Newport Beach, California – (Monday February 7, 2005) – – California-based Wings Research and Development Inc., out of Newport Beach, today announced the finalization of their acquisition of the legendary BEAR SURFBOARDS label. The acquisition includes all trademark, copyright and ownership rights to the label. Wings R&D takes over from John Millius, a well-known Hollywood director and moviemaker, who sold full rights to the classic label that was popularized in his cult film “Big Wednesday”.

While financial arrangements between Millius’ The Bear Partnership and Wings R & D closed in December of 2003, pending trademark and copyright registration in Australia, South America, the USA, plus other countries worldwide, were only recently finalized. With this completed, full ownership and control is now held by Wings Research & Development Inc.

“We are extremely happy to have the BEAR SURFBOARDS family back together under one owner,” said principal owner Maurizio Cocchi, who has held the BEAR SURFBOARDS European rights since 1994.

“Besides our existing hard goods licensee program, we will be establishing a new USA softgoods organization to manufacture and distribute BEAR SURFBOARDS clothing for 2006.”

Roger Hinds, master shaper and well know manufacturer from Seal Beach, California, has obtained rights for surfboard manufacturing and distribution in the continental USA.

“We will be re-establishing the brand in coastal areas via a select group of dealers and look forward to making the BEAR SURFBOARDS brand available once again on the US mainland,” said Hinds.

Existing Hawaii surfboard licensee Randy Rarick, and Tony Squirell in Australia have renewed their licensees for continued board manufacture in these areas. Raffles Inc. and Fluid Power Surf Craft will maintain the softgood and surfboard licenses for Japan. European licensees have also re-signed.

The popular three-board line of epoxy technology SURFTECH boards will also be expanded to include a full range of sizes for ’05, including World Longboard Champion Beau Young models.

For General Inquiries, please contact:
Wings Research and Development Inc.
info@bearsurfboards.com
Tel: (949) 642-6305
http://www.bearsurfboards.com/

For surfboard information in the USA contact:
Roger Hinds
(562)-431-4357
rhinds@adelphia.com