January 14/04 10:50 am - twenty4 sports Claims Hardwood Dates, Sleeman Sponsors Pedalhead

Posted by Editor on 01/14/04
 

twenty4 sports inc. Claims Hardwood Deal is Valid

We received the following notice from twenty4 sports inc. this morning regarding the sanction to hold a 24 hour event at Hardwood Hills in Ontario.

NOTICE

twenty4 sports inc. is pleased to announce that it has purchased directly or through its affiliate Apparatus Equipment Inc. all of the undertaking, property and assets of Trilife Inc. including all contracts and assets associated with, or used in connection with, the 24 Hours of Adrenalin™ cycling events. Further, twenty4 sports inc. has entered into licensing arrangements with the owner of the 24 Hours of Adrenalin™ Trademarks for use of the trademarks in connection with the cycling events. twenty4 sports inc. has also obtained the rights of Trilife Inc. pursuant to a Letter Agreement between Hardwood Hills and Trilife Inc. dated August 12th, 2002 to organize and host the 24 Hours of Adrenalin™ cycling event. Accordingly, the event will be held at Hardwood Hills on August 21st and 22nd, 2004. twenty4 sports inc. intends to maintain the quality and integrity of previous 24 Hours of Adrenalin cycling events and assures members of the public that the race will be a first class event.

twenty4 sports inc.


See our Daily News reports on December 16, 2003 and January 12, 2004 for our complete story on this situation, however, briefly: Trilife Inc., the owner and producer of the 24 Hours of Adrenalin series declared bankruptcy in December. The assets were sold off and, as is stated in the above notice, twenty4 sports inc. (which is owned by the former principals of Trilife Inc.), purchased those assets (or the rights to use them).

According to twenty4 sports inc., this means that they have the rights to a three year agreement (which runs through 2004) with Hardwood Hills to run a 24 hour event on the Hardwood property August 21-22. Hardwood Hills and event organizer Chico Racing have entered into another agreement for a 24 hour event on the same date. twenty4 sports inc. is now threatening legal action to enforce the agreement they believe that they have.

Glenn Meeuwisse of Hardwood Hills spoke with us this morning regarding the situation.

"The basic facts are that we had a three year agreement with Trilife Inc., not 24 Hours of Adrenalin. We received confirmation from the Public Trustee and our own lawyer that the contract was not assignable, therefore, twenty4 sports has no rights (to the old contract). Hardwood Hills made it clear to twenty4 sports that (we) were not interested in having an event with them. Basically, it boils down to:

1. It was not an assignable asset.
2. It was not listed as an asset (in the bankruptcy proceeding).
3. twenty4 sports doesn't have a sanction or insurance.

I am totally surprised that this is going on (the legal action)."

The third point Mr Meeuwisse referred to is with respect to the lack of a sanction with the Ontario Cycling Association, which they need to access the OCA insurance program for event coverage. To get this insurance, twenty4 sports needs a land use permit from Hardwood, which Hardwood will not issue. Mr Meeuwisse also revealed that the old Trilife agreement with Kelso expired in 2003, and Kelso has not issued a new one for 2004, leaving twenty4 sports inc., at the present, without an Ontario venue for the coming season.

An OCA spokesperson yesterday stated that they are not attempting to favour one organizer of another, but that a sanction (and insurance) cannot be issued without a land use permit.

Adam Ruppel of Chico Racing stated this morning "Twenty4 Sports Inc. is stating that they are organizing the event at Hardwood Hills. I believe their former contract with Hardwood Hills has lawfully been terminated and my agreement with Hardwood Hills is in place."


Sleeman to Sponsor Pedalhead Road Works Team

Edmonton, Jan 11, 2004

Sleeman Breweries Ltd. is proud to announce that they will be the title sponsor of the Pedalhead Road Works cycling team for 2004. The team will compete in road, track and cyclocross events across Canada this season. Team members include Mike Stickland, 6th place 2000 Canadian National Road Race, Matt Decore, 2nd place 2003 Trans Rockies Challenge; 2002 Alberta Provincial Road Race Champion and Sean Barr, 3-time Canadian National Master "A" Cyclocross Champion.

"Pedalhead Road Works has found in Sleeman Breweries a sponsor that will allow us to take our team to the next level. From elite level racers to club members, everyone will benefit from our association with such a great company." - Guri Randhawa, Team Manager and owner of Pedalhead Road Works

Sleeman Breweries is the leading brewer and distributor of premium beer in Canada and the third largest brewing company nation-wide. Pedalhead Road Works is Edmonton's only road exclusive shop.