Cycle Country Accessories Corp. announced that it has uncovered a misappropriation of funds by its Chairman of the Board of Directors L. G. (Bob) Hancher, Jr. According to a company spokesperson, in October 2008, Hancher recommended the company repurchase some of its shares through an affiliated company, ultimately using a total of $570,000 to purchase 747,250 shares of Cycle Country stock. “In connection with the audit for the fiscal year ending Sept. 30, 2009, Cycle Country investigated the circumstances surrounding the stock repurchases and determined that it had not received satisfactory documentation and other evidence to conclude that the company had, in fact, purchased such shares,” they explained, adding, “After being notified of irregularities discovered by the company, Hancher wrote a letter to the company resigning from the board and acknowledged that he received the funds from the company, but admitted that he did not use $400,000 of the funds to purchase company stock.”

DAMAGES AWARDED IN ATV ACCIDENT UPHELD

“A legislative subcommittee has upheld a $1.5 million award the Arkansas Highway and Transportation Department (AHTD) is to pay a Des Arc man,” stated WXVT.com. The site told us 33 year old Jeremy Kirkland was injured after crashing his ATV into a 3 ft. deep ditch dug by AHTD crews on a Prairie County road. AHTD’s attorney reportedly argued that the accident was Kirkland’s fault and he was in violation of a state law that prohibits ATVs from public roads unless used in farming or hunting, or to get from one field to another. However, Kirkland is a farmer and was driving home when the accident occurred, the site said, and AHTD has been found to be negligent for failing to post warning signs.

REPORT SHOWS DECLINE IN ATV FATALITIES

The Specialty Vehicle Institute of America (SVIA) stated, “A report released by the Consumer Product Safety Commission (CPSC) shows a continuation of the decline in fatalities and injuries associated with all-terrain vehicle (ATV) use.” SVIA told us total ATV-related injuries in 2008 dropped by 10 percent from 2007, with injuries to children under 16 decreasing by 6 percent. “CPSC also reported that the risk of injury per 10,000 four-wheel ATVs in use declined by 15 percent from 2007 to 2008,” it explained, adding, “This is the seventh straight year that injury risk for ATV riders has decreased and it is now lower than at any time since the CPSC began calculating this injury risk in 1985.”

ROHVA URGES ROV COMMENTS

“The Recreational Off-Highway Vehicle Association (ROHVA) is calling on enthusiasts and industry representatives to submit comments by Mar. 15, 2010 in response to the U.S. Consumer Product Safety Commission (CPSC) proposed mandatory standards for recreational off-highway vehicles (ROVs), also known as side-by-sides and UTVs,” stated a press release from the organization. Expressing disappointment with the CPSC’s October 2009 vote to issue an Advanced Notice of Proposed Rulemaking (ANPR) for mandatory ROV standards, the release told us ROHVA has created a Web page (www.rohva.org/anpr) that contains explanations of ROHVA’s position on ROV standards, as well as links to important documents. “The page also contains a link and other resources to facilitate stakeholders’ submission of comments on the CPSC’s ANPR,” the release added.