Tony Grimaldi Appointed New CEO Cycleurope

VARBERG, Sweden (20 April 2000)--Tony Grimaldi (34) has been appointed president and CEO of the Cycleurope Group, succeeding Alain Goetzmann, who was president and CEO since 1996. Since mid-1999 Grimaldi has functioned as the Group's vice president. Until 29 December of last year the Cycleurope Group was part of the Monark Stiga Group. In the fall of 1999, Salvatore Grimaldi made a public offer for the outstanding minority shares in Monark Stiga, an offer that was accepted. Monark Stiga was delisted from the OM Stockholm Stock Exchange on 29 December. The Cycleurope Group is now a wholly-owned subsidiary within the Grimaldi Industri Group. "During a period characterized by a heavy fall in demand for bicycles, we have rapidly acquired and integrated several new companies and at the same time reduced the cost structure considerably," said Salvatore Grimaldi, chairman of the Cycleurope AB board and owner of Grimaldi Industri AB. "Since Monark AB acquired the French bicycles group Cycleurope SA in 1996, Alain Goetzmann has successfully carried out our restructuring process during this difficult time. However, now when the market has stabilized and Cycleurope has become a family company, Mr. Goetzmann and I have agree that this is a good moment for Tony Grimaldi to take over." Cycleurope is Europe's second largest bicycle group with its brands Monark, Crescent, Bianchi, DBS, Kildemoes, Gitane, Bianchi and Peugeot, among others. (JW)