SOURCE: Leisure Direct, Inc.

January 08, 2007 09:20 ET

Leisure Direct Retains 40 North to Accelerate Growth by Acquisitions

PERRYSBURG, OH -- (MARKET WIRE) -- January 8, 2007 -- Leisure Direct, Inc. (OTCBB: LDTI) announced today that it is accelerating its acquisition strategy and has retained 40 North, Inc., a management advisory firm, to assist in acquisition related activities. John R. Ayling, LDTI's Chairman and CEO, stated, "40 North will help accelerate the implementation of our growth strategy of acquiring and integrating profitable companies in our industry. With numerous acquisition candidates identified that represent more than $150 million in revenue, 40 North's services will help us to qualify, evaluate, fund and close acquisitions more effectively. 40 North will be compensated based on successful outcomes, so our interests are aligned."

The company recently announced it had signed a letter of intent to acquire a well-established manufacturer with annual revenue of approximately $10.5 million and EBITDA of about $1.26 million. The purchase price of the company will be less than five times earnings and well under one times revenue. Mr. Ayling further stated, "As we continue progressing toward closing the announced letter of intent, LDI is also laying the groundwork to open Olympic Manufacturing, a company-owned pool and spa manufacturer, for the 2007 season. This acquisition will be one of many that will help enable us to become a major player in the pool, spa and backyard leisure industry. We plan to close acquisitions representing more than $35 million in revenue in 2007. The company intends to retain additional resources to help ensure our goals are met."

About Leisure Direct, Inc.

It is the mission of LDTI to become the premier, highest quality and most nationally recognized manufacturer and direct marketer of pool, spa/hot tub, and patio products in the United States. LDTI will implement its strategy by acquiring existing manufacturers of backyard entertainment products and building a direct marketing distribution network.

About 40 North, Inc.

40 North is a management advisory firm to companies that do not have either the time or the resources to capitalize on new business opportunities. 40 North delivers mission critical services that enable start-up, early stage and mature companies to maximize success during the formation, launch, growth and ultimate disposition of ventures.

This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.

Contact Information

  • Contact:
    John R. Ayling
    Chairman and CEO
    Leisure Direct, Inc.
    (419) 873-1111
    1070 Commerce Drive, Building II - Suite 303
    Perrysburg, OH 43551

    David L. Clark
    40 North, Inc.
    (317) 531-7531
    9465 Counselors Row, Suite 200
    Indianapolis, IN 46240