To: carromill who wrote (11300 ) 10/8/1999 9:49:00 AM From: Jim Bishop Read Replies (2) | Respond to of 150070
NBC.T my little Nevada Bob's just got a load of $$, and wants to be big. TORONTO, Oct. 7 /CNW-PRN/ - The merger announced last month to create Nevada Bob's Golf Inc.(TSE: ''NBC''), the largest chain of golf specialty retail stores in the world, has been completed. According to Lyle P. Edwards, the Company's President and CEO, the Company has also entered into agreements with financial institutions and other firms which provide the Company with working capital and term facilities up to US $30 million and expansion capital facilities of US $13 million. Edwards stated, ''Having the merger completed and strong financing in place allows all of our team to focus on our primary objectives. These objectives are simply to become the dominant force in golf retailing in the world and on the internet. We are very excited about executing our strategic plan which includes aggressively increasing system-wide revenues while at the same time capitalizing on merger synergies. We have a commitment to our shareholders to maximize the value of their investment and we are excited about what the future holds for our investors.'' Martin Bunting, Chief Operating Officer of Nevada Bob's Golf added, ''We plan to dramatically increase the total number of system-wide stores by focusing on the development of new franchises. Our plan also includes making Nevada Bob's Golf and its franchisees the industry leaders in the area of E-commerce. We are currently working with several industry leaders which we believe will enable us to achieve this goal in the near future. We firmly believe that companies like Nevada Bob's which possess strong brand awareness which can offer products and services both in traditional stores and ''on-line'' will be the most successful in the current retail environment. Everyone in the golf business knows the Nevada Bob's name is the most recognized name in the entire industry.'' The Nevada Bob's Golf retail chain of stores is the largest system of franchise and company-owned golf specialty retail stores in the world. The system currently consists of a total of 281 stores (1.1 million square feet of selling space), of which 195 are franchise locations. The majority of the stores are located in the United States and Canada. Revenues earned from retail operations are expected to account for approximately 77% of total revenues. Total system-wide revenues are expected to surpass $250,000,000 during the first year of consolidated revenues. The remainder of the Company's revenues will be derived from manufacturing and distribution operations. The Company's innovative product lines include the Alien Sport line of golf clubs and accessories. Manufacturing and distribution operations are expected to contribute in excess of US $100,000,000 over the next three years. The Nevada Bob's Golf Inc. merger combines Nevada Bob's Canada Inc. with Nevada Bob's Pro Shop, Inc. and GDH International, Inc. through the exchange of common shares. The name of the company was changed to Nevada Bob's Golf to reflect its new global presence. The previous shareholders of Nevada Bob's Pro Shop, Inc. and GDH International, Inc. effectively own approximately 60% of the shares of Nevada Bob's Golf Inc. Nevada Bob's Golf Inc. is headquartered in Calgary, Alberta, Canada and has facilities in both the United States and Canada. The Company's stock trades on the Toronto Stock Exchange under the ticker symbol ''NBC.TO''. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this release. SOURCE: Nevada Bob's Golf Inc. More Quotes and News: Nevada Bob's Canada Inc (Toronto:NBC.TO - news) Related News Categories: leisure/travel