BRASSIE ANNOUNCES COMPLETION OF MERGER WITH SUMMIT GOLF CORPORATION.ST. LOUIS--(BUSINESS WIRE)--JULY 10, 1995--BRASSIE GOLF CORPORATION (Nasdaq Symbol: PUTT; TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). Symbol: TEE) today announced that it has completed its previously announced acquisition of Summit Golf Corporation ("Summit"). On June 30, 1995, the Company acquired all the outstanding shares of Summit in exchange for 1,875,000 newly-issued shares of Brassie Common Stock, 375,000 shares of newly-issued subordinated redeemable Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. (each share is convertible into five shares of Common Stock), 500,000 five-year warrants exercisable at $2.50 per share for the first three years and $3.25 for the next two years and $500,000 in cash and notes. The merger with Summit makes Brassie's portfolio of 51 owned and managed courses in 14 states in the U.S. and Mexico the third largest in the industry and the second largest among U.S. publicly-held companies. The Company estimates that its Stockholders' Equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. will increase approximately $7.1 million on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis as a result of this transaction, which will be accounted for as a purchase. Mr. William Horne, newly elected President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "With the merger complete, we can now concentrate on fully realizing the potential of the new Brassie. The Company is now in a solid position to become an industry leader in all components of golf course design, development, construction, acquisition, operation and marketing." The Company also announced it will relocate its corporate headquarters from St. Louis, MO to Tampa, FL. The Company's Hale Irwin Golf Design division will remain in St. Louis. Brassie Golf Corporation, through its Hale Irwin Golf Design division and Summit Golf Corporation (a wholly-owned subsidiary), is engaged in the acquisition, design, construction, operation and management of private, semi-private, resort and daily-fee (i.e. "public") golf courses. CONTACT: Investor Relations Investor relations The process by which the corporation communicates with its investors. Contact: Company Contact: John Nesbett/Jason Thompson Gary Nacht Lippert/Heilshorn & Associates Executive Vice President, CFO See Chief Financial Officer. (212) 838-3777 (314) 965-8787 |
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