Contact Information: CONTACT Richard Corline Ph. 951-763-9065 Email
Weatherly Aircraft Acquires Equine Product Line
Weatherly Aircraft as Part of Its Diversification and Growth Plan Agrees to Acquire Established Equine Product Lines
| Source: Weatherly Aircraft Company
ANZA, CA--(Marketwire - January 27, 2010) - Weatherly Aircraft Company (PINKSHEETS : WACF ) announced today
that, as part of its planned growth and diversification program, it had reached a
definitive agreement to acquire certain equine product lines from California based
Sports Prescriptions, Inc.
The product lines include Equi Wear™, Double Diamond Gloves™, Force
Field Magnetics™ and Sports Rx™. The market for the products is
directed towards apparel for the horse rider and various therapy products
for horses. It is contemplated that the acquisition will be completed
within the next 60 days however during the transition period, Weatherly's
new subsidiary Equine Health Products, Inc., will immediately act as an
exclusive distributor for the products.
The company intends, having completed an economic study, to relocate the
majority of the manufacturing operations from Asia and India to the United
States. The economic study concluded that by relocating manufacturing to
the US inventories can be drastically reduced and the response time to
customers greatly improved.
Richard Corline, President, stated, "We are extremely pleased with this
acquisition as it is the first step of our planned diversification into the
growing animal health products market. The equine industry alone
contributes $39 billion in direct economic impact to the US economy and it
has been estimated that the horse population has reached 9.2 million. We
believe that our product range can achieve significant growth in our market
segment. We have already seen a positive response from customers from our
slogan 'Made in America by American Tax Payers' which emphasizes our
planned production in the US."
In an unrelated matter the Company confirmed that management will continue
their efforts to resolve the issues which have arisen regarding the FAA
Type Certificate for the Weatherly Aircraft. The Type Certificate is a
major asset of the Company and its ownership is being challenged by two
third parties. Management, having taken legal advice on this matter, is of
the opinion that it is the rightful holder of the TC as reflected by the
FAA published register and intends to vigorously defend its position.
About EQUINE HEALTH, INC.
The company's entry into the equine products market, through its subsidiary
Equine Health, Inc. represents the first phase of its, diversification into
the animal health care market. The Equi Wear™ product line consists of a
fully developed apparel line for the "English" style horse rider. The Force
Field Magnetics™ product line consists of a range of bio-magnetic
therapy products for both the horse and rider.
The equine product manufacturing industry is fragmented with the majority
of manufacturers being family type businesses. The company believes the
industry is ripe for consolidation and is aggressively pursuing other
related acquisition opportunities.
The horse industry in the United States contributes $39 billion in direct
economic impact to the US economy and supports 1.4 million jobs on a full
time basis, according to a recent study released by the American Horse
Council.
This announcement contains forward-looking statements. These statements are
made under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995.These forward-looking statements can be
identified by terminology such as "will," "expects," "future," "intends,"
"plans," "believes," "confident" and similar statements. Among other
things, quotations from management in this announcement contain
forward-looking statements. Forward-looking statements involve inherent
risk and this announcement contains forward-looking statements. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement.