with Variflex's management and employees to make this a highly successful union.”
Centre Partners, through affiliated entities, will continue to control the majority of Bravo's equity following the transaction. Robert Bergmann, Managing Director of Centre Partners, said, “This transaction represents a major milestone in our partnership with Bravo, and we look forward to working with Bravo's talented management team to extend the company's strong record of success.”
As soon as reasonably practicable, Variflex shareholders will be provided with a letter of transmittal and instructions explaining how to send their Variflex stock certificates to the paying agent to receive the merger
consideration.
