GolfServ Buyback from Chipshot.com:
TM: My understanding is that CDO owns part of Chipshot. Is this correct? Do you have any info on the specific details of this relationship? Thanks. ad
GolfServ Online Completes Buyback from Chipshot.com
Company becomes independent operation, completes Series A financing
CHICAGO, Aug 10, 2000 GolfServ Online Inc., provider of golf-related online content and services, today announced its management team and a group of investors has completed a buyback of the successful media company from its parent company, Chipshot.com.
The deal, which closed Tuesday, was financed by angel investors, and is effective immediately. Under the terms of the purchase agreement, GolfServ will pay Chipshot.com an undisclosed amount of cash in exchange for all outstanding shares of GolfServ Online.
In addition, GolfServ announced the completion of a Series A round of financing, led by Comdisco Ventures, a prominent Silicon Valley-based venture capital firm. GolfServ expects to close a Series B financing in the next several months.
"In the current environment for e-commerce retailers, the repurchase made sense both for us and Chipshot.com," said Kathryn Savarese, president and co-founder of GolfServ Online. "Our time spent with Chipshot.com was beneficial to both parties, and we look forward to continuing to work with them as well as other golf e-commerce sites in the future." Savarese added that GolfServ expects to continue on its aggressive growth path and will use its financing to market its syndicated services to other web sites and to explore strategic acquisitions and alliances.
Chipshot.com's acquisition of GolfServ was announced in January 2000. Since then, GolfServ has grown its registered user base to more than 200,000 golfers, and has launched several high-profile distribution partnerships with leading online companies including AOL, CNBC.com, GolfOnline.com and Rivals.com.
About GolfServ Online Inc.
GolfServ helps websites attract golfers and keep them returning frequently. By providing a network of 250 leading sites with personalized, fully branded golf content and services, GolfServ enables these sites to enhance advertising, sponsorship and electronic commerce opportunities in an extremely sought-after demographic market -- golfers. GolfServ's core product empowers golfers to track their handicap and playing performance, schedule tee-times online, find detailed information on over 19,000 golf courses worldwide, obtain private lessons from the world's leading golf authorities and much more. Current distribution partners include AOL, CNNSI.com, USATODAY.com, CNBC.com, Golfsmith.com and GolfOnline.com. |
