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Old 12-01-2020, 10:42 AM #1
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G.i. Sportz Inc. Completes Restructuring, Now Known As Kore Outdoor Inc.

Iconic brands like JT, Empire, Tippmann, Vforce, Spyder, GI paint and more have actual paintball players at the helm once again.

Billy Ceranski is CEO and John Rathbun is the head of sales.


Quote:
Originally Posted by Kore Outdoor Inc.
PAINTBALL LEADER G.I. SPORTZ INC. COMPLETES RESTRUCTURING, NOW KNOWN AS KORE OUTDOOR INC.

Strengthened company to continue serving global paintball community under existing portfolio of brands

MONTREAL, December 1, 2020 – G.I. Sportz Inc., a global leader in the manufacturing of high-quality paintball products, today announced the completion of a restructuring process that has culminated in its sale to Kore Outdoor Inc. (“Kore”). Kore is a newly established entity owned by existing G.I. Sportz majority shareholder Fulcrum Capital Partners (“Fulcrum”), and shareholders that include members of the management team and Richmond Italia.

The restructuring under the Kore name is designed to strengthen the company and ensure uninterrupted service to its customers worldwide. Kore will continue to operate a portfolio of brands which includes G.I. Sportz, Empire, Tippman, Spyder, JT and VForce. Collectively, these brands comprise the world’s best-selling and most comprehensive suite of paintball products.

“We are very excited to complete this important process and turn our full attention to meeting the needs of the paintball community,” said Billy Ceranski, CEO of Kore. “We take our leadership position seriously and look forward to continuing to serve our customers with innovative and reliable products.”

“The establishment of Kore Outdoor sets the stage for long-term success as the world’s premier manufacturer and supplier of paintball products,” said Greg Collings, Chairman of Kore and a partner of Fulcrum. “We have helped optimize the operations and ensured that the team has the resources necessary to compete successfully and grow the business.”

Kore will continue to be run by the existing management team. In conjunction with the sale, G.I. Sportz President Billy Ceranski has been appointed Chief Executive Officer of Kore, G.I. Sportz Chief Financial Officer Paul Antoniadis has been appointed Senior Vice President and CFO of Kore, and Dave “Opie” Thomas will continue to serve as Chief Operating Officer.

For more information:

Paul Antoniadis, SVP and CFO

+1 514-339-1400 ext. 7727 [email protected]

About Kore Outdoor Inc.

Kore Outdoor Inc., formerly known as G.I. Sportz, manufactures and distributes paintballs, markers and related accessories. Kore serves a worldwide customer base of paintball fields and stores. Kore is recognized as a global leader in the manufacturing of high-quality paintball products which are marketed to individuals at all levels of play, from entry level to competitive play market segments.
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Old 12-01-2020, 11:01 AM #2
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Old 12-01-2020, 11:29 AM #3
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So in one sentence they say GI is a brand and at the end they say Kore formerly known as GI.

So do we now get GI or Kore paintballs?
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Old 12-01-2020, 12:02 PM #4
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Quote:
Originally Posted by John View Post
Iconic brands like JT, Empire, Tippmann, Vforce, Spyder, GI paint and more have actual paintball players at the helm once again.

Billy Ceranski is CEO and John Rathbun is the head of sales.
These same clowns at the helm have always been at the helm and are the same ones that created that insane debt to build their conglomerate empire, then defaulted on the debt and kept on trucking like nothing happened.

With these continued guys in charge that care about nothing but bottom lines, paintball will continue to go downhill. No one cares about the sport and supporting it, they just look at what they can do this second to maximize their own profits and salaries.

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So in one sentence they say GI is a brand and at the end they say Kore formerly known as GI.

So do we now get GI or Kore paintballs?

