Carbite Golf Names Ballard Smith, Former San Diego Padres Executive, To Board of Directors.
SAN DIEGO, July 25 /PRNewswire/ --
Carbite Golf (CDNX CDNX
See Canadian Venture Exchange (CDNX). : CAB) today announced that Ballard F. Smith, former 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 the San Diego Padres Baseball Club, has joined its Board of Directors.
Mr. Smith, now a resident of McCall, Idaho, was very involved in sports in San Diego for 20 years. He came to San Diego in 1976 as Vice President and General Manager of the San Diego Mariners The San Diego Mariners were an ice hockey team based out of San Diego that played in the World Hockey Association. They played from 1974 to 1977. Their home ice was San Diego Sports Arena. Hockey Club in the World Hockey Association “WHA” redirects here. For other uses, see WHA (disambiguation).
The World Hockey Association (French: Association Mondiale de Hockey) was a professional ice hockey league that operated in North America from 1972 to 1979. . He joined the Padres as Executive Vice President in 1977 and was President from 1979-1987. He was a member of Major League Baseball's Executive Council from 1981-1985.
Mr. Smith served on the Board of Directors of McDonalds Corp. for 14 years and was Chairman of the Sun Mountain Broadcasting Inc. in Utah from 1985-1997.
Mr. Smith joins the Carbite Board upon the completion of Carbite Golf's acquisition of the assets of Carizma Golf Company of San Diego, a company founded in 1998 by Mr. Smith and longtime golf innovator Jim Flood. Pursuant to an Asset Purchase Agreement, Carbite acquired substantially all the assets of Carizma. The assets were valued at $301,200 and purchased by the issuance of 792,632 shares of Carbite common stock at a deemed price per share of $.38US. Carbite will also pay Carizma royalty on all Putterball and Power Ti-Pod sales for a period of 5 years. In connection with that transaction, Carizma principals also participated in a $400,000 private placement of 1,052,632 units at $.38US per unit. Each unit consists of one share of Carbite common stock and one purchase warrant, good for 2 years, to buy one-fourth share based on a per share price of $.38US.
"We are pleased that an executive with such significant experience in sports and sports marketing is joining our Board of Directors," said John Pierandozzi, Carbite Golf President.
Carbite Golf is a San Diego based manufacturer of innovative golf equipment. Patented powder metallurgy technology permits golf club designs with a bigger sweet spot and better results from off-center hits. Current products include the "Polar Balanced Putter" and the "Polar Balanced Wedge." For product information, contact Mike Pinckes at Carbite Golf, 9985 Huennekens St., San Diego, CA., 92121, telephone 1-800-272-4325 or fax 858-625-0572.
VISIT CARBITE GOLF'S WEBSITE at www.carbitegolf.com
(This news release has not been reviewed by the Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) , which does not accept responsibility for the adequacy or accuracy of the release.)