Sport-Haley, Inc.'s Board of Directors has notified the investment banking firm of Caymus Partners LLC of the Board's intent to terminate the Company's agreement with Caymus, effective May 14, 2006. Caymus had been engaged since December 14, 2004, to explore strategic alternatives to maximize shareholder value for Sport-Haley.
Ronald J. Norick, Chairman of the Board, stated, “The Board believes that, at the present time, it is in the shareholders' best interests that we concentrate on both managing our core business and developing the Top-Flite(TM) apparel brand that we introduced in March via a joint venture with Explorer Gear USA. While we decided to terminate utilizing the services of Caymus, the Board remains open to the possibility of completing a future transaction if we perceive that such would maximize shareholder value.”
