Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Rat dog micro-cap picks... -- Ignore unavailable to you. Want to Upgrade?

To: Bucky Katt who wrote (518)	1/3/2000 12:51:00 PM
From: Buddy Smellgood	Read Replies (2) \| Respond to of 48461

GECC news: Focus. I like focus. SOURCE: Golf Entertainment, Inc. Golf Entertainment, Inc. Announces: Portfolio Sold - $16,000,000 Traditions Real Estate Acquired - $3,200,000 ALPHARETTA, Ga., Jan. 3 /PRNewswire/ -- Golf Entertainment, Inc. (Nasdaq: GECC - news) today announced it has completed the sale of its LEC Leasing Portfolio to Somerset Capital, Ltd. Total value of the transaction was approximately $16,000,000 and included repayment of all senior bank debt, the assumption of all non recourse leases, payment of substantially all recourse leases, and cash and notes to Golf Entertainment, Inc. Ronald G. Farrell, Chairman/CEO, said the sale was completed immediately after GECC's annual shareholders meeting which was held on December 27, 1999. At the meeting a new Board of Directors was elected, comprised of Larry Segal, John Chiste and Ronald Farrell. The transaction took a few days to close, but this ends all ties to the past and Golf Entertainment is now in one business and one only - ``GOLF.' Mr. Farrell took the opportunity to announce that GECC has signed agreements to acquire the real estate at its Traditions Golf Club in Edmond, OK for $3,200,000. The purchase includes the assumption of approximately $2,200,000 of existing debt and the issuance of $1,000,000 of GECC common stock. Mr. Farrell stated this will increase GECC's tangible net worth by $1,000,000 and improve the companies financial strength. ``We're going to add lights and miniature golf at Traditions and now the improvements belong to GECC.' As a final note Mr. Farrell indicated that GECC had made several written offers to acquire some facilities and hoped to announce completion of some very soon. This press release contains forward-looking statements regarding the Company's business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties. These and other important factors, including those mentioned in various filings with the Securities and Exchange Commission made periodically by the Company (available to the public at www.sec.gov ) and in various press releases of the Company, may cause the actual results and performance to differ materially from the future results expressed in or implied by such forwarding statements. The forward-looking statements contained in this press release speak only as of the date hereof and the Company disclaims any obligation to provide public updates, revisions or amendments to any forwarding-looking statements made herein to reflect changes in the Company's expectations or future events.