Still will be GI brand, but just now will likely have a KORE logo somewhere on it as well. But they are retaining all the IP and Trademarks.
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Old 12-01-2020, 12:02 PM #5
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There's enough GI branded product out there that it can become just a brand, rather than a brand in addition to being the company name. Paint and packs come particularly to mind.
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Old 12-01-2020, 12:31 PM #6
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Old 12-01-2020, 12:46 PM #7
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Meet the new boss, same as the old boss.
Kind of reminds me of my Freshman year of College. The Calculus teacher was also the Physics teacher. If you asked him a question about Physics while you were in Calc he'd tell you to ask your physics instructor.
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Old 12-01-2020, 02:26 PM #8
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Sad this made the news feed. Only in paintball can you run a company into the ground, not pay your bills then brag that the people who did it, are still on board.
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Old 12-01-2020, 05:16 PM #9
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Originally Posted by PBSales View Post
Sad this made the news feed. Only in paintball can you run a company into the ground, not pay your bills then brag that the people who did it, are still on board.
Not sure if I've ever agreed with another post more than I agree with this one. I feel for the companies that will get screwed in the process of the GI restructuring/settling. But hey, as long as players keep supporting these asshats, we'll see these same headlines every 3-5 years.
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Old 12-01-2020, 05:43 PM #10
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I do not know the inner details of what transpired within GI Sports, but looks to be a standard playbook. While they don't teach this with MBA schools, it's what major business climate has evolved to.

-Start a company
-Establish a market base
-Growth through acquisitions and mergers
-Keep up on monthly expenses to keep creditors at bay
-In the background, establish company 2.0
-When monthly expenses exceed income, push the restart button
-Shed debt by filing BK
-Sell holdings to company 2.0
-Restart the company under company 2.0 branding
-Rinse and repeat

Is it ethical? There is no ethics in business. It's either good (i.e. make money) business or bad (i.e. lose money). Nothing in between.

I am not saying I agree with this model, because I don't, nor is it sustainable, but it is what our capitalistic business environment has evolved to. At some point, something gotta give. But there is always "stimulus" money.

Don't hate the player, hate the game.
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Old 12-01-2020, 06:30 PM #11
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Quote:
Originally Posted by NuckaMan View Post
I do not know the inner details of what transpired within GI Sports, but looks to be a standard playbook. While they don't teach this with MBA schools, it's what major business climate has evolved to.

-Start a company
-Establish a market base
-Growth through acquisitions and mergers
-Keep up on monthly expenses to keep creditors at bay
-In the background, establish company 2.0
-When monthly expenses exceed income, push the restart button
-Shed debt by filing BK
-Sell holdings to company 2.0
-Restart the company under company 2.0 branding
-Rinse and repeat

Is it ethical? There is no ethics in business. It's either good (i.e. make money) business or bad (i.e. lose money). Nothing in between.

I am not saying I agree with this model, because I don't, nor is it sustainable, but it is what our capitalistic business environment has evolved to. At some point, something gotta give. But there is always "stimulus" money.

Don't hate the player, hate the game.
You hit the home run! That's a legal business "malpractice" and these crooks knows it works because has been working since the Obama era. I remember my friend educating me to do this and it's legal. You can actually make more money on losing your business than actually making it.
He said you dont want to make it because you'll be in bed debt and taxes!
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Old 12-01-2020, 07:49 PM #12
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Originally Posted by PBSales View Post
Sad this made the news feed. Only in paintball can you run a company into the ground, not pay your bills then brag that the people who did it, are still on board.
Oh you think that's just happening in Paintball? This seems like it's business 101.
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Old 12-02-2020, 01:44 AM #13
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You hit the home run! That's a legal business "malpractice" and these crooks knows it works because has been working since the Obama era. I remember my friend educating me to do this and it's legal. You can actually make more money on losing your business than actually making it.
He said you dont want to make it because you'll be in bed debt and taxes!
How long ago do you think Obama was president? I know it sounds like a different era, like when presidents weren't embarrassments but it was just 4 years ago.

This business practice has been going on for decades. It's not new. The internet just makes it less easy to hide.
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Old 12-02-2020, 09:59 AM #14
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haters gonna hate.

I don't think everything is quite the way it appears. In fact, I know its not the way many are portraying it to be.

They didn't go looking for this - an opportunity presented itself - the US Government and Covid played a role in the overall process. It worked out for them as a corporation and their debtor.
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Old 12-02-2020, 01:06 PM #15
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Originally Posted by Fox4paintball View Post
haters gonna hate.

I don't think everything is quite the way it appears. In fact, I know its not the way many are portraying it to be.

They didn't go looking for this - an opportunity presented itself - the US Government and Covid played a role in the overall process. It worked out for them as a corporation and their debtor.
I remember conversation taking place many months ago about the state of GI.
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Old 12-03-2020, 10:34 AM #16
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Quote:
Originally Posted by NuckaMan View Post
I do not know the inner details of what transpired within GI Sports, but looks to be a standard playbook. While they don't teach this with MBA schools, it's what major business climate has evolved to.

