Collegiate Pacific founder and CEO Michael Blumenfeld advised the company that he filed a Form 144 with the SEC with the intention of selling approximately 25% of his Collegiate Pacific common stock to diversify his portfolio solely for estate planning purposes. After completing his planned sales, Mr. Blumenfeld will continue to beneficially own approximately 1,675,000 shares of Collegiate Pacific’s common stock, which represents approximately 17% of the outstanding shares.
Mr. Blumenfeld stated, “I am pleased that virtually every objective that was created when the Company was founded in 1998 has been achieved and I look forward to continuing to work toward the deployment of our recently infused capital. We are fortunate to have a strong and capable operating team on-hand and we continue to move as quickly and responsibly as possible to achieve our goals. As previously stated, the Company intends to deploy between $40 million to $50 million in strategic acquisitions with the end result doubling the current revenue base to over $200 million with a significant increase in earnings.”
