LAS VEGAS and CALGARY, Alberta, July 1 /CNW/ -- Lyle P. Edwards,
President and CEO of Nevada Bob's Canada Inc. ("Nevada Bob's Canada"), Tom
Russell, President of Nevada Bob's Pro Shop, Inc. ("Nevada Bob's Pro Shop"),
and Marc Gunderson, President and CEO of GDH International, Inc. ("GDH")
announced today that the parties are negotiating the acquisition of Nevada
Bob's Pro Shop and GDH by Nevada Bob's Canada.
Nevada Bob's Canada, Nevada Bob's Pro Shop, and GDH are currently
negotiating a definitive agreement and expect to announce the signing of this
agreement in the very near future. Nevada Bob's Pro Shop will address the
definitive agreement in its proposed Plan of Reorganization and Disclosure
Statement to be filed in the Nevada Division of the United states Bankruptcy
Court.
The closing of the transaction is subject to shareholder approval as well
as the approval of the Bankruptcy Court and regulatory authorities, including
the Toronto Stock Exchange.
The transaction contemplates March Acquisition, Inc. ("MAI") being the
sole owner of all of the stock of Nevada Bob's Pro Shop and the acquisition of
MAI and GDH by Innovative Sports Solutions, Inc. ("ISS") through an exchange
of stock. Under current negotiations, Nevada Bob's Canada proposes to acquire
all of the stock of ISS through the issuance of stock and warrants.
The definitive agreement provides that new directors representing the
interests of the acquired companies would be added to the Board of Directors
of Nevada Bob's Canada. In addition, the current management team of Nevada
Bob's Canada would retain primary management responsibility for the combined
company. Lyle P. Edwards, President and CEO of Nevada Bob's Canada, and
Martin Bunting, COO and Executive Vice President of Nevada Bob's Canada, would
continue in their current roles.
The transaction will result In Nevada Bob's Canada becoming a world wide
integrated golf company, owning the world wide rights to the "Nevada Bob's"
name and franchise operations. In addition, Nevada Bob's Canada will add the
Tourshot, Magnesport and Alien Sport brands to its product line. This
transaction is part of Nevada Bob's commitment to grow its strong brand
recognition and earning capacity.
The Toronto Stock Exchange has neither approved or disapproved of the
information contained herein.
-0- 07/01/1999
For further information: Lyle P. Edwards of Nevada Bob's Canada, Inc. 403-294-0600, or fax, 403-269-1716; or Tom Russell of Nevada Bob's Pro Shops, Inc., 702-451-3333, or fax, 702-451-9318; or Marc Gunderson of GDH International, Inc., 817-801-1103, or fax, 817-801-4974
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