March 22, 2005

HUNTINGTON BEACH, CA…Cleveland Golf announced today that Quiksilver, Inc. has reached an agreement in principle to acquire the Groupe Rossignol SA, parent company of Cleveland Golf and Never Compromise®. Groupe Rossignol also owns and operates a diversified portfolio of premier wintersports brands such as Rossignol, Dynastar, Lange and Look.

"We are extremely pleased at the prospect of being a part of the Quiksilver family," said Greg Hopkins, President/CEO of Cleveland Golf. "Both our customers and our employees should benefit greatly from this new alliance that will form the world’s leading outdoor sports lifestyle company."

Quiksilver, founded in 1969, is a U.S. sportswear company that is ironically located less than a mile from Cleveland Golf's corporate headquarters in Huntington Beach, California. Their primary focus is apparel, footwear and related accessories for young men and young women. Quiksilver also manufactures snowboards, snowboard boots and bindings. Quiksilver, Inc. reported revenues of $1.3 billion for its fiscal year ending October 31, 2004.

Groupe Rossignol, which is headquartered in Voiron, France, is the world’s leading manufacturer of wintersports equipment. Its broad product line includes skis, ski boots and bindings, snowboards, snowboard boots and bindings, and related apparel and accessories. The combined total sales of Groupe Rossignol, which includes Cleveland Golf and Never Compromise, were approximately $625 million for the twelve months ending September 30, 2004. Quicksilver’s friendly takeover bid of Groupe Rossignol will lead to the creation of a new global leader in the outdoor sports lifestyle market. "This planned strategic union will unlock tremendous opportunities for growth." said Bernard Mariette, President of Quiksilver, Inc. "We share the same passion for outdoor sports and we have the same commitment to developing outstanding products for our customers around the world."