Gary Player Golf Plan To Acquire Pureflight Golf
Gary Player Golf Announces Plans To Acquire Pureflight
MEDIA RELEASE FROM GARY PLAYER GOLF.COM
PALM BEACH GARDENS, Fla., Feb. 1 /PRNewswire-AsiaNet/ -- Gary Player Golf.Com, Inc. (the "Company") announced today that it has entered into a letter of intent to acquire Pureflight Golf Company, Inc. ("Pureflight") for cash and shares of the Company's common stock.
Commenting on today's developments, Edward M. Tracy, President and Chief Executive Officer of the Company, stated, "We are very pleased to announce this transaction with Pureflight Golf. We believe that Pureflight's Purestroke Tour Series Putters(TM) are first-rate products with excellent sales results and tremendous potential. Our companies share the same customer base and we believe that Gary Player Golf will be able to achieve greater sales and a wider distribution for the Purestroke(TM) line without adding significantly to our overall costs of operation."
In commenting on the transaction, Rich Plante, Chief Executive Officer of Pureflight, stated, "This transaction allows the Purestroke(TM) putter line to achieve its enormous potential with golfers and top Tour Players world-wide. We have had a longstanding relationship with Mr. Player and have always been pleased with his sincere endorsement of the Purestroke(TM) line and his Purestroke Black Knight(R) blade model." On January 29, 2000, Gary Player won the 2000 Senior Skins Game in Hawaii with the Black Knight(R) model putter. The Black Knight(R) model is one of 5 high-quality 100% milled putters marketed during 2000 and join 4 new equally impressive models introduced at the 2001 PGA show, including a milled long putter.
Player, the most successful international golfer of
generation, stated the following regarding the transaction, "I am very pleased with the acquisition of Pureflight Golf and the
Purestroke Tour Series Putters(TM). I am impressed with Pureflight's attention to quality, detail and design with their
replication of my Black Knight(R) putter that I had played with for the past five decades. Quite simply, the Purestroke Tour Series Putters(TM) are the finest putting instruments in golf, and now they will be offered to our customers as a part of our line of products."
Completion of the acquisition is
subject to the Company's due
diligence review of Pureflight and other conditions, including
execution of definitive agreements.
Gary Player Golf.Com is an
international golf company formed
to manufacture, market and distribute premium men's and women's
golf equipment, apparel and accessories principally under the Gary Player and Black Knight(TM) brand through e-commerce, direct response television, direct mail sales and licensing.
Look for Gary Player products on the Company's web site
The statements in this
press release relating to matters that
are not historical are forward-looking statements which involve
risks and uncertainties including, without limitation, economic
and competitive conditions in the market served by the Company
effecting the demand for the Company's products, product pricing, market acceptance, access to distribution channels, availability of new financing, and other risks detailed from time-to-time in the Company's press releases. These risks could cause actual results to differ materially from those anticipated and described herein.