Contact: Kelley Woolsey Michael Collin Confluence Watersports

Contact:
Kelley Woolsey
Confluence Watersports
336-434-7730
kwoolsey@confluencewatersports.com
Michael Collin
Fendler Communications
207-761-8005
michael@fendler.com
FOR IMMEDIATE RELEASE
CONFLUENCE HOLDINGS TO ACQUIRE WATERMARK’S WATER SPORTS DIVISION
Trinity, NC, May 12, 2005 – Confluence Holdings Corp. (“Confluence”) announced today
that a purchase agreement has been signed under which Confluence will acquire the water
sports division’s assets of WaterMark Paddlesports Inc. (“WaterMark”), including
WaterMark’s paddlesports brands, the WaterMark name and WaterMark’s assets in Easley,
SC. The agreement does not include WaterMark’s land sports division. Industry veteran
Richard Feehan has been named CEO of Confluence. The transaction is expected to close
Monday, May 16th, 2005.
“This is a very exciting time for me to come on board at Confluence,” said Feehan.
“Confluence and WaterMark’s paddlesports division include the most recognized brands in
the industry and together will form the premier paddlesports company in the world.”
Founded in 1998, Confluence was formed through the merger of Mad River Canoe, which
included Voyageur, and Wilderness Systems, which included WindRider. In 2001,
Confluence expanded its range of products with the acquisition of Wave Sport. The
Confluence family of brands includes Mad River Canoe®, Wilderness Systems® touring and
recreational kayaks, Wave Sport® whitewater kayaks, WindRider® sailing trimarans, and
Voyageur® water sports accessories.
WaterMark was formed in 1998 through the merger of Perception and Dagger. Since then,
WaterMark has expanded its product range to include Harmony, AT Paddles, Yakima, and
Rhode Gear. WaterMark’s paddlesports division brands includes Dagger® touring and
whitewater kayaks, Perception® touring and whitewater kayaks, Mainstream® recreational
kayaks, Harmony® paddlesports accessories and AT Paddles®.
Confluence and the WaterMark paddlesports division will continue to operate as
autonomous business units for the remainder of the 2005 selling season. Confluence fully
anticipates that industry veterans Kelley Woolsey, SVP Marketing & Sales, and Bob
McDonough, VP of Research & Development, will continue to lead the Confluence side of
the business, and Brian Fisch, VP of Sales, Ron Barlow, VP of Operations, and Tony Lee,
Director of Research & Development, will continue to lead the WaterMark side.
“As this acquisition will be taking place in the midst of the selling season we will do
everything we can to ensure that there is no disruption to our customer service, delivery
performance or sales coverage. It will be business as usual for our customers,” added
Feehan.
more
Mailing / Shipping
Tel 3 3 6 434-7470
3761 Old Glenola Rd. Tr inity, NC 27370
Web www. confluencewaterspor ts.com
F a x 336 434-6764
As part of the agreement, Confluence has contracted WaterMark to continue to handle all
customer service activities for the WaterMark paddlesports division from their current
customer service center in Arcata, CA, during the transitional period. In addition, during this
period Confluence will rebuild a customer service and credit department for the division in
the Easley facility.
ABOUT CONFLUENCE HOLDINGS CORP.
Confluence Watersports Company, based out of Trinity, NC, manufactures and distributes
water sports equipment under the Mad River Canoe®, Wilderness Systems®, WindRider®,
Voyageur®, and Wave Sport® brands. Voyageur is a leading line of canoeing and kayaking
accessories including whitewater and other quality paddles, along with personal flotation
devices, storage gear and apparel. The Mad River Canoe Brand is recognized as the quality
leader in the canoe industry. Under the Wilderness Systems brand, Confluence
manufactures top-quality fiberglass, Kevlar, and rotationally-molded kayaks. The Wave
Sport brand is one of the paddling industry’s premier whitewater kayak brands. WindRider is
a unique line of sailing trimarans. The company’s wholly-owned subsidiary, Confluence
Watersports Canada, Inc., distributes all the brands in Canada. For more information visitwww.confluencewatersports.com
ABOUT WATERMARK
WaterMark is a leader in technical products for outdoor recreation and manufactures and
distributes the industry's most complete line of whitewater, touring and recreation kayaks.
The company's brands include kayak leaders Dagger®, Perception®, and Mainstream®, in
addition to Harmony® paddle sports accessories, AT Paddles®, and Yakima® and Rhode
Gear® vehicle racks. WaterMark is headquartered in Beaverton, Oregon, with offices in
Easley, SC.
###
Mailing / Shipping
Tel 3 3 6 434-7470
3761 Old Glenola Rd. Tr inity, NC 27370
Web www. confluencewaterspor ts.com
F a x 336 434-6764