Chris Hornung, founder and CEO of Pacific Cycle, which is now owned by Dorel Industries, Inc. will be leaving the company at the end of this year. His departure is in accordance with an agreement concluded when Dorel acquired Pacific Cycle in early 2004. Jeff Frehner, part of the Pacific Cycle management team inherited by Dorel, has been President and COO since April 2005.

“Chris has been an inspiration to the company and indeed to the entire bicycle industry. His vision has guided Pacific Cycle through many exciting years and we at Dorel have been delighted to work with him,” stated Dorel President and CEO, Martin Schwartz.

“Chris has also helped us put in place a hand-picked, energetic management team that will continue to lead the business and ensure its future growth. Jeff Frehner has a thorough knowledge of this industry and has been an integral part of the decision making process at Pacific Cycle since Dorel's initial involvement in 2004. We could not have asked for a more effective succession plan.”

Mr. Schwartz added that as of 2007 Chris will devote his time to his other business endeavors and to his community work.