-Start a company
-Establish a market base
-Growth through acquisitions and mergers
-Keep up on monthly expenses to keep creditors at bay
-In the background, establish company 2.0
-When monthly expenses exceed income, push the restart button
-Shed debt by filing BK
-Sell holdings to company 2.0
-Restart the company under company 2.0 branding
-Rinse and repeat

[/i]
You forgot a step: Establish pricing way below industry standards to put everyone out of business, while losing money on said product for multiple years, then "Restablish" a new pricing structure under the new company where now every field is paying too much for their paint for the field owners to make a decent margin.

Quote:
Originally Posted by Fox4paintball View Post
haters gonna hate.

I don't think everything is quite the way it appears. In fact, I know its not the way many are portraying it to be.

They didn't go looking for this - an opportunity presented itself - the US Government and Covid played a role in the overall process. It worked out for them as a corporation and their debtor.
They didn't go looking for this? What about knowingly selling your biggest product at near cost or even a loss for multiple years while your company hemorrhages money and accumulates massive liabilities? They did a classic grow and blow business method.

They accumulated massive debt in order to fund a huge and aggressive market expansion to essentially own the space, then they copped out on the debt, claimed bankruptcy, restructured, and kept all the assets and IP at pennies on the dollar while everyone else is left holding the bags.

It should be standard law practice that any and all debt solvencies require a total sale and dismantling of the business.

I mean, did anyone else even have the chance to bid or offer on the existing business? Or did the consultants in Italias pocket that were "managing" the transition of assets just give him the business for pennies?
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Old 12-03-2020, 10:55 AM #17
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Originally Posted by NuckaMan View Post
Don't hate the player, hate the game.
Everyone is perfectly capable of hating both the players and the game. The ownership class is benefitting from a system that lets them fail upwards while their workers take the brunt of their stupid decisions.

Eat the rich.
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Old 12-03-2020, 02:13 PM #18
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Well as we all know, just because GI now KORE, own these respective companies like JT, EMPIRE, TIPPMANN, VFORCE, SPYDER, etc, it still remains up to these companies to produce good quality. Which in some ways they have.
Yes, GI has done some things that seem shady and as some point out as being petty and greedy. But at the end of the day, unfortunately business is business. And not ever company is going to get like DYE, PE, etc.

And at the end of it all, GI has done a lot of good with the bad, they're just as dedicated in promoting this sport and they do have great Team Sponsors next to DYE, PLANET ECLIPSE, etc.

You can hate them but why make the companies suffer for ones own dislike. Its not JT, EMPIRE, TIPPMANN, VFORCE fault for how business is done by GI.
Whether anyone agrees or not, this great sport needs these companies, because having options at different price ranges means this sport can continue to thrive compared to losing them.
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Old 12-03-2020, 06:58 PM #19
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Meet the new boss, same as the old boss.
Who ?

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Old 12-05-2020, 05:14 PM #20
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KORE. so like, it'll be rotten to the KORE? thats got a better ring to it than GI.
Still a scumbag company though. Cant change that just by changing names. This CORE will rot out just like other scumbag paintball companies do. This one will have the pleasure of doing it 3 times. Kinda makes you wonder....hmmm. why is this company more scumbag than any other has ever been.
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Old 12-06-2020, 11:10 AM #21
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Quote:
Originally Posted by tweeter4 View Post
They didn't go looking for this? What about knowingly selling your biggest product at near cost or even a loss for multiple years while your company hemorrhages money and accumulates massive liabilities? They did a classic grow and blow business method.

They accumulated massive debt in order to fund a huge and aggressive market expansion to essentially own the space, then they copped out on the debt, claimed bankruptcy, restructured, and kept all the assets and IP at pennies on the dollar while everyone else is left holding the bags.

It should be standard law practice that any and all debt solvencies require a total sale and dismantling of the business.

I mean, did anyone else even have the chance to bid or offer on the existing business? Or did the consultants in Italias pocket that were "managing" the transition of assets just give him the business for pennies?
I agree that's what it looks like for certain - but based on conversations I've had that is not exactly how it went down. I stand by my previous statements - they didn't go looking for this.
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