Aussie Apparel Group, Ltd., on Thursday announced that the closing documents were signed, pertaining to AAPG's acquisition of the Hot Tuna (surf/wakeboarding), Xisle (surf/skate), Piranha Boy and Piranha Girl brands (children's surf) from Federation Group. The definitive acquisition agreement is valued at approximately 7.5 million USD.

The fall 2003 product lines have been designed and developed by Federation out of Australia. AAPG will design and develop its first line for all three brands for Spring 2004 delivery. Simultaneously, AAPG will proceed to set up International distribution.

January 24, 2003