In the latest turn of events in the Freedom Group bid situation, grandviewoutdoors.com reports that they’ve obtained an internal Remington memo from George Kollitides to all Remington employees. In a bid to calm internal nerves, the CEO called GDSI’s bid nothing more than an underfunded “publicity stunt” that’s barely worthy of their time . . .
“A small, unknown investment entity publicly announced its desire to acquire the Remington Outdoor Company,” the memo obtained by Grand View Outdoors says. “If this wasn’t disruptive to our employees and customers, we would not acknowledge the news and recognize it for what it is: a publicity stunt from an agenda-driven group with no credible financing options.”
And George doesn’t think much of GDSI’s strategic vision, either.
“Further evidence of [Global Digital Solutions’] misguided agenda is all over the entity’s website that displays logos of every major firearms maker and lays out a mission to introduce smart gun technology to the industry; something the consumer doesn’t want,” Remington’s internal memo says.
We’ve since spoken to GDSI CEO Dick Sullivan who called what was said in the Remington memo “disappointing.” He also pointed out that despite the company’s small market capitalization (about $100 million) given the people involved at GDSI and their resources, he isn’t worried about financing. Sullivan said he sees Remington as a “great company” and a “wonderful icon brand,” one which GDSI can help build even further.