UNION, N.J.--(BUSINESS WIRE)--Dec. 9, 1997--TearDrop Golf
Company (Nasdaq:TDRP) announced today that it has signed a letter of
intent to acquire the assets of RAM GOLF of Melrose Park, Illinois.
The proposed acquisition will be subject to a number of conditions
including the negotiation of a definitive asset purchase agreement
and the successful completion of a due diligence investigation by
TearDrop Golf Company. The purchase price will include cash and
common stock of TearDrop Golf Company.
Rudy Slucker, Chairman and CEO of TearDrop Golf Company, stated,
"By acquiring RAM GOLF, we will be able to offer an array of
established major golf clubs to golfers of all levels worldwide. RAM
GOLF's management and its products along with our newly re-launched
845s irons from Armour Golf will present the perfect complement to
the TearDrop product line. We look forward to welcoming RAM's
management and products to Team TearDrop.
"This acquisition will create an even stronger presence on each
of the major professional golf Tours," added Slucker. "RAM GOLF's
Zebra Putter(TM) is the all-time money and win leading mallet in golf
and has over 35 top five finishes on Tour in '97. The Zebra Putter
and all RAM GOLF products will certainly enhance our TearDrop/Armour
product line."
Seven different Zebra putter models have entered into the
winner's circle in 1997 and new products such as the FX Nickel
Oversize iron(TM) and Big Eye TI Driving Iron(TM) are experiencing
tremendous acceptance.
"The proposed acquisition of RAM GOLF will certainly play an
integral role at our newly created TOUR. The TearDrop Professional
Golf Tour will offer thousands of aspiring PGA Tour professionals and
club professionals the unique opportunity to use RAM GOLF, Armour and
TearDrop equipment, driver through putter. Our equipment will be
tested in competition at the highest levels by the current and future
stars of professional golf," added Slucker.
The TearDrop Golf Company is a leading manufacturer of premium
specialty golf clubs, including putters and wedges. TearDrop's
wholly-owned subsidiary, Tommy Armour Golf Company, is one of the
world's premier manufacturers of golf clubs and accessories, and the
producer of the 845s irons, one of golf's best selling club lines.
TearDrop Golf Company recently announced that it had won the "Best
Putter Award" for 1997-1998 from the Golf Industry Association.
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Except for the historical information contained herein, this news
release contains forward-looking statements which involve risks and
uncertainties, including the acceptance and pricing of new products,
general economic conditions as they affect TearDrop's customers,
seasonality, the performance of endorsement partners, as well as
other risks detailed from time to time in TearDrop's SEC reports,
including the report on Form 10-Q for the period ended June 30, 1997
and the 10-KSB for the year ended December 31,1996 and the Company's
most recent prospectus.
CONTACT:
Millennium Holdings
Wall Street Associates,
(561) 988-2334 or fax (561) 988 0815
E-Mail mhgi@bellsouth.net
www.millenniumholdings.com |
