Tee Off In Style At The Rookery At Marco… Marco Island Marriott Resort, Golf Club & Spa Is On Par With The Escape Golf Package From Only $220
January 21st, 2008
MARCO ISLAND, Fla.–(BUSINESS WIRE)–April 29, 2004
Wake up on the scenic shore of the breathtaking newly renovated Marco Island Marriott Resort, Golf Club & Spa, and start the day with a round of golf at the resort’s 18-hole championship golf course, The Rookery at Marco. Starting from $220(1) per night, through September 25, 2004, the Escape Golf Package designed for two golfers includes:
– 18 holes of golf for two at The Rookery at Marco, including
golf cart, bag storage, bag tag, range balls and a golf gift
item.
– One night’s partial gulf view accommodations at the Marco
– Continental breakfast for two at the Golf Club house.
The Rookery at Marco, masterfully redesigned in January 2003 by famed golf course architect Robert Cupp, Jr., successfully blends his championship layout with the native topography. The course features generous fairways, oversized and receptive greens, the option to play from one of five teeing locations, immaculate turf conditions and wooden bridges that cross over some of the course’s 45 acres of lakes. The endless diversity the course offers day-to-day is harmonized with superb composition, providing a tantalizing golf experience.
After a tough day out on the links, golfers can unwind at the resort’s new 24,000 square-foot Spa at Marco Island Marriott, or enjoy a host of on-site resort activities including: two outdoor pools, whirlpool, seven restaurants and lounges and a host of water sport rentals. For reservations or information call 800-438-4373, 239-394-2511 and ask for rate code GLFA & GLFB, or visit http://www.marcoislandmarriott.com.
(1) Offer based on season and availability (commissionable to travel agents).
Meadowbrook Golf Group Acquires 18-Hole Golf Course In Winter Springs, Fla
January 20th, 2008
Winter Springs Golf Club was originally a Von Hagge-Devlin design, and previously hosted a PGA Tour event. Bill Stine, Meadowbrook’s chief operating officer said he expects to immediately begin clubhouse renovations and a golf course improvement program to improve the quality of the facilities and playing conditions at Winter Springs.
This acquisition of Winter Springs Golf Club marks the beginning of Meadowbrook’s previously announced plan of acquiring up to $100 million of golf course properties. Meadowbrook Golf Group is one of the nation’s leading golf course companies, engaged in the ownership, maintenance, management and development of golf courses.
The company is also the country’s largest provider of outsourced golf course maintenance services, and is a supplier and distributor of equipment and products to more than 1,000 golf courses.
Certain matters discussed in this document may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors including general economic conditions, competition for golf course acquisitions, risk that pending acquisitions may not close, the availability of debt and equity financing, interest rates and other risk factors.
50-Year-Old International Sporting Goods Manufacturer Signs 5-Year Licensing Agreement With GolfGear International Inc
January 20th, 2008
Manufacturers See That Company’s Insert Technology is
Rapidly Changing the Game of Golf
GolfGear International Inc. (OTC:GEAR), a premium-quality golf club manufacturer and marketer, and the founder of insert technology, Thursday announced that it has signed a 5-year licensing agreement with one of the world’s largest sporting equipment companies and most-recognized golf club manufacturers.
The agreement allows the company to utilize GolfGear’s patented insert technology in manufacturing a new line of premium golf clubs. In turn, they have agreed to pay royalties to GolfGear.
“This particular company, as well as others, has acknowledged that insert technology is changing the game of golf. This new trend has considerably improved the game of golf worldwide and has provided a significant competitive edge over other clubs without forged insert technology,” said Anderson.
“GolfGear has launched a new generation of state-of-the-art ‘forged face insert’ golf clubs which utilize leading-edge technology and today’s most advanced materials, including our new Forged Titanium Insert, and we are preparing to launch a new product line using a new forged insert material in 1999. This new material has been proven through extensive use throughout the entire aerospace industry,” Anderson continued.
With more than 2,000 employees worldwide, the undisclosed company is one of the world’s leading manufacturers of sports equipment and focuses on making technologically advanced products which help the average player play better. The company has been a major golf club manufacturer and marketer for more than 50 years, selling golf equipment through authorized dealers throughout the world.
