Smith & Wesson Holding Corporation to Acquire Universal Safety Response, Inc.
June 18, 2009
–Smith & Wesson Diversifies Into Perimeter Security Market –Deal Expected to be Cash Accretive in Current FY2010 –SWHC Also Announces Q4 FY2009 Revenue of $99.5 Million (+20%) –Firearms Backlog Grows to over $200.0 Million
SPRINGFIELD, Mass., June 18, 2009 /PRNewswire-FirstCall via COMTEX/ — Smith & Wesson Holding Corporation (Nasdaq: SWHC), parent company of Smith & Wesson Corp., the legendary 157-year old company in the global business of safety, security, protection and sport, today announced that it has entered into a definitive agreement to acquire Universal Safety Response, Inc. (USR), a privately held, full-service security systems solutions provider, for up to 9.7 million shares of common stock and up to $26.2 million in cash. The Company also announced certain preliminary, financial information from its fourth quarter of fiscal 2009, including year over year increases in revenue, gross margins, product backlog, and cash balances. The company will report its fourth quarter and full fiscal 2009 performance on Monday, June 22, 2009.
In the current year, which ends April 30, 2010, the acquisition will be immediately accretive excluding the purchase accounting impact on a per share basis and approximately breakeven per share on a US GAAP basis. The acquisition is expected to be accretive to EPS on a U.S. GAAP basis in future periods.
USR, founded in 1994 and headquartered in Franklin, Tennessee, is a full-service, uniquely positioned, fast-growing provider of integrated perimeter security solutions. USR is the original creator of the GRAB(R) vehicle safety barrier, which represents the fastest growing barrier technology in the world and is the only active barrier product that meets the Federal Highway Administration’s TL-2 safety test, the Department of State’s K12 L3 security test, and the Department of Defense ASTM M50 Shallow Mount security test. USR has leveraged the success of its GRAB(R) barrier systems to become a turnkey perimeter security provider, with a large portfolio of products and services. USR serves a variety of clients in the defense, transportation and petro-chemical industries, as well as airports, Fortune 500 companies and national laboratories.
Raleigh Police Department Converts to Smith & Wesson M&P’s
June 17, 2009
SPRINGFIELD, Mass., June 16 /PRNewswire-FirstCall/ — Smith & Wesson Holding Corporation (Nasdaq: SWHC), parent company of Smith & Wesson Corp., the legendary 157-year old company in the global business of safety, security, protection and sport, announced today that the Raleigh, North Carolina Police Department has chosen to equip all of its officers with Smith & Wesson Military & Police (M&P) Series pistols and with M&P Series tactical rifles. The M&P45 pistol and M&P15 tactical rifle will be issued respectively as the primary duty firearm and standard issue patrol rifle.
M&P45 Polymer Pistols
The Raleigh Police Department has purchased 911 Smith & Wesson M&P45 mid-size polymer pistols. The new duty sidearm, chambered in .45 ACP, will replace early-model Smith & Wesson pistols previously issued by the department. During the evaluation process for a new pistol, the M&P45 was noted for its advanced ergonomics, ambidextrous operating controls and flexibility to adapt to a wide variety of applications. In addition, the ability to customize the M&P pistol through the use of three interchangeable palm swell grip sizes was a preferred option during range drills and individual officer evaluation.
M&P15 Tactical Rifles
The Department has also placed an order for 60 M&P15 tactical rifles. The semi-automatic rifles will be issued to select officers upon the completion of a certification course. While reviewing new options for patrol rifles, the Raleigh Police Department compared the M&P15 against other competitive rifles. After the evaluation process, the M&P15 was acknowledged for its reliability and high-grade components as well as for the training and support services offered by Smith & Wesson. Raleigh PD plans to buy an additional 340 rifles at the beginning of their new fiscal year.
“We are proud of our long-standing relationship with the Raleigh Police Department and we are especially pleased that they have chosen the M&P Series for their new duty firearm requirements,” said Leland Nichols, Senior Vice President of Sales and Marketing for Smith & Wesson. “We look forward to supporting these officers with firearms that have earned the respect of police agencies both in the United States and abroad.”
