Collegiate Pacific reported the results of its warrant call that expired on May 20, 2004. In discussing the warrant call, Michael Blumenfeld, CEO, stated, “As of the close of business on May 20, 2004, 98.6% of the outstanding warrants have been exercised resulting in the receipt of approximately $20.9 million in new equity capital. The application of the proceeds has been applied as follows:

  1. Completed the acquisitions of Tomark Sports and Kessler Team Sports
  2. Paid in full our outstanding bank line
  3. Retained about $5 million in cash for future expansion

“It is our intent to expand the size of our existing bank facility which, when added to our existing cash position, will make available a sizable war chest to pursue new acquisitions. Our immediate goal is to add an additional $30-$50 million of accretive revenues. We are now in a position where we can aggressively review larger and more productive relationships whether they be acquisitions, joint ventures or licensing agreements.”