Acquisition to keep Dickie Walker Marine afloat?

OCEANSIDE, Calif. – Dickie Walker Marine, Inc has reached agreement with the board of directors of Intelligent Energy Holdings Plc, a London-based energy solutions group focused on the commercialization of fuel cell technologies, on the terms of a proposed recommended offer for the entire issued share capital of Intelligent Energy, subject to satisfaction of applicable regulatory requirements, stockholder approvals, and other conditions and pre-conditions to the offer.

The directors of Dickie Walker and Intelligent Energy expect that through the acquisition, substantial benefits would flow to both sets of shareholders.

Despite this announcement, there is no certainty that an offer will be made, according to the company. However, it may be all the separates the company from closing its doors.

In evaluating the future of the Dickie Walker brand subsequent to the discontinuance of the West Marine private label business in fiscal 2004, the board of directors of Dickie Walker has concluded that the company would have to expend a significant amount of funds to effectively market the brand in order to generate additional sales and profits.

Although sales of the Dickie Walker brand increased in fiscal 2004 over 2003, this increase was on a small revenue base, according to the company. Consequently, the board has determined that although the Dickie Walker brand has good potential to generate sales in the near future, the company would continue to generate losses and would be unable to survive as a public company without additional financing, if such financing were even available.

The directors of Dickie Walker believe that the acquisition of Intelligent Energy shares will ensure the continuation of the company, although the company’s business emphasis will no longer be on apparel. Therefore, if the transaction closes, the company intends to explore opportunities to sell and/or license the Dickie Walker brand to another apparel, boating, or marine company.

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