About Smith & Wesson
Smith & Wesson Holding Corporation, a global leader in safety, security, protection and sport, is parent company to Smith & Wesson Corp., one of the world’s largest manufacturers of quality firearms and firearm safety/security products and parent company to Thompson/Center Arms Company, Inc., a premier designer and manufacturer of premium hunting rifles, black powder rifles, interchangeable firearms systems and accessories under the Thompson/Center brand. Smith & Wesson licenses shooter protection, knives, apparel, and other accessory lines. Smith & Wesson is based in Springfield, Massachusetts with manufacturing facilities in Springfield, Houlton, Maine, and Rochester, New Hampshire. The Smith & Wesson Academy is America’s longest running firearms training facility for law enforcement, military and security professionals. For more information on Smith & Wesson, call (800) 331-0852 or log on to www.smith-wesson.com. For more information on Thompson/Center Arms, log on to www.tcarms.com.
SOURCE: Smith & Wesson Holding Corporation – 06/16/2009
Industry Contact: Matt Rice
Blue Heron Communications
(800) 654-3766
matt@blueheroncomm.com
Liz Sharp, VP Investor Relations
Smith & Wesson Holding Corp.
(480) 949-9700 x. 115
lsharp@smith-wesson.com
Scent Killer Sponsors MMA Brock Lesnar
June 15, 2009
Wildlife Research Center – The industry leader in scent and human scent elimination is proud to announce that they are an official sponsor of Heavyweight Mixed Martial Arts (MMA) Champion Brock Lesnar. John Burgeson, President of Wildlife Research Center® says, “I expected a lot when I watched a couple parts of his work out, but I was amazed at how far Brock’s speed, power, and ability went beyond my expectations. In regards to his hunting, I was also impressed by the Trophy Bucks that Brock and his wife have taken.”
Since age 5 Brock has been an avid enthusiastic hunter and outdoorsman, and he is proud to team up with America’s Top Brand® of scent and human scent elimination products, more specifically Wildlife Research Center’s® attractor scents, dispensers and Scent Killer® family of products.
Brock approaches a hunt just like he prepares for a fight. As he explained, “to be successful you have to understand your opponent. I know that a deer’s nose is his best defense, and if he smells me he will run. By reducing human odor, Scent Killer® products give me an edge.” He went on to say that, “as a bow and gun hunter, I am honored to be part of the Wildlife Research Center® team and look forward to assisting in developing the brand and helping more hunters become successful.”
Brock grew up in Webster, South Dakota, where he was 33-0 in his senior year as a high school wrestler. At Bismarck State (Junior) College, then at the University of Minnesota, Brock was a four-time All American, two-time Big Ten Champion and 2000 NCAA Division I Heavyweight National Champion. After finishing his college career with an astounding record of 106-5, Brock became world famous as a professional wrestler, and even had a short stint with the NFL® Minnesota Vikings – despite not having played football since his junior year of high school. Looking for a new challenge, Brock turned to mixed martial arts in 2006, and in his first fight on June 2, 2007 took only 69 seconds to destroy Olympic judo medalist Min Soo Kim with strikes that led to a submission. On November 15, 2008, Brock defeated MMA legend Randy Couture by TKO to become the new Heavyweight Champion.
Wildlife Research Center’s John Burgeson remarked that, “all of those trophy whitetails on Brock’s wall make me think that he may be a better hunter than athlete, if that is possible.” Brock agreed, pointing out that “when I’m not fighting, I’m hunting. It is a great sport that both my wife and I enjoy.”
Wildlife Research Center® has been studying how deer relate to different scents for decades and is committed to providing information and state of the art products to help you become a very high-level whitetail hunter. John Burgeson proudly declares that “Our company has one simple policy and everything flows from there – Treat people the way you would like to be treated. That includes offering the best products available, great information on how to use them, our 100% Money-Back Guarantee, and more. Having Brock Lesnar on board with Wildlife Research Center® increases our brand awareness and commitment to smash human odor. Wildlife® is proud to be associated with a quality person like Brock. Brock Lesnar’s MMA record speaks for itself, but I really like the fact that he takes the Brock Lesnar enthusiasm and work ethic into the field to hunt. To me, that says a lot about who Brock really is.”
For more information on the entire line of products offered by Wildlife Research Center®, please visit www.wildlife.com.
