Ashworth, Inc. (NASDAQ: ASHW), a leading designer ofgolf-inspired lifestyle sportswear, today announced that it has signedan agreement with Ryder Cup Ltd. to become the Lead Vendor, as well asOfficial Licensee, at the September 2006 Ryder Cup to be held at the KClub in Ireland. This agreement extends the 14-year relationshipbetween Ashworth, the market leading clothing brand in golf, and TheRyder Cup, the world's most celebrated golf event.
Grahame Jenkins, Managing Director at Ashworth Europe, commented,"We are delighted to be involved with the prestigious Ryder Cup eventonce again. Ashworth has now had a continuous 14-year relationshipwith The Ryder Cup on both sides of the Atlantic, and has previouslybeen The Ryder Cup's Lead Vendor at the Belfry in 2002 and at OaklandHills, Detroit in 2004, "This is the perfect opportunity for Ashworthto showcase our industry-leading products, including our unique RyderCup clothing line, to one of the largest golf audiences at one of themost important golf events of 2006."
As part of the Lead Vendor agreement, Ashworth will have the majorpresence in The 2006 Ryder Cup Merchandising Tent, making it the mostprominent apparel company at this year's event. In addition to beingnamed the Ryder Cup's Lead Vendor, Ashworth is also one of a selectfew companies to hold a License Agreement for the 2006 Ryder Cup. Thisentitles the Company to manufacture and sell Ryder Cup merchandise in26 countries across Ashworth's European distribution network.
As part of this agreement, Ashworth has designed a specific RyderCup clothing line. The new designs are based on the striking blue andgold colors of the European Union flag, and each garment will featureThe Ryder Cup logo. Ashworth's Ryder Cup clothing range will beavailable throughout Europe, and at the event itself.
In connection with this agreement, Ashworth will also showcase itsmen's and women's Callaway Golf apparel lines in the 2006 Ryder CupMerchandising Tent.
In addition to the success in Europe, there exists opportunitieswithin the U.S. for additional sales of Ashworth apparel bearing theofficial Ryder Cup logo. As a licensed vendor of the ProfessionalGolfers Association of America (PGA of America), Ashworth is entitledto the use of the Ryder Cup Matches name and logo and as such willdesign, manufacture and distribute Ashworth product through thebrand's vast network of accounts. Randall L. Herrel, Chairman and CEOof Ashworth, Inc., commented, "For almost 20 years, Ashworth has hadthe privilege of being selected as an apparel sponsor for many ofgolf's major events. Our commitment to the PGA of America hashistorically been one of reflecting their dedication to quality andexcellence in the products we make. The Ryder Cup presents aparticularly exciting opportunity for us as it allows the Ashworthteam to share in the competitive spirit between the U.S. and Europeequally as we are well represented on both sides of the pond."
Ashworth, Inc. is a designer of men's and women's golf-inspiredlifestyle sportswear distributed domestically and internationally ingolf pro shops, resorts, upscale department and specialty stores andto corporate customers. Ashworth products include three main brandextensions. Ashworth Collection(TM) is a range of upscale sportsweardesigned to be worn on and off course. Ashworth Authentics(TM)showcases popular items from the Ashworth line. Ashworth WeatherSystems(R) utilizes technology to create a balance between fashion andfunction in a variety of climatic conditions. Callaway Golf is atrademark of Callaway Golf Company. Ashworth, Inc., 2765 Loker AvenueWest, Carlsbad, CA 92008 is an Official Licensee of Callaway GolfCompany.
In July 2004, Ashworth, Inc. acquired Gekko Brands, LLC ("Gekko"),a leading designer, producer and distributor of headwear and apparelunder The Game(R) and Kudzu(R) brands. This strategic acquisitionprovides opportunity for additional growth in new three, qualitychannels of distribution for the Ashworth(R) and Callaway Golf apparelbrands as well as further growth from The Game and Kudzu brands' salesinto the Company's three current distribution channels. The Game brandproducts are marketed primarily under licenses to over 1,000 collegesand universities, as well as to the PGA TOUR, resorts, entertainmentcomplexes and sporting goods dealers that serve the high school andcollege markets. The Game brand is one of the leading headwear brandsin the College/Bookstore distribution channel. The Kudzu brandproducts are sold into the NASCAR/racing markets and through outdoorsports distribution channels, including fishing and hunting.
To learn more, please visit our Web site at www.ashworthinc.com.
This press release contains forward-looking statements related tothe Company's market position, finances, operating results, marketingand business plans and strategies within the meaning of Section 27A ofthe Securities Act and Section 21E of the Securities Exchange Act of1934, as amended. Readers are cautioned not to place undue reliance onthese forward-looking statements, which speak only as of the datehereof. The Company undertakes no obligation to update anyforward-looking statements, whether as a result of new information,changed circumstances or unanticipated events unless required by law.These statements involve risks and uncertainties that could causeactual results to differ materially from those projected. These risksinclude the identification and evaluation of strategic alternatives,the actual or threatened proxy solicitation by third parties, timelydevelopment and acceptance of new products, as well as strategicalliances, the integration of the Company's acquisition of GekkoBrands LLC, the impact of competitive products and pricing, thesuccess of the Callaway Golf apparel product line, the preliminarynature of bookings information, the ongoing risk of excess or obsoleteinventory, the potential inadequacy of booked reserves, the successfuloperation of the new distribution facility in Oceanside, CA, and otherrisks described in Ashworth, Inc.'s SEC reports, including the annualreport on Form 10-K for the year ended October 31, 2005, quarterlyreports on Form 10-Q filed thereafter and amendments to any of theforegoing reports, including the Form 10-K/A for the year endedOctober 31, 2005.