Golf Rounds.com, Inc. Board to Resign, New Board to be Appointed
BEDMINSTER, N.J.--(BUSINESS WIRE)--Jan. 19, 2000--Golf Rounds.com, Inc. (OTC-TEEE), which owns and operates the Internet websites golfrounds.com and skiingusa.com, announced today that its directors, Paul O. Koether, John W. Galuchie, Jr., and Thomas K. Van Herwarde, have agreed to resign their directorships in connection with the sale by Messrs. Koether, Galuchie, Van Herwarde and other persons and entities of an aggregate of 500,000 shares of Golf Rounds' common stock owned by them to several purchasers. Mr. Van Herwarde has not resigned from his position as President of Golf Rounds. The outgoing directors have also agreed to appoint three individuals designated by the purchasers to Golf Rounds' board of directors. The purchasers have designated Robert H. Donehew, Larry Grossman and John F. McCarthy, III, for appointment to the board of directors of Golf Rounds upon the resignations of the current directors.
Mr. Koether has also agreed to give a designee of the purchasers irrevocable proxies to vote an additional 449,690 shares that he or entities controlled by him own.
The resignations and the appointment of the new directors will take effect 10 days after the closing of the sale of the shares, which is expected to occur on or before January 21, 2000. Simultaneously with the closing Golf Rounds will file an information statement with the Securities and Exchange Commission and mail copies of the information statement to all of its stockholders. The information statement will contain information regarding the new directors and other information required by applicable securities laws. Golf Rounds' stockholders will not be asked to vote with respect to the appointment of the new directors and no proxies will be solicited. |
