BRASSIE GOLF CORPORATION announces Curtis Park restructuring; Curtis Park Now Owned 100% By Brassie.TAMPA, Fla.--(BUSINESS WIRE)--OCTOBER 3, 1996--BRASSIE GOLF CORPORATION ("Brassie") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Symbol: PUTT) today announced that it has recently fulfilled the terms of an agreement with the UA Canadian Pipeline Industry National Pension Plan ("UA Pension Fund"), Brassie's former lender and part-owner of The Gauntlet gauntlet /gaunt·let/ (gawnt´let) a bandage covering the hand and fingers like a glove. at Curtis Park, Inc. ("Curtis Park") whereby Brassie purchased from the UA Pension Fund 20% of the outstanding common stock of Curtis Park giving Brassie 100% ownership of the Gauntlet at Curtis Park facility. Located in Fredricksburg, Virginia, The Gauntlet at Curtis Park contains a P.B. Dye designed 18-hole championship golf course, clubhouse and related facilities on property held by Curtis Park under a long-term lease arrangement with Stafford County, Virginia Stafford County is a county located in the "Commonwealth" of Virginia, a U.S. state. As of the 2000 census, the population was 92,446, however, the current estimated population as of 2006 is 120,170, a 30.0% increase. Its county seat is Stafford6. . Additionally, Brassie paid down an existing $1.6 million second mortgage loan from the UA Pension Fund to Curtis Park by $1.33 million. The remaining loan balance has been purchased by, and assigned to, another entity thereby completely terminating the UA Pension Fund's interest in Curtis Park. Bill Horne, 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. of Brassie Golf Corporation, said, "We expect to benefit from our outright ownership of Curtis Park. Since opening in June 1995, earnings from golf operations and related activities have shown continued improvement. This, coupled with the fact that the second mortgage debt service is significantly reduced should make Curtis Park a contributor to Brassie's overall earnings." 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. Brassie's portfolio of owned and managed courses in 10 states has become one of the largest in the industry and the second largest among U.S. publicly-held companies. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including, but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumer preferences and trends, weather conditions and other risks detailed in the Company's Securities and Exchange Commission fillings. CONTACT: LIPPERT/HEILSHORN & ASSOCIATES John Nesbett, Jason Thompson Jason Thompson can refer to different people:
or Brassie Golf Corporation William Horne, 813/621-4653 |
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