Business news : Gatorz Inc. Changes Name to Pacific Vector Holdings Inc.

Gatorz Inc. changed its name to Pacific Vector Holdings Inc. Management and named a new president of its Brand Division to seek acquisitions.

Chad Foreman will assume the role role on June 17 and immediately begin working on identifing consumer brands to acquire or license to sell through one of its wholly owned subsidiaries. 

"Chad's experience in developing brands and executing on brand strategies is second to none," said Robert Reynolds, CEO for Pacif Vector. "He has a variety of successes behind him with brands such as Zero Skateboards, Mystery and Fallen Footwear. He combines a deep knowledge of brand promotion, digital marketing and social media expertise with an ability to develop innovative brand strategies. We are excited to welcome Chad to our team and look forward to working with him to build out our brand portfolio."

Foreman was granted 500,000 options priced between 11 and 25 cents per common share to purchase 500,000 shares over the next three years with additional options vesting in future years enabling him to purchase another 500,000 shares if the company reaches revenues targets of $35 million and $50 million.

"I'm really excited to be a part of the Pacific Vector team and am looking forward to the bright future ahead. With this group of talented and passionate people, it's going to be a very rewarding journey for us all," said Foreman.

Gatorz's shareholders approved the Pacific Vector name at their annual meeting June 6 to better reflect the company's intent new emphasis on acquire consumer brands and licenses. The common shares of the company will trade under the new trading symbol PVH TSX Venture Exchange effective at the opening on June 13, 2013. Shareholders of the company can trade existing shares without the need to transfer any certificates into the company's new name. 

"The decision to change our name is a logical and necessary one based off our new directional strategy as a company,” said CEO, Robert Reynolds. “As a result of our most recent acquisition of Ryderz Compound, we took the first step towards implementing our new strategy and diversifying ourselves as a company. We are excited to evolve from a single sunglass brand to a company offering both brands and unique retail experiences."

Ryderz Compound operates a chain of 34 retail stores in the United States under the XRyderz or No Fear store banners

Pacific Vector continues to maintain head offices in San Diego and Toronto, Ontario.

Source Gatorz through SportsOneSource

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