Hi Jim, fancy meeting me here...here is the latest Nevada Bob's news. Stock is still in the dumpster.
New Chairman and President/CEO announced
CALGARY, July 27 /CNW/ - Lyle P. Edwards announced today that he has
formally resigned as President and Chief Executive Officer of Nevada Bob's
Golf, Inc. (``Nevada Bob's'') (TSE: NBC), the world's largest specialty golf
retailer. He will continue to serve as a Director of the Company.
``My job with Nevada Bob's is now successfully complete,'' said Edwards,
who led the Company through a difficult reorganization that included the
business combination of Nevada Bob's Pro Shop, Inc., GDH International, Inc.
and Nevada Bob's Canada, Inc. as well as a subsequent worldwide restructuring.
``It is now time for me to concentrate on some of my other investments. I am
pleased to announce that one of these investments will be as a franchisee of
Nevada Bob's.''
``Lyle has been instrumental in the development and negotiation of three
important deals that signal a significant turning point for Nevada Bob's with
their infusion of cash,'' said Martin Bunting, who has been with the Company
since 1997 and remains as Executive Vice President and Chief Operating
Officer. ``Lyle's insight, knowledge and contacts have been invaluable for
securing the future of the Company and allowing the day-to-day operations of
Nevada Bob's to continue throughout an extremely trying period. I just can't
say enough about this man's contribution.''
Tony Loth will be joining the management team as CEO and President. He
has served as the CFO of Duncan Holdings, Inc. for the past 15 years. ``Tony
has been the architect of our Company,'' stated Bob Duncan. ``Along with other
commitments we have made to Nevada Bob's, allowing Tony to move over and
accept the reins was tough in view of the important role he played with us.
But this is a further expression of our commitment to Nevada Bob's Golf as
majority shareholder.''
Duncan also said: ``Along with this change I will also be moving aside as
Chairman of Nevada Bob's Golf, Inc. but I will remain as a director. Izzie
Abrams has been a long-time business associate of ours and we are delighted
that he has accepted the position of Chairman. Izzie has a proven track record
as an innovative builder of businesses. His high energy level and leadership
abilities make him a dynamic addition to our team. Izzie's skill as a
businessman and the respect he has within the financial community, as well as
the respect the Board has for him, will strengthen the Company even further.''
Jim Crawford, the CFO, moves over to run the business services provided
to franchisees and to manage the sale of corporate store conversions to
franchisees. Allen Smith will become the new CFO of Nevada Bob's Golf, Inc.
Allen has been integral in developing the direction of the Company.
``The previous team brought the right mix of knowledge, skills and
patience to successfully see Nevada Bob's through a tremendously difficult
period of change,'' said Duncan. ``We are looking forward to Tony, Martin and
Allen building on their accomplishments and implementing the strategic plan
that will fulfill the potential of Nevada Bob's worldwide.''
Nevada Bob's Golf, Inc. corporate offices are located in Calgary,
Alberta, Canada. The Company's common shares trade under the symbol ``NBC'' on
The Toronto Stock Exchange.
This news release may include comments that do not refer strictly to
historical results or actions and may be deemed to be forward-looking
statements. Forward-looking statements involve risks and uncertainties
including, but not limited to, the weather and performance of the economies in
the markets in which the company operates, continued acceptance of the
company's products, competitive factors, the company's ability to identify and
interpret retail trends, volatility of prices, market compensation and risk
inherent in the company's international operations.
The Toronto Stock Exchange has neither approved nor disapproved of this
release.
-0- 07/27/2000
For further information: Nevada Bob's Golf, Inc., Tony Loth, President and CEO, (214) 360-9005, Martin Bunting, Executive Vice President & COO, (403) 217-2342; Larry Clausen, Communication Incorporated/Shandwick Int'l, 1-877-332-6092 or (403) 266-2000 |
