Tricycle & Cre8tiv Ltd Announce Merger & Venture C

Chattanooga, TN, September 3--Tricycle, Inc. and Cre8tiv, Ltd., a pair of leading technology service providers for the carpet industry, announced a merger and concurrent round of equity funding led by the Southern Appalachian Fund and private investors for an undisclosed amount. The funds will be used to accelerate growth in North America by expanding the company’s services. The investment follows a $500,000 round of debt funding into Tricycle, Inc. in January 2003 as well as significant British equity financing into Cre8tiv, Ltd. in 2001. The merger creates a global company with a focus on regional service. North American operations will remain in Chattanooga, TN, USA while European customers will be serviced from Ilkley (Leeds), West Yorkshire, UK. “We have invested in Tricycle because of the company’s early accomplishments, position in its industry, and potential for growth and value appreciation,” said Grady Vanderhoofven, executive vice president of Southern Appalachian Management Company, the General Partner of the Southern Appalachian Fund. “Tricycle’s management team has demonstrated its commitment to achieving the company’s potential and our investment will allow the company to emerge as the market leader in its industry, both domestically and internationally." “This is a merger of proven technology with proven process, and represents an exciting opportunity to provide even deeper dedication to service and innovation. The bringing together of a global team of the brightest talent available in multiple disciplines is not only good for business, it's good for shareholders, and absolutely great for customers,” said Jamie Harrison, CEO of Tricycle. Jonathan Bragdon, Tricycle president added, “Together, we have the best and broadest portfolio of technology and services to deliver what matters most to our customers – improvement to the bottom line, reduction in waste and accelerated transactions. SAF’s backing allows us to fulfill these objectives for our customers faster.” Tricycle, Inc. was formed in 2002 and became the exclusive North American reseller of Cre8tiv, Ltd., the developer of SIM technology and owner of Apso, Ltd., a 21 year-old British CAD company. Since the venture began, the company has won the commerical interiors industry’s most prestigious awards, including two NeoCon Golds for technology and sustainability. Customer acquisitions have included Interface, Inc. and Bentley Prince Street (IFSIA), Lees Carpets and Mohawk Commercial (MHK), and Shaw Contract (BRK.A) in addition to other leading carpet manufacturers. The newly restructured, global company is led by Harrison, who will serve as chief executive officer. Bragdon will continue to lead North American efforts as Tricycle’s president. Brand and marketing responsibilities will be driven by Michael Hendrix as chief branding officer. Andy Shipman will become chief technology officer for the entire group.

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