Cycle Country's Board Of Directors Buys 5% of the Company's Outstanding Stock in the Open Market
MILFORD, Iowa--(BUSINESS WIRE)--Sept. 17, 2002--Cycle Country Accessories Corp. (OTCBB:CYCY), the recognized leader in the development and manufacturing of high quality accessories for the all-terrain vehicle (ATV), is pleased to announce that several members of the Company' Board of Directors filed Form 4's on September 10, 2002 denoting a significant accumulation of the Company's outstanding shares. The recent filings also reflect that there have been no sales of CYCY stock from the Company's Board of Directors or Executive Management since Cycle Country went public last February.
The individual Form 4 filings show Board Director Mr. L.G. Hancher's wife buying 35,000 shares during the month of August with the aggregate amount of stock bought in the market to date totaling 138,000 shares. Board Director Mr. Rod Simonson also bought 13,400 shares during August with his total stock position now standing at 33,000 shares. Cycle Country founder and Board Chairman, Mr. Jim Danbom personally bought 10,000 during the month of August as well. This accumulation of CYCY stock in the open market totals 181,000 shares and represents 5% of all outstanding shares.
Board Director Rod Simonson stated: "Obviously, our continuing stock purchases reflect a very strong belief in Cycle Country's current value and anticipated value. Market conditions not withstanding, we are convinced that this fundamentally sound company represents one of the most undervalued equity investments in the market today."
About Cycle Country Accessories Corp.
Cycle Country, cyclecountry.com, with over 50% of the worldwide market in several product categories, 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 North America 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.
Cycle Country also sells premium oil filters for ATVs and motorcycles through the brand name Perf-form Products. Additionally, the Company now offers ATV and heavy-duty tractor garden equipment nationwide through the brand name Weekend Warrior.
For further information, you may e-mail your request to IR@cyclecountry.com. Please direct any financial questions to Scott Gibson at Veritas Capital Group by calling 407/444-5959 from 9am until 5pm (EST) or via CYCY@veritascap.com. Cycle Country Headquarters: 2188 Highway 86, Milford, Iowa 51351 - 800/841-2222
CONTACT:
Veritas Capital Group, Heathrow, Fla.
Scott Gibson, 407/444-5959
CYCY@veritascap.com
or
Cycle Country Accessories Corp.
800/841-2222
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