Kim Cahalan, kim@mediadirectcreative.com or (309) 944-5341
Ammo update and some gut stabing knife news!
June 12, 2009
The Shooting Wire Friday
FEATURE
Friday June 12, 2009
Various & Sundry
First, an ammo update. Earlier this week, one of our readers sent me a note asking simply “why can’t we get ammunition in Oregon?” I thought it was some sort of a trick question, honestly, because I thought things had improved on the ammunition front.
That opinion wasn’t founded on fact, but the inference from the dozens of emails I receive each week telling me that a distributor or retailer had received a significant shipment of ammo. Apparently, some of those messages were a bit, shall we say, overstated.
In other words, the supply lines are working steadily, but demand is still running well ahead of supply in many popular calibers. So far that if the ammo orders were to stop or drop radically today, it would probably be weeks, if not months, before the manufacturing could catch up.
And it’s not because of arbitrary scheduling or artificially created demand. The manufacturers I’ve spoken with have told me they simply can’t work enough hours to meet the demand for pistol calibers and .308 and .223 rifle cartridges. One official even said spoke of adding a “fourth shift” to their workforce.
In other words, workers have worked so many hours that they’re actually taking days off over overtime, forcing the company to create a “fourth shift” of workers in order to allow their regular workers some time off. It’s also a simple fact that machines require regular maintenance in order to keep working at the feverish pace.
Simply put, the supply line is operating at its maximum capacities, but the demand for everything from .380 to .308 is simply outpacing demand.
That demand is also eating the manufacturing capabilities of reloading components, with basics like primers and shotgun wads in short supply.
Some retailers are also telling me that customers appear to be downsizing their purchases, allowing more shooters to acquire ammo. That’s good news for those of us who don’t ordinarily buy ammunition in 1,000 round lots.
The surprise high-demand ammunition continues to be the .380. Long considered too-small for personal defense, new offerings in the cartridge and the firearms that fit them have changed that opinion. Consequently, they’re selling for as much as a dollar a round in some areas. Others simply still don’t have any.
And it’s not exactly your firearms under attack this time, but a decision from the feds at Customs and Border Protection has knife owners more than a little on edge. On May 21, CBP proposed revoking earlier rulings that said assisted-opening knives were not switchblades. That sounds innocent enough, but the proposal is so broadly based as to make virtually any one-hand opening or assisted opening knife a switchblade, even simple slip joints.
Today, just to give you an idea of the potential impact of such a ruling, eighty percent of U.S. knife sales would fall under the new CBP reclassification. Not good.
Also not good was the method CBP used to insert their proposal into regular notices, almost as if they hoped no one would notice and the 30-day comment period would expire.
People noticed. Our friend Doug Ritter, founder of KnifeRights.org, for one.
When Ritter contacted us several days ago, he hinted that something was going on that had the potential to have a severe impact on knife ownership.
That’s because the impact of the CBP ruling would go far beyond just imported knives. Often, “agency determination” is used by domestic courts and law enforcement to determine what is a “switchblade” under both federal and state laws. Many states do not themselves define switchblades and simply rely on the federal definition and interpretation, which is only found in rulings by CBP.
Since interstate commerce in switchblades is prohibited, except under very limited conditions, simply driving across a state line with a pocket knife in their possession would make someone a federal felon.
Ritter and hundreds of others protested to CBP, asking for an extension of the comment period. On Wednesday, that request for an extension was denied, meaning, that barring some sudden change of heart, the CBP will proceed with the revocation.
So what does that mean?
“If their new ruling is accepted and put in place, says Ritter, “the next step will be seizing a warehouse full of imported one-hand openers, which they can legally do, declaring them to also meet their now very broadly defined interpretation of what a switchblade is. They came very close to doing that a few years back in a seizure involving Columbia River Knife & Tool.”
“With this ruling in place, they would succeed. Then the definition of what is a switchblade is expanded even further. It is this that has knife owners and the knifemaking industry up in arms, because our lawyers understand how these bureaucrats use these rulings and language games to get well beyond what it appears at first glance they are reaching for.”
Now, KnifeRights.org and the Second Amendment Foundation have teamed up to try and get together a grassroots campaign to help Customs see the error of their ways.
There’s one rub – the comment period ends on June 21 and only written comments sent via FedEx/UPS or USPS will be accepted.
