Granite Golf Acquires Brassie Golf Management; Golf Course Portfolio Jumps to 26.PHOENIX--(BUSINESS WIRE)--July 21, 1997--Granite Golf Group Inc. (BB:GGGI) announced Monday it has completed the purchase of Club Operations and Property Management Inc. and Brassie Golf Management Services Inc. from Brassie Golf Corp. (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 :PUTT). Financial details of the transaction have not been released. No other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. of Brassie Golf Corp. were included in this transaction. Granite Golf's management portfolio increases to 26 with the completion of this acquisition, and now positions Granite as one of North America's largest golf course operators. Included are 11 courses in Florida, four in North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , three in Ohio, two in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , as well as courses in Tennessee, Colorado, New York, Texas New York is a hamlet in Henderson County, Texas, USA, about 11 miles east of Athens. Geography New York lies at the intersection of FM 804 and FM 607 in a stereotypically flat portion of East Texas, surrounded mostly by farm land. , Virginia, and Minnesota. Granite Golf Management Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Granite Golf Group Inc., will oversee management operations of the golf courses currently under contract by COPM and Brassie Golf Management Services, as well as Granite's existing portfolio. This venture assists in facilitating Granite's plan for growth and will continue through future acquisitions or ventures with other forward minded management companies and groups. Joining the Granite Golf Management division as chief executive officer will be William E. Horne. Horne will combine with MG Orender, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Granite Golf Management Inc., to oversee the business development and daily operations of the management group. Together, they form an understanding and well-regarded team, thoroughly experienced in all areas of golf course operations. Horne, a pioneer in providing professional management services to multiple golf courses, founded COPM in 1981. Beginning with the formation of The Governor's Club in Tallahassee, Fla., Horne developed COPM into one of the largest golf course operating companies in the United States. In addition, Horne has provided consulting services to over 200 golf courses in 11 countries. He has been recognized as one of the Top Five Most Influential People in Florida Golf by Florida Sports Fan Magazine. Granite Golf Group Inc., with this venture, continues to develop its standing as a professional owner and operator of quality, affordable public and private golf courses throughout North America utilizing its highly skilled team of golf industry and business management personnel. Granite also provides turnkey golf services in all areas of golf course operations, development, and management. -0- Certain matters discussed in this press release many constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors including general economic conditions, competition of golf course acquisitions, the availability of equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay , interest rates and other risk factors. For investor relations Investor relations The process by which the corporation communicates with its investors. package on Granite Golf Group Inc. contact Alexander Troy Consultants 888/207-9476 or 407/679-4009. E-mail: otcbb@gdi.net, Address: 1890 N. Semoran Blvd., Suite 395, Winter Park, FL 32792. NOTE TO EDITORS: In the Internet/email address noted in this news release, there is an "at" symbol between otcbb and gdi.net . This symbol may not appear properly in some systems. CONTACT: Financial Information: Granite Golf Group Inc. T. Marney Edwards, CFO See Chief Financial Officer. 602/861-8968, (Fax) 602/944-3228 or Media Information: Granite Golf Group Inc. Brad Parsons 800/903-5051, 905/891-7000 (Fax) 905/891-7700 |
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