Cycle Country Accessories Corp., announced that it has closed on the sale of its ATV Accessories Product Line to Kolpin Outdoors Inc. Further, the company announced the change of its corporate and subsidiary names to reflect that Kolpin has acquired those trade names.
Effective Dec. 31, Cycle Country closed on the sale of its ATV accessories product line to Kolpin Outdoors Inc. for $8 million, subject to certain adjustments.
This sale was for the ATV Accessories Product Line only, which did not include any of the company's manufacturing operations, including real estate, machinery and equipment. It was an asset sale only and did not transfer any of the company's liabilities. Further, it only affected the sales, engineering, product development and customer service employees of Cycle Country and did not include or affect any of the manufacturing or operational personnel of the business.
The parent company, Cycle Country Accessories Corp. (a Nevada corporation), will operate under the new corporate name of ATC Venture Group Inc. ("ATC Venture Group"). It will continue to be publicly traded on the NYSE/American Stock Exchange under the symbol "ATC."
The subsidiary company, Cycle Country Accessories Corporation, an Iowa corporation, will be renamed Simonsen Iron Works Inc. The company will maintain its manufacturing operations in Spencer, Iowa, but will operate under the name of Simonson Iron Works, restoring the heritage of that company's 106-year history of contract metal fabricating. Simonsen Iron Works will continue to manufacture the ATV product line for Kolpin outdoors through this product year under a manufacturing supply agreement and is currently in negotiations with Kolpin to work on the extension of this agreement into the next product year.