The Sport-Haley, Inc. Board of Directors has authorized Ronald J. Norick, Chairman of the Board, to negotiate with one or more investment banking firms, in order to engage such firm to assist the Company in exploring certain potential strategic alternatives to maximize shareholder value, including the possibility of taking the Company private.
The Company has not yet engaged the services of any investment banking firm, and has not decided what alternatives, if any, to pursue. Further, it is not known at this time whether any transaction will result from exploring these alternatives.
Mr. Norick stated, “The Board believes that, because of our size, the Company is overly burdened by the requirements of the Sarbanes-Oxley Act, and pursuing our options, such as taking the Company private, are in the best interests of our shareholders. Once we have engaged an investment banking firm, we expect that the Company will be advised regarding exploring various strategic alternatives. Whatever transaction we pursue, if any, we will be guided by the goal of maximizing shareholder value and keeping our Company, its products, our sales force and staff intact.”
