CAPE TOWN, South Africa, July 8, 2015 /PRNewswire/ -- Leatt Corporation (OTCQB: LEAT) today announced that it has signed a consulting agreement with Innovate Services Ltd., a private Seychelles corporation in which the Company's founder, Dr. Christopher Leatt, is an indirect beneficiary. The consulting agreement and its ancillary documents replace the Company's previous employment agreement with Dr. Leatt on essentially similar financial terms. Dr. Leatt will remain Chairman of the Company's Board of Directors and will continue to devote the majority of his time to Leatt Corporation, including leading the Company's product research and development team.
Leatt Corporation CEO Sean Macdonald commented, "Chris Leatt will continue to lead our innovative product team while broadening his vision of the increasingly robust technology and medical device industry in South Africa and abroad. We expect that the Company and its stockholders, distributors and end-users will derive long-term benefit from his ongoing engagement with incubators, entrepreneurs, scientists, product developers and venture investors, as he scouts for opportunities to complement our current strategic product lines of sports safety equipment and medical devices."
Dr. Leatt commented, "There is a vibrant community of technologists and innovators in this part of the world and I am looking forward to engaging with these creative people. We believe that increasing our awareness of innovations being developed by our neighbors will redound to the benefit of Leatt Corporation and its stakeholders."
About Leatt Corporation
Leatt Corporation develops personal protective equipment and ancillary products for all forms of sports, especially extreme motor sports. The Leatt-Brace® is an award-winning neck brace system considered the gold standard for neck protection for anyone wearing a crash helmet as a form of protection. It was designed for participants in extreme sports or riding motorcycles, bicycles, mountain bicycles, all-terrain vehicles, snowmobiles and other vehicles. For more information, visit: www.leatt-corp.com | www.leatt.com
This press release may contain forward-looking statements regarding Leatt Corporation (the "Company") within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the significance of the Company's entry into the consulting agreement with Innovate Services Limited, and the likelihood that the Company will derive long-term benefit from the relationship, or that Dr. Leatt's engagements will provide the Company with opportunities to complement its current strategic product lines; the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "anticipates," "seeks," "should," "could," "intends," or "projects" or similar expressions, and involve known and unknown risks and uncertainties. These statements are based upon the Company's current expectations and speak only as of the date hereof. Any indication of the merits of a claim does not necessarily mean the claim will prevail at trial or otherwise. Financial performance in one period does not necessarily mean continued or better performance in the future. The Company's actual results in any endeavor may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, which factors or uncertainties may be beyond our ability to foresee or control. Other risk factors include the status of the Company's common stock as a "penny stock" and those listed in other reports posted on The OTC Markets Group, Inc.
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SOURCE Leatt Corporation