Carbite Golf Names Ballard Smith, Former San Diego Padres Executive, To Board of Directors.
Carbite Golf (CDNX: CAB) today announced that Ballard F. Smith, former President and CEO 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 Hockey Club in the World Hockey Association. 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
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