GolfGear International, “The Inventors of Insert Technology,” designs, develops and markets premium-quality, high-performance golf clubs based on its multi-patented leadership in Forged Insert Technology. GolfGear’s proprietary technology is based on sophisticated applied sciences related to metallurgy, collision theory and energy transfer. The company markets a full line of patented metal woods, irons, specialty clubs, putters and golf accessories.
Facilities are maintained in Huntington Beach. For more information, visit the company’s Web site at www.golfgearint.com.
Commentary: Assessors can tee off on golf courses’ worth
January 19th, 2008
But for the first time in several decades, more golf courses are closing than opening. The Journal surmises the golf business may have peaked because boomers have gotten older and the game has become increasingly more difficult for them.
What are the implications for those who own golf courses or golf clubs? The market value of their properties has, or will, decline - both as an investment and for property tax purposes. So what is a golf course worth?
If, indeed, the business of golf is declining, that fact will become immediately apparent from a declining revenue stream.
An Oregon Tax Court case involving the Broken Top Club in Bend illustrates how determining real market value of golf course property for property tax assessment purposes actually reflects the same considerations and methods employed by buyers and sellers in the marketplace.
The Broken Top Club, a Tom Weiskopf/Jay Morrish-designed 18-hole golf course, was part of a larger planned real estate development. Golf memberships were limited to the owners of lots in the gated subdivision surrounding the golf course. The clubhouse was about 26,000 square feet with practice greens and a putting course. The golf course and clubhouse were owned by a different limited liability corporation than the real estate development.
For a variety of reasons, including competition from other area courses, both sales of lots and, consequently, golf memberships were slow. As a result, the golf course and clubhouse experienced significant net operating losses.
The first issue the tax court tackled in determining the real market value of the golf course and clubhouse was the highest and best use of the golf course and clubhouse as a project separate from the real estate development. The court determined that limiting membership only to owners of lots in the Broken Top subdivision was a negative influence on value. The court found that the best method for operating the golf course and clubhouse that would produce the highest return to a prospective buyer was as a high-end, open- membership course, open to anyone with sufficient money to join.
The tax court next considered which of the three valuation approaches would produce the best approximation of market value. The court considered the cost to construct the course and the clubhouse. The problem with the cost approach is the difficulty in measuring economic obsolescence - external factors attributable to market dynamics, such as declining demographics that have a negative effect upon the value of property. Next the court considered the sale prices paid for golf courses of a similar quality. However, golf courses, particularly high-end ones, have their own unique characteristics. Finding a sale of a golf course and clubhouse with those same unique characteristics is difficult.
Therefore, based upon the evidence offered in this case, the tax court found a prospective buyer would give the most weight to the income approach in valuing a golf course and clubhouse that was transitioning from a restricted membership limited to lot owners to an open-membership affair.
Using the discounted cash flow income approach, the tax court relied upon the cash-flow projection that reflected expected increased revenue resulting from an open membership along the lines of similar golf courses such as Crosswater, Awbrey Glen Golf Club and Bend Golf & Country Club, adjusted for an eight-year sellout period to reach full membership.
Using a 15 percent discount rate (this was in 1997) and an 11 percent reversion rate to the income, the court found the real market value of the real and tangible personal property golf club and clubhouse to be $6 million as of the assessment date. The value was 30 percent below the county assessor’s opinion of value.
Author: David L. Canary
Golf Enterprises, Inc. Acquires Five Golf Clubs From Great American Clubs, Inc. And Affiliate Clubs
January 18th, 2008
The transaction is being financed under Golf Enterprises’ $45 million revolving credit facility, which was established in conjunction with the Company’s successful initial public offering.
Robert H. Williams, President and Chief Executive Officer, said, “We are excited to add these five properties to our portfolio of golf courses as part of our continuing acquisition program. Most importantly, these acquisitions represent a significant advance in GEI’s strategy to be a leading consolidator in the golf course industry. Our experienced management team and financial strength provide us with the flexibility and competitive edge to pursue this acquisition strategy successfully. We believe these acquisitions demonstrate this point.”
Williams further stated, “Including the five courses acquired through this transaction, we purchased or leased nine golf courses in 1994. We currently are involved in active discussions with a number of other attractive acquisition candidates. We plan to selectively acquire and improve 30 to 50 courses over the next five years.”
