American Company to Produce High-Quality, Handcrafted Production Bikes for Discerning EnthusiastsMINNEAPOLIS--Aug. 6, 2002--Freedom Motorcycles Inc. (OTC: FMCY) announced today the acquisition of the registered Norton trademarks for North America pursuant to a license and acquisition agreement with Global Coin Inc., of Vancouver.
Norton is a motorcycle brand of British racing heritage recognized worldwide. Even though Norton motorcycles have not been manufactured for almost 2 decades, the Norton brand continues to enjoy a very loyal following worldwide.
The company will create a subsidiary called Norton Motor Company that will re-introduce Norton as an American manufactured motorcycle. The first production model, due for release in the fourth quarter of 2002, will be called the Freedom Cruiser by Norton.
New Norton motorcycles to feature proprietary engine.
"High-end, quality-built cruisers are a growing market segment and we plan to deliver the very best product at the very best price to a discerning clientele," said John Fiebelkorn, Norton Motor Company CEO. "That's why we're using our proprietary distinctive V-twin engine to power the initial models in order to add credibility and to enhance the identity of the new Norton motorcycles."
In the near future, the company intends to offer models in the sport bike, sport cruiser, touring cruiser and chopper segments marketed under recognizable Norton names such as Commando.
Norton Motor Company will also offer a full line of parts, motor clothes and accessories, all of which will display the Norton brand and image. John Fiebelkorn stated, "We are extremely proud to be a part of this unique opportunity and fully intend to restore Norton to its legendary rightful place as a world player in the motorcycle industry."
Norton Motor Company is looking for a few good dealers.
According to Fiebelkorn, as Norton Motor Company begins to develop the dealer network, "there will be a unique opportunity to become a part of history. Norton will offer select territories throughout the U.S. Our philosophy is simple, yet demanding; we are looking for quality, not quantity in our dealer network. We are looking for the best commitment and strongest relationship. In return, we offer a brand, a company, a product and an experience that many dream of, but in reality, rarely exist."
Norton Motor Company has developed key relationships in regards to tooling and vendors that yield high quality, competitively priced products. "Our slow growth philosophy will enable us to respond quickly to market trends as well as stay in touch with the needs of our customers. We expect steady growth, yet our initial focus is building unique, high-end quality motorcycles and developing a close working relationship with our dealers and customers. In doing so, it is our ultimate goal that Norton be recognized as a brand that has identity, attitude and value," said Fiebelkorn.
Industry veterans lead management team
Fiebelkorn, believes that he has, "brought together a group of experienced industry leaders and enthusiasts that are determined to return Norton to the motorcycle market and more importantly, take it to the next level and beyond. Norton was once an icon in the motorcycle industry and will be again."
In addition to Fiebelkorn who has over 2 decades of sales and marketing management experience at Polaris Industries, Inc., Norton Motor Company management includes:
Terry Nesbitt, Vice President of Sales and Marketing, former National Sales Manager, Polaris Industries.
Michael McAllister, Product Development Manager, who founded McAllister Motorcycles in 1993. McAllister's designs and customized premium heavyweight cruiser motorcycles have been featured many times by American Iron Magazine.
John Lai, Vice President of Corporate Development has been the CEO of Genesis Capital Group, Inc. since 1993. Genesis Capital Group, Inc. is a diversified consulting company primarily providing services to start-up and early stage companies intending on becoming publicly traded.
Jeff Martin, CFO, has an MBA and most recently was CFO of Image Sensing Systems, a world leader in machine vision technology.
Freedom shareholders to receive Norton Motor Company stock.
Freedom Motorcycles also announced today that effective July 31, 2002; all of its assets were transferred to its subsidiary, Norton Motor Company. Further the company affected a spin-off of this subsidiary through a pending distribution of the subsidiary on a pro-rata basis to all shareholders of Freedom. The date of record for this spin-off is August 20, 2002, and each Freedom shareholder as of then will receive one share of common stock of Norton Motor Company for each ten shares of Freedom.
Norton Motor Company Corporate Headquarters: 715 Florida Avenue South Suite 102 Golden Valley, MN 55426 Phone: 763/732-0778