Nature Vision Inc. Announces the Sale of the Vaddio Product Line |
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Nature Vision, Inc.
521 Dogwood Drive
Baxter, MN, 56425
USA
Press release date: February 8, 2007
BRAINERD, Minn., Feb. 8: Nature Vision Inc. (NASDAQ:NRVN), the nation's leading manufacturer and distributor of underwater viewing systems, announced the sale of its Vaddio product line to New Vad LLC, effective Monday, February 5, 2007.
The transaction provided for a total purchase price of approximately $1,500,000. The transaction involved the sale of equipment and certain other assets relating to the Vaddio product line. Vaddio inventories will be sold to the buyer over the next 12 months at a book value. Accounts receivable, real estate and certain manufacturing equipment were retained by Nature Vision Inc. Estimated market value of assets retained by Nature Vision Inc. is approximately $6,000,000. The majority owners of the buyer, New Vad, LLC, were managers of the division while owned by Nature Vision Inc.
Nature Vision continues its operation related to outdoor recreation products, located in Brainerd, Minnesota. Our long-term growth plans will be in the outdoor recreation markets. This growth is expected to be generated organically and through strategic acquisitions.
Nature Vision Inc. is a leading outdoor recreation company that continues to reinvent the outdoor experience with innovative, top-quality products. We design, manufacture and market a portfolio of winning brands across the outdoor recreation market. Brand names include, Aqua-Vu, Genz Stix, Buzz Stix, Game-Vu and Well-Vu. We operate 1 domestic location, employ 17 full time employees and reported annual sales of $11.6 million in 2005.
Visit Nature Vision online at http://www.naturevisioninc.com/ .
Source: Nature Vision Inc.
CONTACT: Michael R. Day of Nature Vision Inc., +1-218-825-0733
Web site: http://www.naturevisioninc.com/
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