EX-99.1
4
a08-16736_1ex99d1.htm
EX-99.1
Exhibit 99.1
Meade Instruments Corporation
6001 OAK CANYON, IRVINE, CALIFORNIA 92618-5200 U.S.A.
(949) 451-1450
· FAX: (949)
451-1460 · www.meade.com
Meade Instruments Corp.
The
Piacente Group, Inc.
Paul Ross, CFO
Brandi Piacente
Tel: 949-451-1450
Tel: 212-481-2050
Fax:
949-451-1460
Email:
brandi@tpg-ir.com
MEADE INSTRUMENTS ANNOUNCES SALE OF SIMMONS BRAND
FOR CASH PROCEEDS OF $7.25 MILLION
IRVINE, Calif. - June 13,
2008 - Meade Instruments Corp. (Nasdaq NM: MEAD)
, a leading designer and manufacturer of optical
products, including telescopes, binoculars and microscopes, today announced
that it has signed and closed an agreement to divest its Simmons brand and
related inventory to Bushnell Outdoor Products for approximately $7.25 million
in cash. The Company will focus on its
core business of astronomical telescopes, telescope accessories, binoculars and
spotting telescopes, and other optical products.
Steve
Muellner, President and Chief Executive Officer of Meade, commented, "We are
pleased that we were able to take another key step in executing on Meade's
turnaround. After further review of the
Company's strategic alternatives, we found an excellent opportunity to sell our
Simmons business to Bushnell, which not only significantly strengthens our
balance sheet, but also allows Bushnell to acquire a well-known and profitable
brand that we have been successfully operating since 2002. Further, Meade can move closer to its core
strength of being the leading astronomical optics provider in the market. We are committed to working together with
Bushnell to ensure a smooth transition for our customers".
In connection with these
asset sales, the Company also entered into the Fifteenth Amendment to its
Amended and Restated Credit Agreement with its primary lender, Bank of America,
N.A.
TELECONFERENCE
The Company's management
will host a conference call on Monday, June 16, 2008 at 8:30 a.m.
Eastern Daylight Time/ 5:30 a.m. Pacific Daylight Time to discuss the
sales of these assets, its fourth quarter and year-end results, and answer
questions. There will be a simultaneous
webcast of the conference call.
Interested
parties may participate in the conference call by dialing 800-240-2430
(international dial-in 303-262-2130). The live webcast of the conference call
may be accessed by visiting the Investor Relations section of the Meade website
at http://www.meade.com.
A replay of the
conference call will be available through June 30, 2008 by dialing
800-405-2236 (international dial-in 303-590-3000) and entering passcode
11115874#. The webcast will be archived
on the Company's website for ninety days.
ABOUT MEADE INSTRUMENTS
Meade Instruments is a
leading designer and manufacturer of optical products including telescopes and
accessories for the beginning to serious amateur astronomer. Meade offers a
complete line of binoculars that address the needs of everyone from the casual
observer to the serious sporting or birding observer. The Company distributes
its products worldwide through a network of specialty retailers, mass
merchandisers and domestic and foreign distributors. Additional information on
Meade is available at www.meade.com.
"Safe-Harbor"
Statement under the Private Securities Litigation Reform Act of 1995: This news
release may contain comments and forward-looking statements based on current
plans, expectations, events, and financial and industry trends that may affect
the Company's future operating results and financial position. Such statements involve risks and
uncertainties which cannot be predicted or quantified and which may cause
future activities and results of operations to differ materially from those
discussed above. Such risks and uncertainties include, without limitation: the
sufficiency of the Fifteenth Amendment to meet the Company's liquidity needs;
the Company's ability to execute on its strategic initiatives and turnaround
plans; the sufficiency of $7.25 million to meet the Company's liquidity
requirements; as well as the other risks and uncertainties previously set forth
in the Company's filings with the Securities and Exchange Commission. For additional information, please refer to
the Company's filings with the Securities and Exchange Commission.
