Form 8-K for XTREME COMPANIES INC
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6-Mar-2006
Entry into Material Agreement
Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On February 28, 2006 we acquired all of the stock of Marine Holdings, Inc. d/b/a Challenger, a semi-custom boat manufacturer. In exchange for $4.3 million in cash, we received the challenger business and assets including a gross order backlog of $1.6 million, boat inventory, boat molds and real estate which includes Challenger's 65,000 square foot boat manufacturing facility located on 12 acres in Washington, MO.
The foregoing description of the terms and conditions of the contract is qualified in its entirety by, and made subject to, the more complete information set forth in the Stock Acquisition Agreement filed as exhibit 10.1 and the Real Property Sale Contract filed as Exhibit 10.2, and incorporated herewith.
This report may contain forward-looking statements that involve risks and uncertainties. We generally use words such as "believe," "may," "could," "will," "intend," "expect," "anticipate," "plan," and similar expressions to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described below and elsewhere in this report. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
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