Don't forget the last PR. Looks like it's coming... By the way, there are 4 of these stores here where I live and I frequent them all the time. Best prices around.
DJ: Worldwide Golf Announces an Agreement to Acquire Pro Golf of America Inc.
LAS VEGAS--(BUSINESS WIRE)--July 28, 1998--Worldwide Golf Resources Inc.
(OTC BB:GOFR) Tuesday announced that the company has entered into a
definitive agreement to acquire Pro Golf of America Inc., started in 1962,
which has been franchising Pro Golf Discount stores for more than 23 years.
There are currently 165 franchised Pro Golf Discount stores, with locations
in 33 U.S. states, Canada and the Philippines.
Closing is expected in the fourth quarter, subject to a number of conditions
precedent, including finalization of financing, satisfactory completion of
due diligence review and other customary terms. Concurrent with the close,
the company plans to change its name to Pro Golf.
In addition to the acquisition of Pro Golf of America and all of its
franchising rights, the company will be acquiring the Pro Golf Discount
Superstore, which is attached to the Las Vegas International Golf Center in
Las Vegas. The 20,000-square-foot superstore showcases a wide selection of
merchandise and has received rave reviews from many of the golf industry's
top executives.
Jack London, chairman and CEO of Pro Golf, stated: "This store is absolutely
breathtaking; It was designed to look like a golfer's paradise, complete
with an indoor stream ... This is a must-see for everyone, golfer and
nongolfer alike."
CEO and president of the company. Mac Shahsavar, stated: "We could not be
more pleased at the timing of this transaction. Worldwide desires to become
a dominant force in the industry, and the acquisition of Pro Golf sets the
foundation."
Robert Sage, president of Pro Golf, commented, "This acquisition may enable
us to greatly expand our franchise sales program, as well as help us to
diversify within the golf industry."
The matters discussed in this news release may be considered
"forward-looking" statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Prospective investors are cautioned that
any such forward-looking statements are not guarantees of future performance
and involve a number of risks and uncertainties, and actual results could
differ materially from those indicated by such forward-looking statements.
CONTACT: Worldwide Golf Resources Inc., Las Vegas
Todd S. Ream, 702/866-5880
gofr@gofr.com
gofr.com
09:31 EDT JULY 28, 1998 |