###

EX - 99 . 1 4 a08 - 16736 _ 1ex99d1 . htm EX - 99 . 1 Exhibit 99 . 1 Meade Instruments Corporation 6001 OAK CANYON , IRVINE , CALIFORNIA 92618 - 5200 U . S . A . ( 949 ) 451 - 1450 · FAX : ( 949 ) 451 - 1460 · www.meade.com Meade Instruments Corp . The Piacente Group , Inc . Paul Ross , CFO Brandi Piacente Tel : 949 - 451 - 1450 Tel : 212 - 481 - 2050 Fax : 949 - 451 - 1460 Email : brandi@tpg-ir.com MEADE INSTRUMENTS ANNOUNCES SALE OF SIMMONS BRAND FOR CASH PROCEEDS OF $ 7.25 MILLION IRVINE , Calif . - June 13 , 2008 - Meade Instruments Corp . ( Nasdaq NM : MEAD ) , a leading designer and manufacturer of optical products , including telescopes , binoculars and microscopes , today announced that it has signed and closed an agreement to divest its Simmons brand and related inventory to Bushnell Outdoor Products for approximately $ 7.25 million in cash . The Company will focus on its core business of astronomical telescopes , telescope accessories , binoculars and spotting telescopes , and other optical products . Steve Muellner , President and Chief Executive Officer of Meade , commented , " We are pleased that we were able to take another key step in executing on Meade 's turnaround . After further review of the Company 's strategic alternatives , we found an excellent opportunity to sell our Simmons business to Bushnell , which not only significantly strengthens our balance sheet , but also allows Bushnell to acquire a well - known and profitable brand that we have been successfully operating since 2002 . Further , Meade can move closer to its core strength of being the leading astronomical optics provider in the market . We are committed to working together with Bushnell to ensure a smooth transition for our customers " . In connection with these asset sales , the Company also entered into the Fifteenth Amendment to its Amended and Restated Credit Agreement with its primary lender , Bank of America , N . A . TELECONFERENCE The Company 's management will host a conference call on Monday , June 16 , 2008 at 8 : 30 a.m. Eastern Daylight Time / 5 : 30 a.m. Pacific Daylight Time to discuss the sales of these assets , its fourth quarter and year - end results , and answer questions . There will be a simultaneous webcast of the conference call . Interested parties may participate in the conference call by dialing 800 - 240 - 2430 ( international dial - in 303 - 262 - 2130 ) . The live webcast of the conference call may be accessed by visiting the Investor Relations section of the Meade website at http://www.meade.com . A replay of the conference call will be available through June 30 , 2008 by dialing 800 - 405 - 2236 ( international dial - in 303 - 590 - 3000 ) and entering passcode 11115874 # . The webcast will be archived on the Company 's website for ninety days . ABOUT MEADE INSTRUMENTS Meade Instruments is a leading designer and manufacturer of optical products including telescopes and accessories for the beginning to serious amateur astronomer . Meade offers a complete line of binoculars that address the needs of everyone from the casual observer to the serious sporting or birding observer . The Company distributes its products worldwide through a network of specialty retailers , mass merchandisers and domestic and foreign distributors . Additional information on Meade is available at www.meade.com . " Safe - Harbor " Statement under the Private Securities Litigation Reform Act of 1995 : This news release may contain comments and forward - looking statements based on current plans , expectations , events , and financial and industry trends that may affect the Company 's future operating results and financial position . Such statements involve risks and uncertainties which can not be predicted or quantified and which may cause future activities and results of operations to differ materially from those discussed above . Such risks and uncertainties include , without limitation : the sufficiency of the Fifteenth Amendment to meet the Company 's liquidity needs ; the Company 's ability to execute on its strategic initiatives and turnaround plans ; the sufficiency of $ 7.25 million to meet the Company 's liquidity requirements ; as well as the other risks and uncertainties previously set forth in the Company 's filings with the Securities and Exchange Commission . For additional information , please refer to the Company 's filings with the Securities and Exchange Commission . # # #