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| March 14, 1996--Pacific International Enterprises Inc.
(NASDAQ/BB:PCIE), the parent company of CRUSH(tm) Innovative Sports Systems
Inc. has signed a letter of intent to acquire Third Rail Inc., one of the
leading manufacturers of high fashion street, skate, surf and snowboard apparel,
as well as a distributor of snowboards and snowboard bindings.
Richard Perkins, CEO of CRUSH stated, "Our intent to acquire Third Rail is based on our commitment to implement an aggressive growth strategy by partnering with innovative companies that have established quality `brand name' product lines. With anticipated revenues of $4 million for 1995 and projected revenues of $6 million in 1996, we believe that Third Rail will be an ideal partner." Binks Graval, CEO of Third Rail stated, "We, at Third Rail, are looking forward to being a significant contributor to the growth and profitability of Pacific International Enterprises Inc." All Third Rail apparel has a broad appeal, ranging from the hard core to urban fashion markets, incorporating street, skate, snow, hip hop, motorcross and punk rock trends. The quality of the clothing and the versatility and aesthetics of the designs have gained testimonial and endorsement support from music industry recording artists. In addition, Third Rail product can be found in Hollywood films, videos and commercial productions. Currently, pro snowboard riders are riding Third Rail boards and wearing their snowboarding apparel, some are riding in Third Rail clothes exclusively. Besides sponsoring several of the top up and coming snowboard riders, Third Rail also sponsors a championship Los Angeles county hockey team, a world class windsurfer and is also a major sponsor of the innovator of street luge. CRUSH(tm) Innovative Sports Systems, a wholly owned subsidiary of Pacific International Enterprises, develops sports related products, based on its proprietary "quick release" fastening technology, for rapidly growing markets, including snowboarding and in-line skating. CRUSH(tm) products address the deficiencies of current products by providing superior levels of performance, comfort and convenience. CONTACT: Woodbridge & Associates 800/824-4011 or 714/251-3436 or CRUSH Innovative Sports Systems Inc. Richard Perkins, 714/816-0200 |
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