As Ritter points out, failing to protest the move will only open the door for the inevitable expansion of the definition.
There’s a model letter available if you’re interested in letting Customs know you don’t appreciate their proposal. You can see it at http://www.kniferights.org/index.php?option=com_content&task=view&id=79&Itemid=29
The knife you save may be your own.
–Jim Shepherd
OSHA proposes $255,000 in fines for Ruger
June 12, 2009
OSHA proposes $255,000 in fines for NH gun maker
By DENIS PAISTE
New Hampshire Union Leader Staff
Thursday, Jun. 11, 2009
CONCORD – The Federal Occupational Safety and Health Administration (OSHA) wants to fine Sturm Ruger & Co. Inc. $255,150 for 60 alleged safety and health standards violations at its Newport firearms manufacturing plant.
The alleged violations were identified during inspections conducted between November 2008 and May 2009, the government said. OSHA is part of the U.S. Department of Labor.
Sturm Ruger general counsel Kevin Reid declined to comment on the matter, citing company policy.
Sturm Ruger casts metal parts for firearms and commercial customers.
Rosemarie Ohar, area director in OSHA’s Concord office, said, “Our inspections identified a large number of mechanical, respirator protection, electrical, lead, fire, explosive and other hazards that must be effectively and continuously addressed to protect the workers at this plant from potentially deadly or disabling injuries and illnesses now and in the future.”
Sturm Ruger has 15 days to contest the allegations.
OSHA said it issued one willful citation with $63,000 in proposed fines because the company failed to guard rotating parts on drill presses, sanding and polishing machines despite the risk of severe or fatal injuries if employees made contact with rotating parts. OSHA defines a willful violation as one committed with plain indifference to or intentional disregard for employee safety and health.
Other conditions resulted in 55 serious citations with $188,550 in proposed fines, OSHA said. Sturm Ruger also was cited for inadequate recordkeeping, with a $3,600 fine.
Bombardier Reinforces Financial Positioning
June 10, 2009
• $30 million of reimbursable funds from Investissement Québec (IQ) to support the company’s R&D activities, and
• $100 million raised by BRP’s controlling shareholders and their affiliates, including a $50 million loan from the Société générale de financement du Québec (SGF) to support BRP’s operations.
“The Powersports industry is suffering and times have recently been tough for BRP but we have a solid plan going forward which is the result of the concerted efforts of all BRP stakeholders worldwide,” said José Boisjoli, BRP’s president and chief executive officer. “We need to adjust to new business conditions resulting from the world economic crisis, while supporting our network and maintaining our brands through innovation,” he added.
In December 2008, BRP announced a major company restructuring to reduce costs and increase efficiency. Overhead costs were reduced significantly as was the workforce, some divisions were merged, and 2009 production was brought down by almost 30% to reduce inventory at the dealer level.
“Everybody contributed to ensure that BRP remains competitive and returns to growth rapidly.With these additional funds, we will have the option of buying back our debt and we will be in a position of even greater strength, to take advantage of opportunities when the global economy is back on track, “concluded Boisjoli.
Bombardier Recreational Products Inc. (BRP), a privately-held company, is a world leader in the design, development, manufacturing, distribution and marketing of motorised recreational vehicles. Its portfolio of brands and products includes: Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and sport boats, Evinrude and Johnson outboard engines, direct injection technologies such as E-TEC, Can-Am all-terrain vehicles and roadsters, as well as Rotax engines and karts. With manufacturing facilities on three continents, BRP products are distributed in more than 80 countries.
Sea-Doo, Ski-Doo, Lynx, Evinrude, Johnson, Can-Am, Rotax, E-TEC and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.
Johanne Denault (450) 532-5173 or johanne.denault@brp.com
Remington® Acquires Dakota Arms
June 9, 2009
The transaction closed on June 5, 2009.
Madison, NC (PRWEB) June 8, 2009 — Remington Arms Company, Inc. through its fully owned subsidiary DA Acquisitions LLC has entered into a purchase agreement to acquire certain assets of Dakota Arms, LLC including the Dakota, Miller Arms, Dan Walter and Nesika Bay Precision brands. The transaction closed on June 5, 2009.Established in 1982 and headquartered in Sturgis, South Dakota, Dakota Arms is the leading manufacturer of custom and semi-custom rifles for the sporting markets.
