Collegiate Pacific Announces Voluntary Dismissal of Lawsuit
November 20 2006 - 12:07PM
Business Wire
Collegiate Pacific Inc. (AMEX: BOO) announced today that Costa
Brava Partnership III L.P., Greenwood Capital L.P., and Greenwood
Investors, L.P. each voluntarily dismissed, without prejudice, the
July 14, 2006, complaint filed by those parties in the Court of
Chancery of the State of Delaware in and for New Castle County,
against Collegiate Pacific Inc., Mr. Geoffrey P. Jurick, Thomas P.
Triechler, Peter Bunger and Terrence Babilla. As previously
disclosed by Collegiate Pacific, the lawsuit sought damages against
Messrs. Jurick, Triechler, Bunger and Babilla for alleged breaches
of their fiduciary duties to the minority stockholders of Sport
Supply Group, Inc. (�SSG�) in connection with Emerson Radio Corp.�s
sale of its interest in SSG to Collegiate Pacific. The plaintiffs
also sought damages from Collegiate Pacific for allegedly aiding
and abetting the individual defendants� alleged breaches of
fiduciary duties. Collegiate Pacific is the nation's fastest
growing manufacturer and supplier of sports equipment primarily to
the institutional and team dealer markets. The Company offers more
than 23,000 products to 600,000 prospective and existing customers.
The Company plans to distribute approximately 4.0 million catalogs
in fiscal 2007 and employs approximately 200 professional road
salesmen. This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements include statements
relating to Collegiate Pacific's anticipated financial performance,
business prospects, new developments and similar matters, and/or
statements preceded by, followed by or that include the words
"believes," "could," "expects," "anticipates," "estimates,"
"intends," "plans," or similar expressions. These forward-looking
statements are based on management's current expectations and
assumptions, which are inherently subject to uncertainties, risks
and changes in circumstances that are difficult to predict. Actual
results may differ materially from those suggested by the
forward-looking statements due to a variety of factors, including
changes in business, political, and economic conditions due to the
threat of future terrorist activity or otherwise, actions and
initiatives by current and potential competitors, and certain other
additional factors described in Collegiate Pacific's filings with
the Securities and Exchange Commission. Other unknown or
unpredictable factors also could have material adverse effects on
Collegiate Pacific's future results, performance or achievements.
In light of these risks, uncertainties, assumptions and factors,
the forward-looking events discussed in this press release may not
occur. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date stated,
or if no date is stated, as of the date of this press release.
Collegiate Pacific is not under any obligation and does not intend
to make publicly available any update or other revisions to any of
the forward-looking statements contained in this press release to
reflect circumstances existing after the date of this press release
or to reflect the occurrence of future events even if experience or
future events make it clear that any expected results expressed or
implied by those forward-looking statements will not be realized.
Collegiate Pacific Inc. (AMEX: BOO) announced today that Costa
Brava Partnership III L.P., Greenwood Capital L.P., and Greenwood
Investors, L.P. each voluntarily dismissed, without prejudice, the
July 14, 2006, complaint filed by those parties in the Court of
Chancery of the State of Delaware in and for New Castle County,
against Collegiate Pacific Inc., Mr. Geoffrey P. Jurick, Thomas P.
Triechler, Peter Bunger and Terrence Babilla. As previously
disclosed by Collegiate Pacific, the lawsuit sought damages against
Messrs. Jurick, Triechler, Bunger and Babilla for alleged breaches
of their fiduciary duties to the minority stockholders of Sport
Supply Group, Inc. ("SSG") in connection with Emerson Radio Corp.'s
sale of its interest in SSG to Collegiate Pacific. The plaintiffs
also sought damages from Collegiate Pacific for allegedly aiding
and abetting the individual defendants' alleged breaches of
fiduciary duties. Collegiate Pacific is the nation's fastest
growing manufacturer and supplier of sports equipment primarily to
the institutional and team dealer markets. The Company offers more
than 23,000 products to 600,000 prospective and existing customers.
The Company plans to distribute approximately 4.0 million catalogs
in fiscal 2007 and employs approximately 200 professional road
salesmen. This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements include statements
relating to Collegiate Pacific's anticipated financial performance,
business prospects, new developments and similar matters, and/or
statements preceded by, followed by or that include the words
"believes," "could," "expects," "anticipates," "estimates,"
"intends," "plans," or similar expressions. These forward-looking
statements are based on management's current expectations and
assumptions, which are inherently subject to uncertainties, risks
and changes in circumstances that are difficult to predict. Actual
results may differ materially from those suggested by the
forward-looking statements due to a variety of factors, including
changes in business, political, and economic conditions due to the
threat of future terrorist activity or otherwise, actions and
initiatives by current and potential competitors, and certain other
additional factors described in Collegiate Pacific's filings with
the Securities and Exchange Commission. Other unknown or
unpredictable factors also could have material adverse effects on
Collegiate Pacific's future results, performance or achievements.
In light of these risks, uncertainties, assumptions and factors,
the forward-looking events discussed in this press release may not
occur. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date stated,
or if no date is stated, as of the date of this press release.
Collegiate Pacific is not under any obligation and does not intend
to make publicly available any update or other revisions to any of
the forward-looking statements contained in this press release to
reflect circumstances existing after the date of this press release
or to reflect the occurrence of future events even if experience or
future events make it clear that any expected results expressed or
implied by those forward-looking statements will not be realized.
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