Dussault Apparel, Inc. has signed a non-binding Letter of Intent to acquire Vancouver's legendary Dayton Boots Enterprises, Inc. Dayton, which sells shoes and boots through retailers across Canada, has been led since February 2007 by CEO Stephen Encarnacao, former marketing chief at Reebok International and COO of Puma USA.
Upon closing of the proposed acquisition, the agreement calls for the issuance of 3 million shares of Dussault Apparel in exchange for the purchase of all the assets and undertaking of Dayton Boots Enterprises, Inc. The LOI filed with the SEC provides that the definitive agreement shall state the closing is to occur on or before April 30, 2008.
The LOI is subject to due diligence procedures on the business and affairs of Dayton Boots Enterprises, Inc. including review of its financial statements with the stated intention that the Company and Dayton Boots Enterprises, Inc. will enter into a definitive agreement on or before April 30, 2008.
The LOI is subject to due diligence procedures on the business and affairs of Dayton Boots Enterprises, Inc. including review of its financial statements with the stated intention that the Company and Dayton Boots Enterprises, Inc. will enter into a definitive agreement on or before April 30, 2008.
Jason Dussault, Chairman and Chief Creative Officer, comments, “We have looked at several situations to potentially increase shareholder value and we feel the acquisition of Dayton provides the best prospect of fulfilling that goal. The decision to acquire Dayton was generated from Dussault Apparel's desire to place itself as a complete lifestyle brand.” Mr. Dussault adds, “The Dayton management and brand is well respected in the footwear industry, we are hopeful that this acquisition will become a material contributor to the Company's operations and cash flows for years to come.”
Stephen Encarnacao, CEO and Chairman of Dayton, stated, “We are extremely excited to begin the process of being a part of a publicly traded company through this transaction with DUSS. We feel the proposed agreement will give our two companies a tremendous growth platform as well as the resources to leverage both the brand equity as well as the management synergies of Dussault Apparel and Dayton Boots.”
Dussault Apparel, Inc. is a designer, manufacturer, wholesaler and retailer of high-end quality apparel, its expanding product line includes custom designed hoodies, jeans, jewelry, t-shirts, hats and leather goods.
