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Cannondale Intellectual Property Sold???

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drzgod

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Has any one seen this? I thought ATK purchased Cannondale's inventory and intellectual property and were planning on new models next year. What's up?

Dinli Purchases Intellectual Property of Cannondale Motorsports Division
September 15, 2003 2:06:00 PM ET


GREENWICH, Conn., Sept. 15 /PRNewswire/ -- Moto Assets Acquisition Corp. has announced that Dinli Metal Industrial Company, Ltd. ("Dinli"), a Taiwanese manufacturer of All-Terrain Vehicles (ATVs), has purchased the intellectual property associated with the motorsports division of the former Cannondale Corporation for an undisclosed sum. Dinli is now the sole owner of the intellectual property for use on a worldwide basis. The sale to Dinli does not include any use or association with or rights to the Cannondale name or trademark.

Moto Assets Acquisition Corp. was formed by private equity investment firm Pegasus Partners II, LP ("Pegasus") to acquire the assets of Cannondale Corporation's motorsports division earlier this year. At that time, Pegasus also formed the Cannondale Bicycle Corporation to purchase the assets of Cannondale Corporation's bicycle division.

David Uri, a Partner at Pegasus and the President of Moto Asset Acquisition Corp., said that the sale to Dinli was consistent with Pegasus' stated goal of divesting itself of the motorsports assets. "We want to concentrate on growing the Cannondale Bicycle Corporation, and on strengthening and growing one of the premier brands of lightweight, high-performance bicycles in the world," said Uri. "We wish Dinli the best of luck in their future pursuits as the exclusive owner of the intellectual property of the motorsports division of the former Cannondale Corporation."
 
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