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CALLAWAY GOLF FILES REGISTRATION STATEMENT FOR OFFERING OF GENERAL ELECTRIC PENSION TRUST SHARES

 CALLAWAY GOLF FILES REGISTRATION STATEMENT FOR OFFERING OF
 GENERAL ELECTRIC PENSION TRUST SHARES
 CARLSBAD, Calif., Oct. 27 /PRNewswire/ -- Callaway Golf Company (NYSE: ELY) announced today that it has filed a registration statement with the Securities and Exchange Commission covering a proposed offering by General Electric Pension Trust ("GEPT") of 1,400,000 shares of Callaway Golf Common Stock plus an over-allotment option of 210,000 shares. The company will not be selling any shares in the proposed offering. Montgomery Securities will act as managing underwriter for the offering.
 The company also announced that it has agreed, contingent upon closing of the proposed offering, to repurchase $5 million of additional shares of Callaway Golf Common Stock held by GEPT at approximately the same price per share as obtained by GEPT, in the proposed offering.
 Ely Callaway, the company's founder and its chairman and chief executive officer, and other officers n management, will not be selling any of their shares in the proposed offering.
 Callaway Golf Company designs, manufactures and markets high quality, innovative golf clubs. The company's golf clubs are sold at premium prices to both average and skilled golfers on the basis of performance, ease of use and appearance. Callaway's primary products, most of which incorporate the company's S2H2(R) design concept, currently include oversized Big Bertha(R) metal woods, S2H2(R) irons, wedges and putters.
 A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 10/27/92
 /CONTACT: Ely Callaway, chairman and CEO, or Donald H. Dye, vice chairman and COO, of Callaway Golf Company, 619-931-1771/
 (ELY) CO: Callaway Golf Company ST: California IN: SU: OFR


JB-JL -- SD003 -- 5190 10/27/92 08:49 EST
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Publication:PR Newswire
Date:Oct 27, 1992
Words:362
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