Indian Motorcycles: Public Sale of Excess Assets Begins Jan. 21, 2004 - But Future of Motorcycle's Factory and Name Still Under Negotiation
GRAND RAPIDS, Mich., Jan. 16, 2004 -- A deal to purchase Indian Motorcycle Corporation's hard assets has been finalized with National Retail Equipment Liquidators (NREL) and Great American Group. While the hard assets -- including motorcycles, parts and factory machinery -- is now under the ownership of NREL and Great American, future ownership of Indian Motorcycle's real estate and intellectual property is still being negotiated.
"We continue to steadfastly pursue negotiations to buy Indian's real estate and intellectual property," says Bill Melvin, CEO of NREL. "As we negotiate the rest of the deal, our group continues to evaluate how we could retain the factory and resume motorcycle production in Gilroy, CA."
For now, NREL will move forward with a preview and sale of excess hard assets not needed by a new manufacturer. "There's a sizeable inventory of equipment and assets that would be considered excess baggage to any new startup," says Bill Melvin. "NREL will sell excess Machinery, Apparel, Accessories, Raw Material, Office Equipment, Motorcycles and Company Vehicles to prune facility assets down to a leaner operational level."
NREL will open Indian's Gilroy, CA factory doors on January 21, 2004 to kick-off the sale of excess machinery and assets -- in respect to the large volume of interested buyers who had originally planned to attend a now- cancelled public auction at the facility by CMA Business Credit Services that same day. CMA's scheduled auction was cancelled when the hard assets were purchased by NREL and Great American Group.
Since the auction had already been pre-advertised, Bill Melvin decided to start his sale of excess inventory on the same date to avoid inconvenience to any buyers who had already arranged their schedules. "All interested parties are invited to preview sale items January 19th-20th and to attend the opening of the sale on Jan. 21st in Gilroy, CA.
Doors open for the sale at 9:30 am at Indian's 200 East 10th Street facility. The sale does not include ALL items originally advertised by CMA, but will be a substantial portion of the advertised lots. Bill Melvin said, "This will be a negotiated sale, not a public auction. Additional assets may be added to the sale inventory in the future -- if we determine that they're unnecessary for future production."
Sale inventory may be inspected Monday, January 19 and Tuesday, January 20 from 9:00 AM - 4:00 PM. Sale items include a wide variety of assets, including motorcycles, memorabilia, accessories, apparel, posters, tools, company vehicles, parts and factory equipment. Details and photos can be viewed on-line at www.nrel.com.
Bill Melvin extends a personal invitation to all motorcycle enthusiasts in the area to attend the sale, adding, "NREL will continue its efforts to negotiate to purchase the Indian facility in an effort to reopen production in Gilroy. We need and welcome the support of the local community."
Photo available: http://www.ereleases.com/pr/2003-nrel.jpg