21.12.2005 13:00:00
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USGA Names Ashworth, Inc. Lead Apparel Vendor for the U.S. Open 2006 Through 2009; Second Term Agreement Makes Ashworth Lead Vendor an Unprecedented Nine Years Running
This achievement represents an unprecedented second term agreementfollowing the initial four-year term, in which Ashworth captured leadapparel vendor status for the U.S. Open in the years 2001 through2004. Mary Lopuszynski, Director of Licensing & US Open Merchandising,commented, "Our initial four-year agreement with the Ashworth brandproved to be a very successful partnership as evidenced by ourdecision to continue the relationship for another four years. The USOpen merchandise pavilion provides our attendees with an opportunityto see a broad selection of golf's greatest brands."
In total, as of the end of 2009, Ashworth will have retainedprestigious U.S. Open lead apparel vendor status for nine yearsrunning, (Ashworth was also named lead apparel vendor for the 2005U.S. Open through a one-year contract with the Pinehurst Resort), anhonor never bestowed on any apparel company in the history of the U.S.Open. Kate Cunningham, Ashworth's Senior Director of GlobalTournaments, commented, "It has been an incredible experience andpartnership with the USGA over these last five years. We have workedclosely together to take event merchandising to the next level.Working with the USGA has been a privilege and has provided me withinvaluable and unforgettable insights. I am looking forward to thenext four years."
Under its agreement with the USGA, for each event, Ashworth willprovide merchandise tent fixtures for the merchandise pavilionspanning 36,000-plus square feet, and official volunteer uniforms forover 5,000 volunteers. Ashworth will also showcase a complete range ofits products in premier locations inside the merchandise tent. Themerchandise pavilion will feature professionally designed interiorsand amenities such as air conditioning, carpeting, video displays,music and luxurious wood fixtures to rival upscale department storesettings.
The close of 2005 marks a banner year for the brand. Highlightsfor Ashworth in 2005 include:
-- Ashworth posted a complete sweep as lead vendor for the merchandise tent fixture programs -- and as lead merchandise vendor -- for the U.S. Open, The U.S. Women's Open, the U.S. Senior Open and the Walker Cup, all of which are USGA-sanctioned championships
-- For the 2005 U.S. Open at the Pinehurst Resort, Ashworth and the Pinehurst Resort team fielded the largest merchandise pavilion in the 105-year history of the U.S. Open, at 38,000 square feet
-- With Ashworth serving as lead apparel vendor for the 2005 U.S. Women's Open held at Cherry Hills Country Club, merchandise tent sales for this prestigious event reached an all-time high
Randall L. Herrel, Chairman and CEO of Ashworth, Inc., commented,"In recent years, Ashworth's tournament division has gained greatmomentum, with the result that Ashworth has become the vendor ofchoice for many major tournaments. The newest agreement with the USGArepresents a great honor and a significant opportunity for Ashworth,Inc. It testifies to our heritage as a company authentically rooted inthe game of golf. We plan to continue setting the very higheststandards in providing vendor services for the next four men's U.S.Open championships."
The 2006 U.S. Open is scheduled for Wingedfoot Golf Club inMamaroneck, NY; in 2007 the event will take place at the OakmontCountry Club in Oakmont, PA; Torrey Pines South Course in La Jolla, CAwill host the 2008 Open and in 2009, it will return to Bethpage Blackin Farmingdale, NY.
Ashworth, Inc. is a designer of men's and women's golf-inspiredlifestyle sportswear distributed domestically and internationally ingolf pro shops, resorts, upscale department and specialty stores andto corporate customers. Ashworth products include three main brandextensions. Ashworth Collection(TM) is a range of upscale sportsweardesigned to be worn on and off course. Ashworth Authentics(TM)showcases popular items from the Ashworth line. Ashworth WeatherSystems(R) utilizes technology to create a balance between fashion andfunction in a variety of climatic conditions. Callaway Golf is atrademark of Callaway Golf Company. Ashworth, Inc., 2765 Loker AvenueWest, Carlsbad, CA 92008 is an Official Licensee of Callaway GolfCompany.
In July 2004, Ashworth, Inc. acquired Gekko Brands, LLC ("Gekko"),a leading designer, producer and distributor of headwear and apparelunder The Game(R) and Kudzu(R) brands. This strategic acquisitionprovides opportunity for additional growth in three new, qualitychannels of distribution for the Ashworth(R) and Callaway Golf apparelbrands as well as further growth from The Game(R) and Kudzu(R) brands'sales into the Company's three current distribution channels. TheGame(R) brand products are marketed primarily under licenses to over1,000 colleges and universities, as well as to the PGA TOUR, resorts,entertainment complexes and sporting goods dealers that serve the highschool and college markets. The Game(R) brand is one of the leadingheadwear brands in the College/Bookstore distribution channel. TheKudzu(R) brand products are sold into the NASCAR/racing markets andthrough outdoor sports distribution channels, including fishing andhunting.
To learn more, please visit our Web site at www.ashworthinc.com.
This press release contains forward-looking statements related tothe Company's market position, finances, operating results, marketingplans and strategies. Readers are cautioned not to place unduereliance on these forward-looking statements, which speak only as ofthe date hereof. These statements involve risks and uncertainties thatcould cause actual results to differ materially from those projected.These risks include the timely development and acceptance of newproducts, as well as strategic alliances, the integration of theCompany's recent acquisition, the impact of competitive products andpricing, the success of the Callaway Golf apparel product line, thepreliminary nature of bookings information, the ongoing risk of excessor obsolete inventory, potential inadequacy of booked reserves, thetimely completion and successful operation of the new distributionfacility in Oceanside, CA, and other risks described in Ashworth,Inc.'s SEC reports, including the report on Form 10-K for the yearended October 31, 2004 and Form 10-Q's filed thereafter.
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