The Arnold Palmer Golf Company Announces Corporate Financial Restructuring.

OOLTEWAH, Tenn.--(BUSINESS WIRE)--Oct. 2, 1998--The board of directors for The Arnold Palmer Golf Company (OTC BB: APGC) approved today a plan of corporate financial restructuring for the company. The plan will provide working capital to support ongoing business activities through the sale of assets that are unrelated to APGC's core business focus and by restructuring the company's debt service obligations. The plan envisions three steps.

1. The proposed sale of APGC's investment in Nevada Bob's Holdings,

Inc. to a related party to generate cash for working capital

purposes.

2. The sale of certain assets of APGC's equipment component

division, National Golf Suppliers (NGS), to a group of investors

based in Louisville, Ky.

3. The proposed acquisition of APGC's bank debt by a related party

and its conversion to a non-interest bearing term note maturing

in 1999.

APGC anticipates the various aspects of the restructuring plan will be completed prior to the end of the calendar year 1998.

The Arnold Palmer Golf Company manufactures, markets and distributes golf equipment under the brand names of its three franchise divisions: PALMER; HOTZ golf bags; and the recently-introduced NancyLopezGolf equipment and products.