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ONYX FINANCIAL ENTERS INTO AGREEMENT TO REPRESENT AGTSPORTS AS INVESTMENT BANKER

 DENVER, Aug. 17 /PRNewswire/ -- Onyx Financial Group Inc., a Miami based investment banking firm announced today that it had entered into an agreement to represent AGTsports Inc. (OTC Bulletin Board: AGTP) as its investment Banker. The transaction will result in a $3,100,000 cash infusion into AGTsports and Onyx Financial Group's subsidiary Genesis Investment Corp. will become a 5 percent shareholder of AGTsports and shall hold one seat on the board of directors. The total transaction will not exceed 13 percent of the total outstanding share of AGTsports. The agreement values AGTsports at $48 million. The cash infusion will be used to expand its operations into Europe in the latter part of 1993, and will also be used to introduce new products in the second quarter of 1994. AGTsports which has developed a scoring, statistics and on-line competition system for the golf industry has been in research and development for the past three years. AGTsports has beta tested its products at numerous PGA PRO-AM events, hundreds of amateur golf events, 42 golf courses in five states as well as golf schools and major universities. The products of AGTsports which are revolutionary in the golf industry are expected to have widespread acceptance with their release later this month. Revenues for the first and second quarter of 1994 are expected to be $1 million and $2,500,000 respectively. AGTsports has also developed a tennis scoring and statistics system tested at the Family Circle Tennis Tournament. Fantasy football, baseball, golf and bowling are slated for release next year. AGTsports expects to make application for listing on the American Stock Exchange later this month. AGTsports is currently traded on the Electronic Bulletin Board under the symbol, AGTP.
 Onyx Financial Group is an international Financial Services Holding Co. with six wholly owned operating subsidiaries; with offices in Florida, New York, Texas, Colorado, California, South Carolina, Canada, Portugal, Luxembourg, England, Spain, Germany, Venezuela and Panama. Onyx Financial Group has been responsible for over $90 million in equity and debt financing since its inception and is in the final stages of completing an additional $150 million in financing projects.
 -0- 8/17/93
 /CONTACT: Robert Wetzel of AGTsports, 303-792-5000; or Ed Kruger of Onyx Financial Group, 305-536-2400/
 (AGTP)


CO: AGTsports Inc.; Onyx Financial Group Inc. ST: Colorado, Florida IN: FIN SU:

BB -- DV001 -- 3533 08/17/93 12:06 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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