Powell Max Acquires Minority Stake In Remington Firearms Parent Blackrod Holdings Via Share Exchange Agreement, With Plans To Buy Out Remaining Ownership Interests In Blackrod; Terms Not Disclosed

The agreement marks a significant step in PMAX’s strategy to expand into new markets and pursue opportunities for growth. In connection with the transaction, PMAX has initially acquired a minority stake in Blackrod and the agreement establishes an exclusivity period to pursue a larger business combination. The parties intend to negotiate a definitive agreement under which PMAX would acquire the remaining ownership interests in Blackrod."Remington is one of the most recognizable names in the firearms industry, with a legacy that resonates with generations of customers," said Geordan Pursglove, Chairman and Chief Executive Officer of PMAX. "This agreement reflects our commitment to pursuing transactions that we believe will create long-term shareholder value. We see tremendous potential in the combination of Remington’s brand recognition, experienced management team and rich history, and we are excited to be part of the business’s next phase of growth. We look forward to working closely with Blackrod’s team during the exclusivity period to continue due diligence and negotiate the larger transaction that we believe will benefit both companies and their shareholders. We are excited by what this opportunity could mean for PMAX’s future.""We’re very pleased to be working with PMAX and excited about the opportunities ahead," said Todd McCoig, President of Remington Firearms. "The Remington brand has a proud history and an enduring connection with generations of customers, and we believe this relationship can help position the company for continued growth and long-term success."Both parties have agreed to negotiate in good faith toward a definitive agreement for PMAX to acquire the remaining ownership interests in Blackrod. The parties are working together toward that goal and are enthusiastic about the opportunity ahead. While completion of a larger transaction is subject to further negotiation and cannot be assured, this signed agreement provides an exclusive period for the parties to pursue it. Blackrod and its members are restricted from soliciting or negotiating competing acquisition proposals for the 12 months after this initial closing, unless the agreement is terminated earlier. PMAX looks forward to sharing updates as the parties make progress.