Press release announcing sale of Yar Craft Boats to Bass Cat Boats parent corp.

December 12, 2011

Press release announcing sale of Yar Craft Boats to Bass Cat Boats parent corp.

Yar Craft boat company acquired by Pierce family.

December 8, 2011 the Pierce and Suthers families entered into an agreement for sale of Yar Craft to the Pierce family, of Bass Cat Boats.

Bass Cat now in its 40th year of ownership and operation by the Pierce family. Yar Craft is a walleye boat with a heritage of over 40 years in the marine business. Yar Craft was acquired in 2004 by Corey Suthers and Norlen Inc. As Norlen grew with it’s Tomcor business arm, they sought to reduce their marine arm, making room for it’s core business structure. Yar Craft will be an independent line, with production alongside Bass Cat Boats, and manufactured in Mountain Home, AR.

The Suthers family was in search of a long term company that could assure longevity to the Yar Craft brand, securing the future of what they had built. Yar Craft has undergone extensive retooling and development in the recent years, bringing the product line up and continually innovation of the brand. Bass Cat intends to only further that progress. As they will integrate proprietary processes Bass Cat has developed for their line into the Yar Craft brand.

From Rick Pierce: Yar Craft is an exciting move for us! We were looking at Yar Craft about four years ago with Corey, and the timing was just not right for us then. We are much more prepared now to bring Yar Craft past where Corey and his team have the brand. He, Dean and Paul have all done a wonderful job to this point building a walleye platform. We hope we can continue to do as well as they have done.

On how this occurred: “This all came together pretty quick, I was eating dinner with an marine industry friend in Louisville, KY last October. I was explaining how we just finished reviewing the data on the walleye market were intent on entering the market, developing our own brand. After we finished dinner I retrieved my e-mails and there was a memo from Corey wondering if we were interested in revisiting a Bass Cat purchase of Yar Craft. It was really a no thought decision this time, especially considering Yar Craft is a functioning product line. It all came together very fast. Plus we just finished looking at the viability of the walleye market in depth”

It is important to those on both sides that the heritage and image of Yar Craft. Thus Corey and Dean Nathe are involved for at least two years from start of boat production in the process of shows, meetings and production. This is not sell and good bye relationship. Both parties are interested in the mutual success of Yar Craft as a brand.

Corey Suthers on the sale of Yar Craft to the Pierce’s:

We are very excited for the Yar-Craft name to be associated with the Pierce family and Bass Cat Boats. I am a proud person today knowing that Yar-Craft is moving to a family owned business. I purchased Yar-Craft in 2004; I owned 2 Yar-Craft boats prior to purchasing the company. I said then that if small boat companies all go away the large companies will never listen to the customer, they will build what they want and the customer will suffer in the long run. That still holds true today, the small dealerships stayed strong and the big box store dealerships suffered and some went under. Quality and service will always beat price in the long run. Bass Cat has proven that after being in business for over forty years and winning 5 consecutive JD Power awards. I know that our dealers and customers alike will be taken care of as well or better then we could. The move will also be a great asset for Bass Cat, allot of dealers in the past wanted a bass and walleye line from one company so some went to other manufacturers instead of Yar-Craft. Now they will have it all. I will miss seeing these boats built in Wausau but we were able to keep most of our employees and move them to different areas of our parent company, Norlen Inc…

The Pierce family plans to extend the same level of customer service to the Yar Craft brand that its Bass Cat owners experience with service endorsed by the five (5) consecutive JD Power and Associates awards for Best in Customer Service for Fiberglass Bass Boats. Things like the Owners Board and Owners Invitational will be extended to the Yar Craft owners for their participation in the event on April 13 & 14, 2012.

As the company integrates the service, owner’s board and more it should be a very bright future for Yar Craft, Yar Craft dealers and its boat owners.

Challenger Inc. is the parent company of Bass Cat Boats and Challenger Products. It was incorporated on in April 5th of 1971, by Ron and Jan Pierce in Mountain Home, Arkansas. The intent was to manufacture bass boats and the Pierce family is now in its 40th (fortieth) year of building Bass Cat for the fishing industry, as one of the oldest consistent family traditions in the marine industry.

Norlen Inc. is a third generation metal stamping and cutting company started in 1964 at it’s present location in Schofield, WI, and descendent Corey Suthers is President. Their subsidiary Tomcor is a premier powder coating facility in Wisconsin, located in Wausau.

For more information on Norlen Inc. contact 715-359-0506. For more information on Tomcor contact 715-849-4135.

For further information on Yar Craft, Bass Cat or Challenger Inc. contact:

Gary Gould, Gould Design Associates at 501-835-7180 (email: [email protected])