Court Awards Trademark Assets of Indian Motorcycle
9 December 1998
Court Awards Trademark Assets of Indian Motorcycle WILMINGTON, DE, Dec. 7 /CNW-PRN/ - The Federal District Court of Colorado
today awarded the much sought-after trademark asset Indian Motorcycle to IMCOA
Licensing America Inc. of Wilmington, Delaware.
The decision, based on the favorable report of the court appointed
receiver in charge of the Indian Motorcycle estate's assets, ends a four-year
battle over the assets, and concludes almost 45 years of confusion over North
American trademark ownership.
``Today's decision,'' said Murray Smith, IMCOA's president and chief
executive officer, ``allows IMCOA to finally move forward with our aggressive
plans to rebuild the famed brand. Early in 1999, we will re-introduce the
brand with a finely-engineered motorcycle that will return the Indian
Motorcycle name to its rightful prominence.''
The decision also gives the company trademark rights in a number of other
countries, including Australia, New Zealand, Japan, and Greece. IMCOA
affiliates have significant sales of Indian Motorcycle merchandise in Canada
and Mexico, thus consolidating North American Indian Motorcycle rights.
The Indian Motorcycle, known as ``the pride of the American road,'' was an
American icon, and the preeminent American-built motorcycle from 1901-1953.
The Court's decision paves the way for a US$30 million merger involving
American Indian Motorcycle Company, Indian Motorcycle Company Inc., California
Motorcycle Company, and six-related companies to become the second largest
producer of heavy cruiser motorcycles in North America. Merchant banking firm
J.L. Albright Venture Partners is leading the corporate financing and the
Mergers & Acquisition team.
Once merged, the newly named Indian Motorcycle Company will be
headquartered at its manufacturing facility in Gilroy, California. The plant
has produced some 60 Indian ``Chiefs'' motorcycles, which were first unveiled
last month before 20,000 Harley Davidson motorcycle enthusiasts in California.
``We are poised to accelerate operations immediately,'' said Smith. ``By
2001, the year that celebrates the 100th anniversary of Indian Motorcycle, we
expect to be producing some 25,000 bikes a year.''
The new Indian Chief motorcycles will be distributed through a network of
authorized Indian Motorcycle dealers throughout the United States and Canada.
The Company expects to award dealership rights beginning next month.
Smith also announced his company would soon introduce a diversified,
powerful Indian Motorcycle brand name. In addition to the manufacturing, sales
and marketing of premium heavyweight cruiser motorcycles, the Company will be
entering the hospitality field with its Indian Motorcycle cafes in 12 major
cities in North America.
The first such cafe is slated to open in Toronto, Ontario, in January
1999.
The Company's subsidiary, Indian Motorcycle Clothing, also plans to extend
its distinguished line of modern, casual clothing throughout North America.
Operating in Canada since 1986, the company has a strong wholesale
distribution business.
When the merger is completed, the Indian Motorcycle Company of America
will be headquartered in Gilroy CA., with expected 1999 revenues of $100
million. The combined companies will employ 150 people in the United States
and Canada.
SOURCE Indian Motorcycle Company Inc.
