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Non-Tech : CYCY - Cycle Country Accessories Corporation

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To: jmhollen who started this subject3/29/2002 12:35:03 AM
From: jmhollen   of 29
 
Cycle Country Accessories Secures Double-Digit Earnings Growth By Acquiring Perf-form Products, Inc.

MILFORD, Iowa, Mar 27, 2002 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (OTCBB:CYCY), the recognized leader in the development and manufacturing of high quality accessories for the all-terrain vehicle (ATV), announced today that the Company has finalized the purchase agreement terms to acquire Perf-form Products, Inc. Perf-form's motorcycle and ATV oil filter products generated revenues of approximately $538,000 for calendar year 2001. It is expected that the positive effect on earnings for Cycle Country will be approximately $ .03 cents per fully diluted share. Cycle Country anticipates reflecting the acquisition value in the next 10-QSB filing for the Company's second quarter ending March 31, 2002.


Ronald Hickman, President of Cycle Country, stated: "Cycle Country's relationship with essentially all motorcycle dealers in North America will provide considerably greater exposure for Perf-form's premium products. Further, our Company's growing distribution in 35 foreign countries will provide an additional platform for significant growth. With Perf-form's long-standing reputation for quality products, we fully expect to capitalize on our strong distribution network to maximize earnings from this historically profitable company."

Doug Koelfgen, Founder of Perf-form Products said: "Everyone agrees with the significant opportunity offered by joining the Cycle Country family of products. We have worked hard over the last 20 years to make high quality replacement oil filters for motorcycle and ATV dealers throughout much of the country. By utilizing Cycle Country's vast distribution channels, we are extremely excited about making our high-end products available to consumers worldwide."

About Perf-form Products

Perf-form Products, Inc., perf-form.com, headquartered in Big Lake, Minnesota, has been in the business of designing and manufacturing premium quality motorcycle and ATV oil filters since 1981. The Company's largest product line is a chrome replacement filter for Harley-Davidson Motorcycles. The Company also manufactures oil filters for other popular makes including Honda, Kawasaki, Suzuki, Yamaha and several other major brands. Perf-form Products' existence has been predicated on producing the best motorcycle and ATV oil filters in the world. By using premium quality materials, the Company's oil filter products prolong engine life and performance for the most discriminating motorcycle and ATV enthusiast. The high performance Perf-form product features cannot be found in any other motorcycle/ATV oil filters on the market.

About Cycle Country Accessories Corp.

Cycle Country, cyclecountry.com, with over 50% of the worldwide market, is the industry leader in the design, engineering and manufacturing of custom fitting accessories for the all-terrain vehicle (ATV). Since 1981, Cycle Country has developed an extensive line of branded products of mowers, plows, spreaders, sprayers, hitches and many other utility equipment items along with accessories for the recreational user. The Company's accessories custom fit virtually every brand of ATV on the market including all models from Honda, Polaris, Yamaha, Kawasaki, Suzuki, Arctic Cat and Bombardier. Cycle Country's ATV accessory products are distributed throughout the U.S.A. and Canada by a group of 16 distributors who sell their products to essentially all ATV and motorcycle dealers in North America.

The Company has also developed strategic arrangements with 19 international distributors that sell Cycle Country products in Asia, Europe, Central and South America. Current distribution agreements are in effect in 35 countries. Additionally, Cycle Country dominates the golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to original equipment manufacturers (OEM's) worldwide.

For further information, visit Cycle Country's website at cyclecountry.com or e-mail to IR@cyclecountry.com. Please direct any financial questions to Scott Gibson, Managing Principal at Veritas Capital Group via e-mail to CYCY@veritascap.com or phone 407.562.1900 from 9 a.m.until 5p.m. (EST). Cycle Country Accessories Corp.'s headquarters is located at 2188 Highway 86 - Milford, Iowa 51351 - 800-841-2222.

CONTACT: Financial: Veritas Capital Group, Heathrow, Fla. Scott Gibson 407/562-1900 9 a.m. - 5 p.m. (EST) e-mail: CYCY@veritascap.com or Cycle Country Accessories Corporation 800/841-2222 e-mail: IR@cyclecountry.com cyclecountry.com

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