January 22 2004.
A deal to purchase the Indian Motorcycle Corporation has been finalised although the future ownership of the company´s real estate and intellectual property is still being negotiated.

The National Retail Equipment Liquidators (NREL) and Great American Group clinched a deal on January 16th in Grand Rapids, Michigan to purchase the company´s hard assets - the excess of which they started to auction at Indian´s Gilroy, California factory on January 21st - but they are looking at ways to keep production lines open.

"We continue to steadfastly pursue negotiations to buy Indian's real estate and intellectual property," says Bill Melvin, CEO of NREL. "As we negotiate the rest of the deal, our group continues to evaluate how we could retain the factory and resume motorcycle production in Gilroy, CA.

"There's a sizeable inventory of equipment and assets that would be considered excess baggage to any new startup, so NREL will sell excess Machinery, Apparel, Accessories, Raw Material, Office Equipment, Motorcycles and Company Vehicles to prune facility assets down to a leaner operational level," he added.

Source: PR Newswire.