Gary Player Golf Plan To Acquire Pureflight Golf
Gary Player Golf Announces Plans To Acquire Pureflight
Golf
Company, Inc.
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.
Gary
Player, the most successful international golfer of
his
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
at
www.garyplayergolf.com.
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.