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Rock Shox press releases

 

 

Business types may be interested in the two Rock Shox
press releases we recieved today. They plan to relocate out of Silicon Valley and
have slimmed down their management team somewhat.

Other than that, it’s hard to say whether it’s good or bad news.


For Immediate Release

ROCKSHOX ANNOUNCES RELOCATION PLAN, REDUCTION OF WORKFORCE

SAN JOSE, Calif. (Mar. 29, 2000) –

ROCKSHOX, Inc. (NASDAQ: RSHX) – the leading developer of high performance mountain
bike suspension – today announced that, in an effort to decrease costs, it plans
to reduce its workforce and relocate and consolidate its two corporate offices to
an active-lifestyle location in the Western United States.

RockShox’ two corporate offices in San Jose and Santa Cruz will be relocated and
consolidated into one new location to be determined in April 2000. The Company’s
Sales, Marketing, Research and Development, Information Technology, Finance and Human
Resources departments are expected to be relocated this summer, enabling a reduction
in RockShox’ operating cost structure, before relocation charges. RockShox’ manufacturing
facility will remain in its current location in San Jose and its relocation will
be evaluated over the next year.

“The new location for RockShox will be chosen next month, with the intention
to have all operations under one roof within the next two years. The current location
of our Company in the Silicon Valley does not lend itself well to the economic and
lifestyle needs of our employees and our business,” said Chief Executive Officer
Bryan Kelln. “We plan to move to a community that better suits a healthy, active,
and affordable environment for the people that work at RockShox, while providing
more cost effective business solutions for our global customer base.”

As part of its efforts to reduce costs and increase efficiency, RockShox also eliminated
approximately 10% of its indirect workforce. This represents approximately 20 positions
within the Company. One quarter of the reduction in personnel has resulted from
attrition and elimination of certain positions. Severance packages have also been
used to accomplish the downsizing in workforce.

Mr. Kelln continued, “In our view, scaling back our organization brings our
resources in line with current and projected revenues. We have strategically evaluated
our skill base to ensure a strong foundation for future growth in the mountain bike
suspension market. We see a long-term path to profitability that requires decisive
changes to our cost structure. Gains will be driven through relocation and increased
efficiency in operations; growth through continued innovation in our product lines;
and increased market share through improved customer satisfaction.” tements.
The Company disclaims any obligation to update any such factors or to publicly announce
the results of any revisions to any of the forward-looking statements contained in
the Annual Report on Form 10-K or this news release.

####

For Immediate Release

ROCKSHOX ANNOUNCES APPOINTMENTS TO BOARD OF DIRECTORS AND MANAGEMENT TEAM

SAN JOSE, Calif. (Mar. 29, 2000) –

ROCKSHOX, Inc. (NASDAQ: RSHX) – the leading developer of high performance mountain
bike suspension – today announced Chief Executive Officer Bryan Kelln has been named
to the Company’s board of directors, replacing George Napier and Paul Turner and
reducing the board membership to six. Separately, two management appointments were
made in an effort to increase RockShox’ commitment to European operations and aftermarket
sales.

RockShox has promoted Christoph Ritzler to Vice President of European Operations.
Ritzler has been a member of the RockShox team for more than five years and was most
recently European Business Manager. “We believe Christoph has done an excellent
job of building our business in Europe, and we look forward to his increased role
in the decision making efforts of our executive staff,” said Bryan Kelln, Chief
Executive Officer.

Reed Pike has been appointed Vice President, Aftermarket Channel. Pike is joining
the Company following seven and a half years as Director of Quality with Specialized
Bicycles in Morgan Hill, California. Kelln stated, “In our opinion Reed Pike
has proven himself as an outstanding leader in the bicycle business. We expect that
his experience will enable him to help create a level of performance in customer
service that will well exceed the current marketplace standards.”

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