Pratt remains invested in Gander Mountain

ST. PAUL, Minn. David Pratt, chairman of the board of Gander Mountain Co., Thursday said he remains invested in his company, following a recent SEC filing which outlined the sale of shares in Gander Mountain by himself, a current evp of the company and two former employees.

According to a Form S-3 filed Thursday by Gander Mountain, Pratt sold shares held by Gratco, LLC, a limited liability company, which he manages and is comprised of certain Pratt family trusts. In addition, Dennis Lindahl, evp of strategy and business development for Gander Mountain, and former cfo sold shares. The total shares of common stock amounted to 6,130,183.

Commenting on the SEC filing, Pratt said that he has no plans to change his investment position with the outdoor retailer or sell any company stock he owns.

Gratco, according to Pratt, invested approximately $50 million in the rapidly growing company and he was elected chairman of the board in December 2006.

"The company filed the S-3 with the SEC today in order to fulfill its registration rights obligations pursuant to the 2006 investment," said Pratt. "I have great confidence in Gander Mountain's business model and our ability to become the best outdoor retailer in the country. I'm excited about being a part of that success well into the future and have no plans to change my investment position."

For the second quarter, the Gander Mountain reported a net loss of $9.7 million, or 48 cents per share, compared to a net loss of $7.6 million, or 53 cents per share, in the second quarter of fiscal 2006.