LAFAYETTE, Ind., May 14, 2010 (GLOBE NEWSWIRE) -- Ultimate Sports, Inc. (PinkSheets:USPS), a manufacturer and supplier to the recreational vehicle industry, announced today that the company has complete the acquisition of IM & M Exercise Equipment, Inc., formerly traded as Extreme Fitness, Inc.
Under the terms of the acquisition, Ultimate Sports Inc. will issue 1,000,000 preferred, restricted shares of stock in exchange for 100% ownership of IM & M Exercise Equipment. All revenues and earnings are expected to immediately impact Ultimate Sport's financials. USI's sales are expected to more than double as a result of this acquisition.
In addition, Ultimate Sports is engaging Vision Broadcast Network to provide marketing and promotional services to stimulate product sales. Vision Broadcast Network specializes in hybrid multi-media broadcasting and production. By focusing on management, development and by having full operational control over their owned and affiliated distribution systems, the company provides targeted production and programming content through Vision Media Productions. Vision's stations and programming reach millions of homes across the globe (Source: www.visionbroadcastnetwork.com).
Kevin Metheny, President of Ultimate Sports, Inc., stated, "The acquisition of IM & M will allow us to take advantage of increased economies of scale and synergistic manufacturing. This acquisition is expected to further diversify our business model and increase shareholder value."
John Huerta, President of IM & M Exercise Equipment, Inc., commented, "We plan to launch two new products targeting the personal home exercise market through national mass-marketing. We are looking forward to cooperative interactions with the Ultimate Sports team that will ultimately yield an enhanced end result."
About Ultimate Sports, Inc.: Ultimate Sports specializes in every item, large and small, that snowmobilers need in order to enjoy the sport and improve their performance — especially snowmobile skis of all types. We have an extensive inventory of carbide studs, mount kits, wear bars, suspension parts, snow flaps, alignment bars, and so much more. Visit www.usi-skis.com for more information.
About IM & M Exercise Equipment, Inc. (Formerly traded as Extreme Fitness, Inc.): IM & M manufactures a wide array of cardiovascular, exercise and strength training equipment for both professional facilities and personal home use. Products range from exercise machines to, plates, dumbbells, barbells, and attachments. The company's customers include the United States Military, gyms, schools, colleges, universities, fire departments, police forces, correctional facilities, fitness companies, fitness centers, recreation centers, and outdoor sports facilities.
Forward Looking Statements: This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.