LOS ANGELES, Oct. 30, 2003 (PRIMEZONE) -- Aussie Apparel Group Ltd. (OTCBB:AASI) announced today that it has changed its corporate name from Aussie Apparel Group Ltd. to Bluetorch Inc. in order to reflect the Company's new focus on the Bluetorch(tm) brand in the American marketplace. The Company will announce its new symbol this Friday. Effective Monday, November 3, 2003 the Company will begin trading under its new name and symbol.
Bruce MacGregor, President and CEO, said, "Over the last sixty days, Aussie Apparel has undergone a significant transformation as a result of management's refined growth strategy. We are moving beyond the limited Australian labels into a broader portfolio of brands, spurred on by the agreements for the American brands Bluetorch(tm) and TSA(r)."
MacGregor continued, "While Aussie Apparel served well in the Australian extreme sports arena, the Bluetorch name has already developed worldwide name recognition and creates an extensive spectrum of new revenue opportunities compared to the old business model. This dynamic should create a greater following for our company in terms of both retailer and investor awareness."
On September 22, 2003 the Company, through its wholly owned subsidiary Unboxed Distribution Inc., announced a licensing and option to purchase agreement for the Bluetorch brand for apparel and accessories for North America. At that time, the Company gained the first right of refusal for all countries outside of North America and the first right of refusal globally to license the Bluetorch brand for all categories outside of apparel and accessories exclusive of "media."
The Company is aggressively seeking various opportunities for the Bluetorch(tm) label in areas such as: accessories, watches, sunglasses, and video games. The popularity of the Bluetorch brand has continued to increase over the last four years due to the highly successful and widely publicized Bluetorch television show that has run nationwide on Fox Sports Net. The show is considered a premium television venue for "action" or "extreme" sports, including: skateboarding, snowboarding, surfing, and motor cross.
On October 27, 2003 the Company, through another wholly owned subsidiary Total Sports Distribution Inc., announced a similar agreement for the TSA(r) brand, a label launched in 1991 and dedicated to the action sports consumer apparel market. The TSA(r) label has been a staple in the core action sports retail shops since its inception. The Company plans to utilize the TSA(r) brand as an authentic action sports label for the broader mass-market retail community.
About Bluetorch, Inc., formerly Aussie Apparel Group, Ltd.
Bluetorch Inc is focused on the rapidly growing extreme-sports and junior's market, part of the domestic $19.08 billion sport apparel market in 2002 according to Sporting Goods Intelligence. While revising its strategy as it pertains to its present and future portfolio of brands, Bluetorch will continue to utilize a multi-branded and multi-distribution channel approach to the market. The revised strategy will reflect a greater focus on the mid-tier and mass-market channels with well-known brands. Aussie Apparel will continue to seek compatible acquisitions that realistically contribute to expanding marketing channels as well as contributing to enhanced profitability.
For more information visit: http://www.bluetorchinc.net/
Safe Harbor:
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance development and results of the Company's business include but are not limited to fluctuations in financial results, availability and customer acceptance of our products and services, the impact of competitive products, services and pricing, general market trends and conditions, and other risks detailed in the Company's SEC reports.