Sherbrook SBK Sport Corp has signed a letter of intent to acquire T.O.P. Marketing USA, a sports licensing company.
According to the Letter of Intent, SBK will acquire 100 percent of Top Marketing USA for $1,600,000, whereby $1,000,000 will be paid cash and $600,000 will be paid with the issuance of shares of Sherbrook SBK Sport Corp. The companies expect to sign a definitive agreement to be entered into on or before June 30, 2011 and close the transaction within the following 90 days. The transaction is subject to regulatory approvals.
“We are happy to announce this first strategic acquisition in the sports licensing division of our business” said Georges Guilbault, president of Sherbrook SBK Sports Corp. “This transaction will provide consolidated revenues in excess of $6.5 million and will contribute to tremendous synergies, including Jon Hodgins joining our management team.”
“We are also very happy with the transaction and the opportunity to join such a dynamic team at the start of a great adventure in the consolidation of the performance and licensing sports business” said Jon Hodgins, founder of .O.P. Marketing USA. “The foundation created by the transaction will help propel and accelerate the growth of the business in many ways including but not limited to our NHL licensing agreement.” further added Mr. Hodgins.
Sherbrook SBK Sport Corp. is a Canadian publicly traded company specializing in the design, manufacturing and distribution of sporting goods and apparels. The company’s current main focus is on the design, manufacturing and distribution of Hockey equipment including a variety of sticks, skates and protective gear for both players and goalie.
