Worldwide Completes Acquisition of Driving Ranges.LAS VEGAS--(BUSINESS WIRE)--Jan. 29, 1998--Worldwide Golf Resources Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:GOFR) is pleased to announce the company has completed the acquisition of three golf driving ranges and family amusement centers in the greater Orlando Greater Orlando, alternatively known as the Orlando Area or Metro Orlando, is third most populated metropolitan region in the state of Florida, and the 27th-largest metro area in the United States. , Fla., area. These centers feature driving ranges, golf training facilities and family entertainment. In December, Worldwide Golf announced its plan to acquire four driving ranges in Florida. After comprehensive due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , it was determined that the fourth driving range did not meet the company's feasibility standards for acquisition. Donald J. Stoecklein, president, stated, "The completion of this strategic acquisition provides the company with an immediate presence in Florida's booming golf market. This is just the beginning of Worldwide Golf's new driving range development and acquisition plan." One of the three centers acquired, the Altamonte Springs Al·ta·monte Springs A city of east-central Florida, a residential suburb of Orlando. Population: 40,900. location, is rated as one of the top 100 driving ranges in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The other two locations, Red Bug red bug, name for various red insects. Chief among them are the cotton stainer of the S United States, which pierces the seeds of the cotton plant and discolors the fibers, and the larva of the harvest mite, or chigger, the cause of red-bug dermatitis. and Port Orange Florida, will be patterned after Altamonte Springs to provide the best golf practice and family entertainment in the area. Mac J. Shahsavar, chairman, stated, "We will continue under the current plan of seeking ranges that will provide the highest return value to the company. This will position Worldwide Golf as an international corporate leader in the exploding golf industry." Worldwide Golf Resources owns and operates the following divisions: namely American Turf, which provides the leading synthetic turf to the driving range industry; GolfJack(TM), with its patented golf training and practice devices; Worldwide Golf Centers Inc., a newly formed driving range subsidiary, which is currently implementing a program to acquire and/or develop golf training and family entertainment centers; and finally the Golf Course division, which owns Pelican Beach Golf and Country Club with its year-round facility located on the shores of Lake Winnipeg, Manitoba. This 18-hole championship course features a three-story lighthouse-shaped Clubhouse. The building features a pro-shop, family amusement center, cocktail and sports lounges, restaurant, Video Lottery Terminal A Video Lottery Terminal or VLT is a gaming machine that allows gamblers to bet on the outcome of a video game. A VLT is similar to a slot machine, except that it is connected to a centralized computer system that determines the outcome of each wager using a random machines and off-track horse race betting. CONTACT: Worldwide Golf Resources Inc. Todd S. Ream, 702/866-5880 gofr@gofr.com http://www.gofr.com |
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