DENVER, July 31 /PRNewswire/ -- AGTsports, Inc. (OTC Bulletin Board: AGTP)
announced today the results of its ongoing reorganization and the completion
of debt conversion agreements with creditors reducing liabilities by more than
$500,000. As of July 31, 2000, the Company has successfully completed debt-
to-equity conversion agreements eliminating over 85% of outstanding
liabilities incurred from former golf technology R&D efforts, which were
discontinued in 1998.
AGTsports, Inc. is now pursuing a reorganization plan designed to increase
shareholder value by engaging a new business opportunity unrelated to the
sports or recreation industries. With the assistance of independent auditors,
Brimmer, Burek, & Keelan, LLP, of Tampa, FL, the Company has secured a
certified audit for fiscal 1999 while maintaining public filings as required
by the Securities and Exchange Commission. During the quarter ending June 30,
2000, the Company has eliminated significant liabilities to improve its
balance sheet with the goal of completing a business combination with third
parties by fiscal year end, September 30, 2000. While no assurances can be
provided AGTsports, Inc. will be successful in these efforts, the Company has
received numerous inquiries, and preliminary negotiations continue with
potential business partners.
AGTsports, Inc. is an investment holding company formed to invest in all
types of businesses. For more information contact AGTP at: agtoffice@aol.com
Tel. 303.437-9434 Fax: 303.691-8884.
Forward Looking Statements. This press release contains statements that
are "forward looking statements" under the Federal Securities laws. Actual
results could vary materially. Factors that could cause actual results to
vary materially include, but are not limited to: transition to new products,
changes in business conditions, changes In the Company's business strategy,
competition in the marketplace, delays in the development of new business
opportunities, one-time events and other important factors disclosed
previously and from time to time in the Company's filings at the U.S.
Securities and Exchange Commission.
SOURCE AGTsports, Inc.
-0- 07/31/2000
/CONTACT: AGTP, 303-437-9434, or Fax: 303-691-8884, agtoffice@aol.com/
(AGTP)
CO: AGTsports, Inc.; Brimmer, Burek, & Keelan, LLP
ST: Colorado, Florida
IN: SPT FIN
SU: RCN |
