BRASSIE ANNOUNCES SETTLEMENT AGREEMENT WITH FORMER OWNERS OF THREE GOLF COURSES.ST. LOUIS--(BUSINESS WIRE)--JULY 7, 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 the Stanchina settlement (the "Settlement") has emerged from escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. , thereby releasing the parties from further action in connection with the original purchase agreement. Brassie transferred its interests in the three under-performing golf courses back to their previous owners. As a consequence, an aggregate of $11.0 million of debt (of which $5.7 million was short term) was eliminated, resulting in a significant improvement in the Company's balance sheet, financial position and liquidity. Mr. William Horne, Brassie's recently appointed 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. , stated, "Speaking on the behalf of the entire management team and the newly-elected Board of Directors, we are pleased with the outcome of the Stanchina settlement. Although the Company will incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. a one-time $4.1 million charge during the June 1995 quarter as a result of this settlement, we have eliminated assets which did not have the potential to achieve our longer term goals of return on investment, and can now utilize these resources on golf course acquisitions with greater potential returns." Brassie Golf Corporation and its Hale Irwin Hale S. Irwin (born June 3, 1945) is an American golfer. He is the uncle of Heath Irwin. Irwin was born in Joplin, Missouri. He graduated from the University of Colorado in 1967, where he was a two-time All-Big Eight defensive back, as well as an academic All-American in Golf Design division are engaged in the acquisition, design, construction, operation and management of private, semi-private, resort and daily-fee (i.e. "public") golf courses. CONTACT: BRASSIE GOLF CORPORATION Gary Nacht, 314/965-8787 or Lippert/Heilshorn & Associates John Nesbett/Jason Thompson Thompson, city, Canada Thompson, city (1991 pop. 14,977), central Man., Canada, on the Burntwood River. A mining town, it developed after large nickel deposits were discovered in the area in 1956. , 212/838-3777 |
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