The Golf News Feed
Hertford, NC (PRWEB) October 1, 2005
Greens Worldwide Incorporated (GWI) announced today that it has completed an asset sale of certain intellectual property, trademarks, and operating infrastructure of the US Pro Golf League to US Pro Golf League, Inc., a Nevada-based corporation.
The US Pro Golf League was a division of the US Pro Golf Tour, Inc. Kenneth Steiner, the former COO of the League under GRWW, is the CEO of US Pro Golf League, Inc. The purchase price for the assets was $ 100,000 and was paid in the form of a four year 6% convertible debenture executed in favor of the Company. In addition, the US Pro Golf League became the Official Golf League of the Tour and executed a two year 6% convertible debenture as payment for the sponsorship in the amount of $ 400,000.
This sale of the basic operating model of the Golf League to its former COO is in the best interest of the company, and we look forward to working with Mr. Steiner in his implementation of the League business, stated R. Thomas Kidd, Chief Executive Officer of GWI.
Kenneth A. Steiner, President-CEO of US Pro Golf League, stated US Pro Golf League is excited to have the opportunity to create a locally competitive golf league with a national championship structure giving golfers all across the country an option to make money playing golf.
About US Pro Golf Tour, Inc.
The US Pro Golf Tour is the country’s premier intermediary professional golf tour conducting tour caliber events for former PGA Tour professionals preparing for the Champions Tour, non-exempt professionals on the Champions Tour, and celebrity challengers and professionals 18 years old and up preparing for the big tour. The US Pro Golf Tour conducts a Pro Net competition for players of all skill levels 18 years of age and older who will compete for substantial prize money with their handicaps in the Tour event atmosphere of Tour events. US Pro Golf Tour tournaments are week-long events with Junior Clinics, pro-ams, entertainment, leader boards and hospitality, with local market charities benefiting from the event. Events are televised on The Golf Channel through the Tour’s show, 54 Holes to Sunday. The US Pro Golf Tour has all the amenities of the PGA Tour, including electronic leader boards, official scoreboard, real-time scoring, hospitality center, gallery and national television coverage on The Golf Channel. Golfers who wish to compete in US Pro Golf Tour events must first complete a membership form for member status in either the Pro Net or Pro Championship Division by visiting the tour’s web site, http://www.usprogolftour.com.
About US Pro Golf League, Inc.
The US Pro Golf League will become the country’s premier local golf league by offering a managed structure for local chapters to compete and qualify for Section Championships and the US Pro Golf League National Championship. Local Chapters will be managed by Chapter Directors. Recruitment for local Chapter Directors will begin in the fall of 2005 with the official launch season in the Spring of 2006. Local Chapters will identify local charities who will benefit from a number of opportunities currently being developed by the US Pro Golf League. Based on the number and location of Chapters, Section Championships will be held in late summer/early fall with the National Championship being played on a championship level course in mid-fall. The US Pro Golf League allows golfers to compete using their handicap. The US Pro Golf League specialized handicap system prevents sandbagging and awards golfers for playing good golf without penalizing better golfers. Membership and participation fees to play in the US Pro Golf League are currently being established to be competitive with similar golf leagues allowing all golfers the chance to participate and compete. The website is currently being finished. For more information, contact Kenneth Steiner at (651) 338-3875.
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as “anticipates,” “believes,” “could,” “expects,” “intends,” “may,” “should” and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
For more information, contact:
Tom Kidd, CEO
Greens Worldwide Incorporated
252.264.2064
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