Rio Sold

[LadyFisher]

November 7, 2005

FOR IMMEDIATE RELEASE

Far Bank Enterprises, a wholly-owned subsidiary of the Joshua Green Corporation of Seattle, Washington, today announced that it has acquired RIO Products Intl. Inc. of Idaho Falls, Idaho. Sage Manufacturing and Redington are also owned and controlled by Far Bank.

RIO is a leading manufacturer and distributor of fly lines, leaders, tippet materials and related products for the fly fishing industry. "We are excited to be working with the management teams at Sage and Redington," noted Jim Vincent of RIO. "We have always entertained the idea of a strategic alliance because we have many of the same U.S. sales personnel in addition to similar philosophies on the development of high quality products. We believe there are great synergies that can be realized from working together. Kitty and I look forward to helping build on the successes that we have enjoyed at RIO."

"The acquisition of RIO is an important strategic step in our endeavor to be an integrated supplier to the fly fisherman," said Joshua Green III, Chairman of Far Bank. "We have long been interested in adding the manufacturing and distribution of fly lines, leaders, and tippets to those high quality products that we already offer through Sage and Redington."

In acquiring RIO, Far Bank made it clear that continuing to develop and manufacture top of the line products was essential to its decision. "The Vincents, and all the people at RIO, have done a great job of building a globally recognized company," remarked Travis Campbell, Far Bank's Vice President. "We do not expect any changes in the personnel at RIO, and in fact, the people there are a primary reason we are excited about its future." The company also stated that RIO's operations would remain in Idaho Falls. Campbell will have the title and duties of President of RIO, and will oversee the strategic coordination of RIO with Far Bank's other companies. "Our focus continues to be customer driven, and RIO provides a wonderful addition to the great brands we already provide to fly anglers everywhere," Campbell added.

Far Bank Enterprises is an integrated manufacturer and distributor of fly fishing products, including fishing rods, fly reels, fly lines, leaders, tippets and performance outdoor apparel. Far Bank subsidiaries operate under the brand names of Sage, Redington, and RIO.

For further information contact Travis Campbell via email at tcampbell@farbank.com or 206-780-8767.


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LadyFisher, Publisher of
FAOL

[ohiotuber]

I am a big fan of RIO products, and I don't see this as a negative. I think some may look at this in the shadow of the recent unfortunate happenings at Winston, but Far Bank seems to me to appreciate quality & be committed to its' continuity. I don't anticipate any "downturn" at RIO. A sale doesn't always indicate a negative...you just need to loo at whose doing the buying!
Mike

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This site's about sharing!

[flymaker2]

I hope they keep Simon! When they bought Redington, heads rolled!

[danbob]

I'm down to only 2-3 brands of leader and tippet that I like to use, the others cause consistant hassles. Rio is one of them that I like, I hope all goes well for them.
DANBOB

[LadyFisher]

You might want to rethink or restate your comment about heads rolling when Redington was sold. Most of the folks opted to stay with Jim Murphy and the new Albright company, they didn't like moving to Bainbridge Island, WA from Florida.

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LadyFisher, Publisher of
FAOL

[josko]

Well, it was good while it lasted...

[Bamboozle]

I hope it opens up more dealers to the Rio product line. I use their fly lines exclusively and love the tippet material but both are hard to come by in my neck of the woods.

[Rich Ward]

LOL I shoot sporting clays with Jim here in IF. this has been in the works for a while. This is good and bad if your a fly shop. I don't think it will make a hill of beans to the consumer. If business continues to slip only a big money co. will be able to weather the storm. Rio has always been a great co. Now Kitty can cut back on the work.... LOL Jim never did. The co. will be streamlined and I would surmize that the marginal products will go by-by. I don't see heads rolling for a while. I feel sorry for the reps... now 1 company controles a much larger chunk of thier income... and that my friends is VERY BAD for a REP.

Rich

[Speybro]

Hi fellow artists of the long piscatorial disciplines. O.K. these posts were forwarded to me and after following them for a while, I guess I finally have to respond. I do not know any person named Rich Ward, at Skyline Gun club, In Idaho Falls. I might of met someone by that name but I do not remember him. I can assure you I would never discuss business, while shooting. Now I want to dispell some myths. 1) nothing is going to change here at RIO, we will not be raising any prices, the quality will always be number one, and all the same dedicated folks will be here. Sage and Reddington are also quality companies. That is the reason we sold to Far bank. We have had other offers over the years from other companies, and we never considered them seriously, because we always thought it would be good synergy with Sage and Reddington. All three companies are independent under the Far Bank Enterprises company. Kitty and I will continue to create products, as we interview fly fishers around the world and find out what is needed for fly lines, leaders and tippet. Now, I don't want to get political or get on a soap box, but some of these posts are knocking capitalism. We would not have the opportunities we have in this country without capitalism. It is by far the best system, and when practiced by many, works for the most good. True there are abuses by some huge multinational entities, but Sage, Reddington and RIO have not nor will they ever control "the fly fishing marketplace". We will strive to give fly fishers the very best, and if we can pay salaries and benefits for many workers and make a few bucks...we will survive.
I want to assure you all that RIO will be run the same way as when I was at the helm...maybe quite a bit better. We will be fishing, and I hope you all give me your input, because that is my main job now. I thank you for your past, present and future support.

[Rich Ward]

To Jim. Speybro Thanks for the kind words You never new me when I worked for you eather. Well it does not matter to me My post never said anything bad did it??

Rich Ward