CEC Properties Announces Agreement For Major Golf Company Acquisition.NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BUSINESS WIRE)--July 28, 1998--CEC Properties Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CECI CECI Centre Canadien d'Étude et de Coopération Internationale (French) CECI Centre Canadien d'Etudes et de Cooperation Internationale CECI Center for Educational Computing Initiatives CECI Consulting Engineers Council of Illinois ) Tuesday announced it has entered into an agreement in principle for the acquisition of First Golf Corp. of Tempe, Ariz. The acquisition, which will be based on a combination of cash and CEC (Central Electronic Complex) The set of hardware that defines a mainframe, which includes the CPU(s), memory, channels, controllers and power supplies included in the box. Some CECs, such as IBM's Multiprise 2000 and 3000, include data storage devices as well. common stock up to $2.2 million in value, depending upon First Golf earnings over the next three years, is subject to due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and the approval of the boards of directors of both companies. "First Golf Corp. is a major participant in the development and construction of golf courses, having successfully developed more than 25 new golf courses since 1987," said Paul Balalis, CEC Properties president, chairman and chief executive officer. "First Golf is the type of quality company we are looking to acquire to add value to CEC Properties," Balalis said. First Golf currently has contracts for the development and construction of 11 new golf courses, three of which are already under construction. First Golf will subsequently hold Facility Management contracts on 14 courses and these will be transferred to Classic Golf Management, which was acquired by CEC Properties in 1997, upon completion of the acquisition. "We are delighted to join CEC Properties," said Sam Gunderson, president, First Golf. "We believe in the strategic direction being taken by CEC Properties and envision a very bright future," Gunderson said. CEC Properties, with headquarters in Newport Beach, is focused on becoming a major competitor in the golf course management, construction management and related fields. This will be accomplished through the construction of new golf courses, acquisition of existing golf management and other companies and with the acquisition of management contracts for existing golf courses. "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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 filings.
CONTACT: CEC Properties Inc., Newport Beach
John Clark/Tom Quinn, 949/673-2282
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