US Highland Closes It’s Doors In Tulsa
Update: A press release was issued detailing th management restructure is underway. The press release is attached to the bottom of this article.
A post on Highland Forums with a message from an unnamed source is reporting US Highland has closed it’s doors in Tulsa Oklahoma after funding sources dried up. After the tragic death of company leaders Matts Malmburg, Chase Bales and Damien Roddich, tension between the Swedish parent group and the US group led to the companies demise.
However, US Highland are in negotiations with 3 businesses including an “American motorcycle company” to transfer company assets.
The electric research arm of US Highland called Millenial Research Corp has move to Broken Arrow, OK and will continue operations.
I contacted Kurtis King from US Highland who confirmed the content of the HighlandForums.com post is accurate. He sounds confident this is a temporary setback.
The content of the post can be read after the break…
Yes, the shop is closed. Yes, all employees were laid off. No, it is NOT a permanent situation. As of today, 12-15, there are at least three groups looking to aquire both the company assets and the rights to the name. All three have the money to not only bail out the company, but to position the company where Mats, Chase, and co. would want it to be. Namely, an AMERICAN motorcycle company, controlled from within America. Apparently the Swedish parent group didn’t much care for the American connection in the first place, which is why the company was struggling to aquire funding after the loss of the upper management. With luck, sometime afer the first of the year, these negotiations will bear fruit, and US Highland will once again be poised to take the racing world by the scruff of the neck and say “We’re here, deal with it!” Also, there was no mention of a move away from the Tulsa area. In related news, the sister company, Millenial Research Corp., has moved to a new facility in Broken Arrow, Ok., and seems to have an unlimited future in new-technology electric motors, generators, and wind energy. As I have had applications in with both companies for MONTHS, I, for one, am very happy to hear these developments, and will keep my ear to the ground, reporting any new information as I come across it. Chin up, mates, it ain’t over yet!!!
US Highland Initiates Management Restructure
TULSA, OK–(Marketwire – December 20, 2010) – Southbridge Advisory Group announced it has been engaged by US Highland, Inc. (OTCBB: UHLN) to serve in an advisory capacity assisting US Highland in structuring a new management team with a success record in the motorcycle industry. US Highland, Inc. is a U.S. based designer, power sports technology licensor, and manufacturer of high performance engines and premium quality Motocross, Supermoto, Quad and Enduro motorcycles.
Southbridge will further assist the company in daily operations until the new management team is in place. Southbridge will assist US Highland in their efforts to secure the long-term funding transactions that allow the company to launch their products for distribution.
Discussions are underway with potential key team members to fill the void first created in July of 2010 by the loss of US Highlands three key executives. The executive team will replace the interim management put forward in August of 2010. US Highland’s goal is to minimize further delay in the company’s advancement created from the loss of their management in the July, 2010 air crash.
Southbridge Advisory Group, Inc. is a management firm headquartered in Tulsa, Oklahoma offering management advisory and merger & acquisition services to small-cap companies in both the public and private sector. Their primary focus is engagement with emerging-growth enterprise or company restructures for further information visit www.southbridgegroup.biz.
About US Highland, Inc.: US Highland, Inc., is a US based designer, power sports technology licensor and manufacturer of high performance, premium quality Motocross, Supermoto, Quad and Enduro motorcycles. The Company is also a leading development and engineering partner for leading OEM’s around the world. For additional information concerning US Highland Inc., visit www.ushighland.com.