latest news releases from the newsroom
Legacy Reserves LP
Legacy Reserves LP to Acquire Oil and Natural Gas Producing Properties for $60.5 Million
MIDLAND, Texas, Sept. 4, 2007 (PRIME NEWSWIRE) -- Legacy Reserves LP (Nasdaq:LGCY) today announced that it has signed a definitive purchase agreement to acquire certain oil and natural gas producing properties from private parties for a purchase price of $60.5 million, subject to purchase price adjustments, to be paid in cash. The properties are located in the Texas Panhandle. The acquisition is subject to customary closing conditions and is expected to close during October, 2007.
Execute Sports, Inc.
Execute Sports Purchases Sugar Sand Jet Boat Division From Subsidiary of Challenger Powerboats
TORRANCE, Calif., Sept. 4, 2007 (PRIME NEWSWIRE) -- Execute Sports Inc. ("Execute") (OTCBB:EXCS), a company engaged in the design, manufacturing and sale of water sports products, today announced that it has purchased the Sugar Sand jet boat line from IMAR, Inc., a wholly owned subsidiary of Challenger Powerboats, Inc. (OTCBB:CPWB) for $5 million in cash. In conjunction with the transaction, Execute and Challenger entered into an Agreement for Exclusive Right of Supply, through which Challenger will manufacture and sell (at wholesale) Sugar Sand boats to Execute, and an Exclusive Sales and Marketing Agreement through which Challenger will market Sugar Sand boats on behalf of Execute. These agreements are for periods of ten years each, with similar renewal terms. Sugar Sand generated $7.7 million in revenue on net sales of 381 boats in 2006.
Industrial Enterprises of America, Inc.
Industrial Enterprises Names Jorge Yepes as New Chief Financial Officer
NEW YORK, Sept. 4, 2007 (PRIME NEWSWIRE) -- Industrial Enterprises of America, Inc. (Nasdaq:IEAM) today announced that Jorge Yepes is joining the company as Chief Financial Officer. Yepes brings with him years of finance experience running consumer goods/manufacturing operations and Sarbanes-Oxley implementation, having most recently served as Vice-President of Finance, Americas, for Avery Dennison (NYSE:AVY), a global 500 company. Prior to that from 2002 to 2005, Yepes served as Director of Finance, Latin America, for The Clorox Company (NYSE:CLX).