American Motorcycle Corporation purchases assets of Performance Cycle Inc.; Aquino named PresidentWEBSTER, N.Y.--May 21, 2003--American Motorcycle Corporation, an Idaho corporation (OTC: AMCY), announced today that it completed the asset purchase of Performance Cycle, Inc., a New York-based motorcycle manufacturer specializing in designing and building custom motorcycles.
Performance Cycle features its New American Quantum line, and also sells Big Dog, Royal Ryder, Titan and Boss Hoss motorcycles to customers throughout the state.
The acquisition will substantially increase the Company's asset base as it continues to grow its burgeoning motorcycle business. Likewise, the addition of Performance Cycle will provide the Company with an established retail presence in the upstate New York region. The acquisition will be retroactive to March 31.
Also, today the Company named Performance Cycle founder Enzo Aquino as its new President and CEO. Aquino has over twenty years of experience in building and selling autos and motorcycles, and led Performance Cycle into profitability after the acquisition of Quantum Motorcycle in early 2001. "We are anxious to begin aggressive sales and marketing of customized bikes, made to customer specifications. This acquisition enables us to combine forces with American Motorycle and access the public markets to facilitate our immediate expansion. Our goal is to sell our bikes to customers throughout the country."
Dennis Giunta, former President who will remain as a member of the Board of Directors stated, "Today we complete the first step in our growth-through-acquisition strategy for American Motorcycle--plan on more growth during 2Q 2003." Giunta will now focus on assisting the Company with its mergers & acquisitions strategy, including short- and long-term equity financing.