[VFB] Sage buys Redington tackle

[Paul Rouse]

What are the learned assembly's thoughts on the implications of this?  Note 
that the new clothing division is not part of the deal.

PRESS RELEASE

18 July 2003

Sage Acquires Redington Tackle

The Sage Rod Company of Bainbridge Island, Washington announced this morning 
that they have acquired the Redington Tackle Company of Stuart, Florida.

In acknowledging rumors that have been circulating for several weeks, Sage 
today confirmed that they have acquired the assets of Redington Tackle 
Company. Sage also disclosed that as part of the restructuring of Redington, 
they would be closing the Stuart, Florida location and consolidating the 
operation in Sage's Bainbridge Island, Washington facility. The Redington 
brand, however, is to remain distinct from Sage and will operate largely on 
its own footing.

"Where it makes sense to do so we will combine operations, primarily in the 
accounting, ordering and shipping arenas," said Travis Campbell, Sage's 
Manager of Business Development who will initially oversee the entire 
Redington operation, "and we should be in place and running here at Sage by 
August 11th."

Other key developments in regard to the acquisition include the following:

*****John Grippi, longtime Redington Operations Manager, will move to 
Bainbridge Island to continue in his role with Redington. "We're extremely 
pleased that John is coming along with the deal" continued Sage's Campbell 
"as in the short term he'll provide us with excellent input during the 
transition period and in the long term he will remain one of Redington's key 
managers."

*****All order entry, accounts payable and receivable, returns, warranty 
claims and shipping will take place out of Sage's facility and the new 
contact number for Redington will be 1-866-498-7243.

*****The acquisition includes only the assets of Redington Tackle Company 
and does not, at this time, include Redington apparel.

*****The two brands, Sage and Redington, will remain distinct. "We strongly 
want to emphasize that it is our intent," says Sage's President Bruce 
Kirschner, "to keep a firm firewall in place between Sage and Redington. 
Sage will continue to do what Sage does best--high end specialty products 
sold through specialty retail channels--while we pare down Redington's 
product offering to middle and lower end price points and focus it squarely 
on broader distribution. We think that is precisely what the market wants at 
this time."

For more information on the Sage acquisition of Redington, please contact 
Travis Campbell or Marc Bale at 1-800-533-3004.

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