Performance Sports Group Announces Termination of Shareholder Nomination Agreement With Sagard Capital
EXETER, NH -- (Marketwired) -- 09/02/16 -- Performance Sports Group Ltd. (NYSE: PSG) (TSX: PSG) ("Performance Sports Group" or the "Company"), a leading developer and manufacturer of high performance sports equipment and apparel, today announced that in light of the previously disclosed postponement of its 2016 annual meeting of shareholders and the ongoing review and evaluation of strategic alternatives by the special committee (the "Special Committee") of its Board of Directors, it has agreed to the termination of the shareholder nomination agreement previously entered into with Sagard Capital Partners, L.P. (together with Sagard Capital Partners Management Corp. and Sagard Capital Partners GP, Inc., collectively, "Sagard Capital"), including the standstill provisions thereunder.
Sagard Capital is currently the Company's largest shareholder, with beneficial ownership of approximately 17% of the Company's issued and outstanding common shares.1
About Performance Sports Group Ltd.
Performance Sports Group Ltd. (NYSE: PSG) (TSX: PSG) is a leading developer and manufacturer of ice hockey, roller hockey, lacrosse, baseball and softball sports equipment, as well as related apparel and soccer apparel. The Company is the global leader in hockey with the strongest and most recognized brand, and is a leader in North America in baseball and softball. Its products are marketed under the BAUER, MISSION, MAVERIK, CASCADE, INARIA, COMBAT and EASTON brand names and are distributed by sales representatives and independent distributors throughout the world. In addition, the Company distributes its hockey products through its Burlington, Massachusetts and Bloomington, Minnesota Own The Moment Hockey Experience retail stores. Performance Sports Group is a member of the Russell 2000 and 3000 Indexes. For more information on the Company, please visit www.PerformanceSportsGroup.com.
Caution Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of applicable securities laws including with respect to, among other things, the review and evaluation of strategic alternatives being undertaken by the Special Committee. The words "may," "will," "would," "should," "could," "expects," "plans," "intends," "trends," "indications," "anticipates," "believes," "estimates," "predicts," "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements.
Forward-looking statements, by their nature, are based on assumptions, which, although considered reasonable by the Company at the time of preparation, may prove to be incorrect, and are subject to important risks and uncertainties. There can be no assurances of the outcome of any review and evaluation of strategic alternatives by the Special Committee. The Special Committee has not established a definitive timeline to complete its review and evaluation of strategic alternatives and no decision on any particular alternative has been reached at this time. There can be no assurance that this process will result in any transaction.
Many factors could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors identified in the "Risk Factors" sections of the Company's annual report on Form 10-K dated August 26, 2015 and quarterly report on Form 10-Q dated April 14, 2016, which are available on EDGAR at www.sec.gov, on SEDAR at www.sedar.com, and on the Company's website at www.performancesportsgroup.com.
Furthermore, unless otherwise stated, the forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not intend and undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
1 Based on public filings as of the date hereof.
Contact:
Steve Jones
Sr. Director, Corporate Communications
Tel 1-603-430-2111
Email Contact
Investor Relations:
Liolios Group Inc.
Cody Slach
Tel 1-949-574-3860
Email Contact
Source: Performance Sports Group Ltd.
Released September 2, 2016