Teton Gravity Research for Sale
Jackson Hole, Wyo. (Ski Press) - Rumors are rife in the ski world that famed gonzo ski filmmakers Dirk Collins, Steve Jones, Todd Jones and Corey Gavitt of Teton Gravity Research are putting the film company up for sale.
"We are for sale," Collins said by cellphone this morning. "Our current investors are not going to continue with the company and we're looking at moving forward with someone that has more experience on the entertainment and merchandising side of things."
A report in the Jackson Hole News & Guide broke the story with this headline last week: "TGR preps for large layoff, potential sale."
Collins said "That headline was crap," and that the article was inaccurate in its depiction of the company's present state of affairs.
"We are presently editing our new ski movie, Lost and Found, for next year and it's looking really good," Collins said. "We also have a surf film in production and just finished a 6-part series on Moto-Cross for TV, so we're certainly not going out of business. What we're doing is looking at ways to expand."
He said TGR is involved in several ongoing talks and there are as many as five potential investors or mergers in the works right now.
"We're just meeting with people and talking about how to find the best fit - both for ourselves and for a potential investor," Collins said. "At this point, the brand is well-known worldwide and well-positioned to exand in places like merchandising and apparel."
A five page forum on the TGR website, http://www.tetongravity.com, carried this post in response to concerns from the film company's many fans:
“At least this one's closer than the last rumor.
TGR has always been tight on cash flow and would not have been able to make it through the summer without additional investment capital. Our existing investors do not wish to put in any more money, so a few weeks ago we decided to significantly cut our burn rate and put the company up for sale.
We're talking to several different companies about a possible sale. There is no front-runner yet. At this point, I think an asset sale is very unlikely.
TGR is still operating and will release this years ski/snowboard film Lost & Found, as well as keeping tetongravity.com (including the forum) operating. I'm confident that a rebuilt TGR will emerge from this process and continue to thrive in the future.”
More as details develop right here at skipressworld.com.