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Business & Tech

Power Balance Back on Track?

The Laguna Niguel-based makers of the Performance Technology wristband will emerge from bankruptcy under new ownership.

According to Business Wire, the Laguna Niguel-based company that created the Power Balance Performance Technology wristband, worn by professional and amateur athletes and millions of consumers worldwide, has received court approval to emerge from bankruptcy under new ownership.

The new owners, which will operate as Power Balance Technologies Inc., plan to aggressively grow the business by introducing new and exciting products to the market in 2012 and beyond, a news release reports.

In addition to bringing in a team of experienced advisors and new leadership to drive the next phase of growth for the company, most of the existing staff will continue working under the new ownership structure.

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The new owners have been closely affiliated with Power Balance, having served as the company's primary supplier, partner and early investor. By integrating manufacturing more closely into the operations of the company, the new owners see a number of strategic benefits including shorter product development cycles, faster time-to-market, improved quality control and other operating efficiencies, the release states.

"Power Balance has the broadest distribution, the strongest brand recognition and by far the most popular product in this category today," said Denny Barge, who will serve as chairman of the new entity. "With the new ownership and operational restructuring, the company is in a much better position to support retail and distribution partners, provide value to the athlete community and deliver truly innovative products to market. Power Balance is a young company that has successfully pioneered a new category of sports accessory and our product roadmap includes offerings we're confident consumers will get excited about."

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The company is the original creator of Power Balance Performance Technology silicone wristbands and sports accessories like the Power Balance Mouth Gear. Headquartered in Laguna Niguel, it distributes its products in the U.S. and internationally in more than 40 countries.

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