LOS ANGELES, Nov. 04, 2003 (PRIMEZONE) -- BLUETORCH INC. (formerly Aussie Apparel Group Ltd.) (OTCBB:BTOR) announced today that it has engaged OakTree Partners, an investment banking firm located in Newport Beach, California to identify and qualify acquisition candidates. Additionally, OakTree will provide access to private and institutional capital markets for Bluetorch's expansion program.
The principals at OakTree Partner have been highly successful in providing qualified acquisition and/or merger candidates for their clients. Their managing partner, Greg Banghart, was the founder of the specialty sporting goods chain Achilles Heel, which preceded the Athlete's Foot and Foot Locker chains. He has been involved in the investment-banking sector for more than ten years with a very strong background in the apparel industry.
"We have been instrumental in providing substantial capital for similar clients in recent years and our experience level in the apparel and sporting goods industry will allow our firm to rapidly access potential acquisition candidates for Bluetorch," stated Banghart.
Bruce MacGregor, President & CEO of Bluetorch Inc. said, "Their experience in identifying and closing acquisitions will be particularly helpful, since we are looking at opportunities to acquire companies that can accelerate our growth. We have directed OakTree to look for entities that are profitable and doing anywhere from $15 to $25 million in annual revenues. The prospective entity must be in the extreme sports arena and will compliment our existing portfolio of brands, including Bluetorch(tm), Hot Tuna(r) and TSA(r), both in terms of the category and the channel of distribution."
According to Greg Banghart, OakTree Partners Managing Director, "We believe Bluetorch Inc. has tremendous potential. We especially like their branding and industry experience. With management's vision and with additional capital they will become a dominant force in the extreme sports lifestyle apparel industry."
About OakTree Partners:
OakTree Partners is recognized as a leading investment banking firm to the Apparel industry, and has represented several Southern California apparel firms with regard to financing and merger and acquisition activity. The firm is comprised of experienced professionals, and its Senior Partners, Greg Banghart, Paul Valencia, and Ron Mass have over 80 years of experience in Mergers and Acquisitions, Finance and Financial Management.
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.