ICON Health & Fitness, Inc. Extends Expiration Date for Exchange Offers

Business Wire, Sept 16, 1999

LOGAN, Utah--(BUSINESS WIRE)--Sept. 15, 1999--

ICON Health & Fitness, Inc. ("ICON") today announced that it has reached agreement, subject to final documentation, as to the terms of its newly proposed credit facility and is, therefore, extending the expiration date for its exchange offer and consent solicitation for its 13% Senior Subordinated Notes due 2002, the 15% Senior Secured Discount Notes due 2004 of IHF Holdings, ICON's immediate parent company, and the 14% Senior Discount Notes due 2006 of ICON Fitness Corporation, IHF Holdings' immediate parent company, until 5:00 p.m., New York City time, on September 21, 1999.

ICON announced that it is extending the exchange offers in order to provide holders of notes with an opportunity to review the terms of the new credit facility, as revised from the terms previously disclosed in its Exchange Offer and Consent Solicitation Statement dated July 28, 1999, as supplemented by a Supplement to Exchange Offer and Consent Solicitation Statement dated August 30, 1999. The revised terms will be set forth in a supplement to the Exchange Offer and Consent Solicitation Statement to be delivered to holders of outstanding notes.

As of 5:00 p.m., New York City time, on September 15, 1999, $97,750,000 principal amount of the 13% Notes of ICON, $123,750,000 principal amount of the 15% Notes of IHF Holdings and $155,000,000 principal amount of the 14% Notes of ICON Fitness Corporation had been tendered in the exchange offers. The exchange offers are subject to a number of conditions which are set forth in the Exchange Offer and Consent Solicitation Statement.

Persons with questions regarding the exchange offers should contact MacKenzie Partners, Inc., the Information Agent for the exchange offers, at 800-322-2885.