Coastcast Corp. announces acquisition postponement.RANCHO ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. DOMINGUEZ, Calif.--(BUSINESS WIRE)--July 26, 1995--Coastcast Corp. (NYSE NYSE See: New York Stock Exchange :PAR) Wednesday announced that its proposed acquisition of up to 93 percent ownership of Commercial Titanium Castings Inc. (CTC CTC - Cornell Theory Center ), a privately owned, Oregon-based manufacturer of investment-cast titanium golf clubheads, has been postponed. Beauwood California Inc., which owns 10 percent of CTC's outstanding stock and is the sole customer for CTC-manufactured clubheads, threatened to file suit and seek an injunction against Coastcast's acquisition of CTC stock on the grounds that it would, among other things, breach agreements between CTC and Beauwood. In response, CTC and its 90 percent stockholders have filed a declaratory relief declaratory relief n. a judge's determination (called a "declaratory judgment") of the parties' rights under a contract or a statute often requested (prayed) for information in a lawsuit over a contract. suit against Beauwood to obtain a court determination that the proposed Coastcast transaction will not breach any of the agreements between CTC and Beauwood. Coastcast, CTC and its 90 percent stockholders have agreed that Coastcast's proposed CTC stock acquisition will be postponed pending determination of appropriate means to resolve the Beauwood dispute. Coastcast is one of the largest manufacturers of investment-cast golf clubheads for high-quality, premium-priced metal woods, irons and putters. In the past five years, Coastcast has been a supplier to more than 50 percent of the top two dozen golf companies that produce premium golf clubs. The company is a major supplier to Callaway, Titleist, Tommy Armour/Odyssey and Cleveland, and also supplies Lynx lynx, name given to several related small, ferocious members of the cat family. All have small heads, tufted ears, and heavy bodies with long legs and short tails. All are primarily terrestrial, although they are able to climb trees. , Maxfli, ProGroup, Founders Club, Daiwa USA, Taylor Made, and several other domestic and international golf club companies. CONTACT: Coastcast Corp., Rancho Dominguez Hans H. Buehler/Richard Mora MORA, In civil law. This term, in mora, is used to denote that a party to a contract, who is obliged to do anything, has neglected to perform it, and is in default. Story on Bailm. Sec. 123, 259; Jones on Bailm. 70; Poth. Pret a Usage, c. 2, Sec. 2, art. 2, n. , 310/638-0595 |
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