Greens Worldwide, Inc. CEO Issues Letter to Shareholders
Monday March 31, 10:06 am ET
Orlando, Fla., March 31 /PRNewswire-FirstCall/ -- R. Thomas Kidd, CEO, Greens Worldwide, Inc., (Pink Sheets: GRWW - News) today issued a letter to stockholders regarding the current situation and business opportunities at the Company. The letter follows in full.
Dear Fellow Shareholder:
The purpose of this letter is to update you on the state of our Company. Since I returned in August of 2007, I have been working diligently to take the steps necessary to build value back into Greens Worldwide. The situation I inherited was difficult.
We are working at:
1. Reorganizing of the Company's debt.
2. Bringing all filings current for purposes of reapplying for listing on
the Over the Counter Bulletin Board. Once all listings are current, the
Company has financing facilities in place that it can access for
operations.
3. Pursuing litigation claims against numerous defendants to recover
assets of the Company. Recently we obtained a judgment against two
defendants and will continue to pursue the other defendants.
4. Reforming and re-launching the Company's core business U.S. Pro Golf
Tour. Recently, we pushed back on the commencement of events until 2009
to focus on strengthening the Company.
5. Updating and improving the Company's web sites:
www.grwwsports.com www.usprogolftour.com
Please visit our sites often as that is where you can find current happenings about the Company. We have made significant progress on all of these fronts. However, we still have many challenges before us, which we must continue to diligently work through. I can give no assurance when the Company's problems will be fully resolved, but you do have my commitment of staying the course and accomplishing a recovery for the shareholders.
Over the past several weeks, we have made substantial progress regarding 2009 and the U.S. Pro Golf Tour. We've executed a three-year deal with EPIC Corporation to distribute USPGT produced events to a world-wide television market. We've also entered into an agreement with musical legends "Jefferson Starship" to perform at select USPGT events in '09, creating additional value to shareholders and our charity partners.
Thank you for being patient while we work through the issues.
R. Thomas Kidd
CEO
About Greens Worldwide, Inc.
Greens Worldwide, Inc. (GRWW.PK) is a golf event marketing and management company, engaged in developing diverse golf competitions for Professionals, Celebrities, Amateurs, Senior's and Women and is publicly traded under the stock symbol GRWW.PK. Our current operating subsidiary is the U.S. Pro Golf Tour Presented by SportsQuest, a series of Championships with significant purses. We also plan two additional regional tours are under consideration for further development and consolidation of the professional developmental golf world below the PGA Tour. The Company is convinced that there is a niche in the golf event industry for secondary markets and companies desiring to engage in sports marketing, but at a financial level that fits their budgets. The Company's strategic plan is to acquire or develop professional, celebrity, amateur, senior and women's golf events, either as standalone events or as a series of events, and to then deliver substantial value to our partners by providing multiple sports entertainment platforms, and media in television, print, and radio to leverage our partners advertising, entertainment and promotional dollars. The USPGT has adopted a program whereby our partners can pay for their sports marketing programs and media in stock in lieu of cash. This program provides access for our partners to national, regional, and event market media and entertainment, to increase revenues and brand presence, while preserving cash for their operations. The U.S. Pro Golf Tour has been seen on FSN, ESPN, and The Golf Channel.
Forward-Looking Statements
The statements contained in this news release that are not purely historical are 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, and are intended to be covered by the safe harbors created thereby. Forward-looking statements, such as our intent to develop a system of regional development tours, deal with the Company's current plans, intentions, beliefs and expectations. Investors are cautioned that all forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission.
Mark Edwards
VP, Communications and Media Relations
U.S. Pro Golf Tour, Inc.
423.314.6216
medwards@usprogolftour.com
Source: Greens Worldwide, Inc.
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