Business & Finance

Barbecues Galore Acquires Saxon Wood Heaters

Business Wire - May 22nd, 2001

Barbeques Galore Ltd. (Nasdaq:BBQZ) today announced that it has completed the acquisition of Saxon Wood Heaters, a Tasmanian, Australian-based manufacturer, distributor and retailer of wood heaters and gas-fired barbecues. The company expects Saxon will make a positive contribution to its earnings immediately. Terms of the cash transaction were not disclosed.

"The purchase of Saxon complements our existing manufacturing business and adds two outstanding brand names, Saxon and Austwood, to our line of self-manufactured products," said Sam Linz, executive chairman of Barbeques Galore.

Barbeques Galore is the leading chain of specialty retail stores devoted to sales of barbecues, fireside products and related accessories. The company owns and operates 65 stores in the United States and 35 stores in Australia. In addition, it has 11 franchised stores in the U.S. and 49 licensed stores in Australia. Through its e-commerce Web site, www.bbqgalore.com, the company sells an extensive line of barbecue and fireside products and related accessories.
 

Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is Barbeques Galore's intent that such statements be protected by the safe harbor created thereby. Such statements include, but are not limited to, Saxon making an immediate contribution to earnings. Such forward-looking statements are subject to risks and uncertainties that could cause results to differ materially from those expressed or implied by these forward-looking statements. Potential risks and uncertainties include, but are not limited to, the risks and uncertainties as mentioned in the company's filings from time to time with the Securities and Exchange Commission.