This is good!!
FOR FURTHER INFORMATION PLEASE CONTACT:
Lewis, England & Associates, Inc.
(501) 376-0222
(501) 376-6690 (Fax)
1-888-376-3900 (US/CAN)
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy of this release.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: CARBITE GOLF INC.
VSE SYMBOL: CAB
SEPTEMBER 26, 1996
Carbite Golf to Acquire 49 percent Interest in Viper Bite
VANCOUVER, BRITISH COLUMBIA--Carbite Golf Inc. (the "Company") wishes to announce that it has signed a letter of intent to acquire the remaining 49 percent interest in Viper Bite from Advanced Golf. In June 1995, Carbite, Inc. licensed its surface technology to a joint venture, operating under the name Viper Bite Company ("Viper Bite"), of which Carbite, Inc., the Company's subsidiary, is a 51 percent owner. Viper Bite produced a television infomercial featuring the surface technology on a wedge product called the Viper Bite.
The Viper Bite financial statements through June 30, 1996 show a net profit of $1.3 million US and a cash position of $523,000 US. This is projected to increase to a net profit of $1.5 million US and a cash position of $700,000 US by December 31, 1996 and form part of the assets being purchased. Viper Bite is currently pursuing retail sales and working to expand the goodwill developed from the name.
The deal is structured to issue a total of 700,000 shares of Carbite Golf Inc. on the closing date and to grant an option to acquire an additional 700,000 shares of Carbite Golf Inc. for a period of two years at a price of $1.50 CDN per share to the Venders, subject to regulatory approval.
ON BEHALF OF THE BOARD
RONALD L. REIMER,
President and Director
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Bill |
