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OCTOBER 24, 2005 -- Wolverine Promotes Krueger To President

Wolverine World Wide promoted Blake Krueger to president/CO0. Krueger has served as an EVP and officer of the company for 10 years with responsibilities during this time for the HR, retail, business development, accessory licensing, acquisitions and legal areas.

Most recently, Krueger has served as president of the Heritage Brands Group. In this role, he has been instrumental in driving significant operational and profit improvements on a global basis for the Harley-Davidson Footwear and CAT Footwear operations.


SIA Founder Passes Away

Jim Weinstein, 101, one of the original founders of the trade organization that became SIA, and four decades corporate counsel to the organization, died Oct. 20 in Woodstock, Vt.

James Julian Weinstein was born and raised in Boston and worked part-time in his father’s specialty grocery business. He began skiing as a teenager, and graduated from Harvard in 1927. After graduating from Harvard Law School in 1930, he set up a private law practice while continuing to help operate the family business.

In the postwar years, among Jim’s clients was Lew Russfield, owner of Sun Valley Skiwear. By 1954, Russfield was active in a group of ski equipment and clothing wholesalers who were unhappy with the dates of the national ski trade show, held in New York. Jim organized a meeting at a New York restaurant, attended by two dozen vendors, and helped them organize the National Ski Equipment and Clothing Association, with Russfield as president and Jim as counsel.

In 1959 the group had taken full control of the annual show, and changed its name to Ski Industries America (SIA), with Henry Barreca as president. Jim was corporate counsel to the organization for four decades. He also organized and ran the National Ski Credit Association, a credit reporting agency. “Jim was truly the only one of his kind with his own unique way of managing business and people,” stated SIA President David Ingemie. “He had a huge impact on the business professional I am today and somehow managed to keep me on the straight and narrow along the way.”

Later, Jim also served as legal counsel to both the New England Sporting Goods Agents Association and to the American Windsurfing Industries Association.

Jim skied until age 80, and while he and his wife Selma “retired” to Vermont, he continued to practice law, sporadically, until age 99. Selma died in 1996.

“Jim attended every SIA director’s meeting, executive meeting and marketing meeting for all the years he was with us, and kept us out of trouble,” said Jim Woolner, partner in Beconta Inc., and a long-time officer and director of SIA. “He had a great influence on us. He was a damn fine lawyer with tremendous common sense. We were a group of entrepreneurs with intense competition among ourselves, and he kept us as a solid unit. He was a wonderful man. We were blessed to have him with us.”

Nick Hock, the 10th Mountain Division veteran who played godfather to the original ski show, said, “Jim Weinstein was a remarkable man. He was a gentleman.” Seth Masia echoed his sentiments stating, ”I need to confirm that Jim Weinstein was a nice guy, and a patient mentor to generations of upstart young ski industry executives. He was classic, and classy, and we'll miss him.”

Weinstein was still sharp as a tack at age 98, when he assisted in preparing a 50-year history of the national trade show.

Jim Weinstein is survived by two children, David and Wendy, five grandchildren and three great-grandchildren.


Orange 21 Acquires Eye Manufacturer

Orange 21 Announces Acquisition of Eyewear Manufacturer
Monday October 24, 8:00 am ET

CARLSBAD, Calif.--(BUSINESS WIRE)--Oct. 24, 2005--Orange 21 Inc. (NASDAQ:ORNG - News), a leading developer of brands that produce premium products for the action sport and youth lifestyle markets, announced today it has elected to exercise its option to purchase its Italian manufacturer, LEM S.r.l., subject to certain closing requirements. The transaction is expected to close in December 2005, at which time it is anticipated that LEM will become a wholly owned subsidiary of Orange 21 Inc.

LEM, founded in 1984, is one of the world's premier manufacturers of premium sunglasses and goggles. Located in Northern Italy, LEM currently manufactures approximately 79% of Orange 21's eyewear products through September 2005. This represented approximately 70% of LEM's revenue of EUR 11.2 million for the fiscal year ending June 30, 2005. Riccardo Polinelli, who founded LEM, will remain with Orange 21 as the General Manager of the LEM subsidiary.

"We are pleased to announce the acquisition of LEM, and to bring the majority of our sunglass and goggle manufacturing in-house," said Orange 21's Chief Executive Officer, Barry Buchholtz. "LEM has been instrumental in allowing Orange 21 to develop and manufacture premium eyewear products. We believe this acquisition will allow us to shorten manufacturing lead times, accelerate our product to market process, and improve product gross margins. Additionally, this vertical integration will minimize the historical risk of supply chain interruption and product quality issues. This acquisition complements and accelerates our progress towards our long term strategy of developing additional eyewear brands, including E Eyewear, and other brands targeted to different market segments."

Under the terms of the agreement, Orange 21 will pay EUR 3.3 million euro in cash plus a two year earn out in exchange for the outstanding LEM stock. The Company projects that the transaction will be slightly dilutive for the stub period in 2005 and in 2006. The transaction is expected to be accretive in 2007 and beyond.



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Categories
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Sporting goods industry
Executives

Companies
SIA
LEM
Wolverine World Wide Inc.
Harvard Law School
Heritage Brands Group

Concepts
trade show
eyewear products
corporate counsel
national trade show
national ski trade show

People
Blake Krueger
Jim Weinstein
Orange
Russfield
James Julian Weinstein





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