The Dakota product lines are universally recognized for outstanding quality, design, accuracy and aesthetic appeal. The Dakota brands include Nesika, Miller Arms and Dan Walter. Nesika Bay Precision actions and rifles renowned for their exceptional accuracy; Miller Arms is known for the reliability and performance of its single-shot actions and custom rifles; and Dan Walter Cases are regarded as the premier travel and display cases for shotguns and rifles. Dakota Arms is strongly anchored in the Black Hills of South Dakota and currently employs 35 people.“I am pleased to announce that Dakota Arms is joining Remington and the Freedom Group of companies,” stated Ted Torbeck, CEO Remington Arms Company, Inc. and Freedom Group Inc. “Dakota Arms is an icon within the industry and its fine products exemplify quality, craftsmanship and attention to detail. Dakota is the perfect compliment to our industry leading family of brands. We look forward to continue to develop and expand the Dakota brand and thank all its employees for their continued dedication and success of Dakota Arms.”
About Remington Arms Company, Inc.:
Remington Arms Company, Inc., headquartered in Madison, N.C., designs, produces and sells sporting goods products for the hunting and shooting sports markets, as well as solutions to the military, government and law enforcement markets. Founded in 1816 in upstate New York, the Company is one of the nation’s oldest continuously operating manufacturers. Remington is the only U.S. manufacturer of both firearms and ammunition products and one of the largest domestic producers of shotguns and rifles. The Company distributes its products throughout the U.S. and in over 55 foreign countries. More information about the Company can be found at www.remington.com.
About Freedom Group, Inc.:
Freedom Group is the world’s leading innovator, designer, manufacturer, and marketer of firearms, ammunition, and related products for the hunting, shooting sports, law enforcement, and military markets. As one of the largest manufacturers in the world of firearms and ammunition, we have some of the most globally recognized brands including Remington, Bushmaster, DPMS/Panther Arms, Marlin, Harrington & Richardson, New England Firearms, L.C. Smith, Parker, EOTAC, and INTC.
The Company assumes no obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Al Russo
(336) 548-8572
LaCrosse Closes END Acquisition
June 3, 2009
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(Follow up to earlier article: here)
PORTLAND, Oregon — LaCrosse Footwear, Inc. (Nasdaq/NMS:BOOT), a leading provider of branded work and outdoor footwear and apparel, announced yesterday the completion of its acquisition of certain assets of Environmentally Neutral Design Outdoor, Inc., or END, a performance footwear company focused on product innovation and sustainability. Through the agreement LFI acquires substantially all the assets comprising END’s footwear business, including inventory, intellectual property, and other assets.
END began shipping product in late 2008 to provide everyday athletes with high performance footwear that follows responsible design, and is innovative and technical. END footwear has already received the honors of “Best Trail Running Shoe Debut” from Runner’s World magazine in their April 2009 issue and “Best Road Running Shoe Debut” in their June 2009 issue. The company will debut its Spring 2010 line at upcoming shows including the Outdoor Retailer Summer Show.
About LaCrosse Footwear, Inc.
LaCrosse Footwear, Inc. is a leading developer and marketer of branded, premium and innovative footwear for expert work and outdoor users. The Company’s trusted Danner® and LaCrosse® brands are sold to a network of specialty retailers and distributors in the United States, Canada, Europe and Asia. Work customers include people in law enforcement, agriculture, mining, construction, military services and other occupations that need high-performance and protective footwear as a critical tool for the job. Outdoor customers include people active in hunting, outdoor cross training, hiking and other outdoor recreational activities. For more information about LaCrosse Footwear products, please visit our Internet websites atwww.lacrossefootwear.com and www.danner.com. For additional investor information, see our corporate website at www.lacrossefootwearinc.com.
David Carlson, LaCrosse Footwear (503) 262-0110 ext. 1331
More financial uncertainty in the outdoor industry.
June 3, 2009
In today’s (June 3) Outdoor Wire feature article, Jim Sheperd posted some more bad news for the outdoor industry. Below is a the beginning part of it and the link to read the rest of it……
Late Monday afternoon, Jacobs’ Genmar Holdings, Inc. shocked the boating and outdoor world with a filing for protection from creditors via a Chapter 11 bankruptcy petition.
According to the filing, the continued recession and higher gasoline prices have hammered Genmar and a product line that extends from 12-foot fishing boats to luxury yachts. Sales had dipped in 2008, but had plummeted since then.
As the man once known as “Irwin the Liquidator” for his astute purchases of bankrupt businesses said, “Even up until the last few weeks, this is something I never even dreamt was a remote possibility.”
The Chapter 11 petition, filed in St. Paul, Minnesota, lists assets of $237.5 million and liabilities of $216.4 million. Omitted from the filing are more than $400 million in “intangible assets”. The only secured creditors, Wells Fargo and Fifth Third Bank, are owed $75 million.
In fact, the filing credits Wells Fargo with forcing Genmar into court through its continued reduction in Genmar’s credit lines. “Despite restructuring steps and infusion of significant equity, the bank reduced [credit] availability,” the bankruptcy filing states. “The bank rejected all … proposals for making adequate capital available and continued to reduce the borrowing base.”
Despite the filing, Jacobs told me yesterday that Genmar is still viable. In fact, he said, “It’s a difficult thing, but I expect Genmar to come out of this situation even stronger than before.”
Kansan Makes $1 Million Pledge to Pheasants Forever
June 3, 2009
A lifelong Kansan, Madl grew up on a dairy farm outside of Lawrence. He still remembers shooting his first quail with a single barrel .410 shotgun, and his early adventures in the outdoors grew into a lifelong passion for upland and waterfowl hunting. “As the years have passed, the more I’ve realized bird hunting was my real love,” Madl said. Much of that is attributed to his love of bird dogs. Even his beloved lab Jess has a PF Life Membership as a memorial. “I love to hunt, but if you don’t have the habitat, you don’t have the hunting, and consequently you don’t have places for the dogs to work.”
Having grown up in an agricultural family and a farmer himself, Madl is acutely aware of finding a balance between conservation and agricultural production. “I’ve seen what happens when conservation is thrown out the window,” said Madl, now a Financial Advisor, who specializes in Estate and Succession Planning, “But I’ve also seen what happens when the two exist in harmony.” A few years back, one of Madl’s hunting buddies, David Schaffer, consulted with a PF Farm Bill Biologist about his South Dakota property where the pair hunt. Being there for the consultation, Madl says PF is on the right track with the Farm Bill Biologist program and delivering conservation programs on a one-on-one basis. Madl’s belief in the Farm Bill Biologist program has lead to his involvement in the Kansas Grassroots Conservation Campaign. In fact, Madl currently serves as the Eastern Kansas Co-Chairman of the Kansas Grassroots Conservation Leadership Team.
Madl sees a great deal of potential for the delivery of Pheasants Forever and Quail Forever’s wildlife habitat mission in his home state, which currently boasts 41 PF chapters, eight QF chapters and over 6,100 PF/QF members. Madl is pledging $1 million to PF/QF through the organization’s first-ever national fundraising effort, the Grassroots Conservation Campaign. Madl is also the second Kansan in less than six months to make a significant contribution to PF/QF through the Campaign. At the end of last year, Wallace Weber, 65, of Russell County, Kansas, made the single largest donation in the organization’s history by donating 1,700 acres of land, along with a stewardship fund.
“I’m a lifelong and true Kansan, and I want to see land used the right way,” Madl said, “There are great opportunities for wildlife habitat improvement in this state for pheasants, quail and all other wildlife, and I’m convinced Pheasants Forever and Quail Forever can help capitalize on those opportunities.”
“Duayne Madl’s commitment to the mission of Pheasants Forever is truly remarkable,” said David Bue, PF/QF’s Vice President of Development, “As Duayne and I worked together through the donation process, it became clear
that leaving a legacy through Pheasants Forever and Quail Forever is extremely important to him. At the same time, he’s also serving as a conservation leader in the hope that others will follow.”
Pheasants Forever and Quail Forever are non-profit conservation organizations dedicated to the protection and enhancement of pheasant, quail, and other wildlife populations in North America through habitat improvement, land management, public awareness, and education. PF/QF has more than 130,000 members in 700 local chapters across the continent.
Anthony Hauck (651)209-4972 or AHauck@pheasantsforever.org