Golf Enterprises, Inc.’s consolidated historical and pro forma results of operations for the nine months ended September 30, 1994 (pro forma presented as if the acquisition of these five courses had occurred on January 1, 1994) are as follows:
September 30, 1994
Historical Pro forma
Total operating revenue $37,052,000 $ 47,432,000
EBITDA $ 8,575,000 $ 11,144,000
Income before extraordinary item $ 1,505,000 $ 2,221,000
Supplemental income per common
share before extraordinary item $ 0.53 $ 0.64
Author: Array
Golf Trust of America Assigns Leases to Legends National Golf Management
January 18th, 2008
Legends National Golf Management expands course
operations from South Carolina
Golf Trust of America, Inc. (AMEX:GTA), the leading owner of premier golf properties, announced today that it has assigned four of its leases to Legends National Golf Management. These leases include Tiburon Golf Club in Nebraska, Persimmon Ridge in Kentucky, and Black Bear Golf Club and Silverthorn Country Club in Florida.
W. Bradley Blair, II, President and Chief Executive Officer of Golf Trust of America, Inc., added, “We believe that Legends National Golf Management will be effective in providing new synergies and economies of scale in marketing and operations, which will add significant value to our properties.”
Established in 1997, Golf Trust of America Inc. is a self-administered real estate investment trust, or REIT, formed to capitalize on the consolidation opportunities in the ownership of golf courses in the United States. Golf Trust of America’s portfolio contains 47 golf facilities, operated by 18 lessees, with locations in 17 states (Alabama, California, Florida, Georgia, Illinois, Kansas, Kentucky, Michigan, Missouri, Nebraska, New Mexico, North Carolina, Ohio, South Carolina, Texas, Virginia and West Virginia).
More information on Golf Trust of America and associated golf courses may be found on its web site at http://www.golftrust.com. Golf Trust stock is publicly traded on the American Stock Exchange (AMEX:GTA).
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors including general economic conditions, competition for golf course acquisitions, risks that pending acquisitions may not close, the availability of equity and debt financing, interest rates and other risk factors as outlined in the Company’s SEC reports, including the prospectus dated November 4, 1997 and the annual report on Form 10-K(A) dated March 31, 1999.
Under the terms of the contract, Mr. Maltbie will endorse Element 21 Golf
equipment including golf club shafts, golf club drivers and hybrid golf
clubs worldwide. Mr. Maltbie has agreed and authorizes Element 21 Golf
Company the right to use his likeness in advertising, promotion,
distribution and sale of Element 21 Golf equipment.
well-respected golf commentator for NBC Sports’ golf telecasts. In 2003 he
teamed up with fellow commentator Gary Koch to win the Raphael Division,
Liberty Mutual Legends of Golf. He played on the PGA Tour from 1975-1996
and has appeared in several Champions Tour events in the last few years.
“I am excited to come on board with the team at Element 21 Golf. I believe
their proprietary Scandium SC technology is the next evolution in golf
equipment. And I love the look, feel and performance of their new E21
Hybrids!” said Mr. Maltbie.
“We are delighted to have Roger as one of Element 21 Scandium Technology
spokespersons,” Nataliya Hearn, President & CEO of Element 21 Golf
Company. “He is a knowledgeable golf commentator, with in-depth knowledge
of the game of golf and the technologies that advance performance. Roger
will play an integral and important part in our upcoming Infomercial on our
Hybrid Golf Clubs powered by Scandium technology.”
Scandium Shafts
Element 21’s Scandium Alloy shafts are manufactured using a proprietary
25-step production process to create a seamless, extruded shaft. Variable
wall thickness and the alloy’s high tensile strength results in a vibration
dampening system called ShockBlok(TM) with 270% better shock attenuation
than steel shafts that protects golfers’ bodies, bones and joints. Each
Element 21 shaft is made from a single piece of Scandium Alloy resulting in
unmatched consistency from club to club as well as unprecedented accuracy
and an industry leading torque of as low as 1.4 degrees.
About The Emc2 Hybrids
The sleek design of the Scandium-driven Emc2 Hybrids boasts minimum crown
thickness allowing for maximum CG specifications. The Crown Louvers serve
as an exceptional alignment aid for improved accuracy. The low weighting
internally of the clubs provides a low center of gravity resulting in ease
of launching. The open face angle enables a wide range of players to
control a straighter shot pattern.
About Element 21 Golf Company:
Element 21 Golf Company develops and markets award-winning golf and fishing
products made from the Company’s next-generation, proprietary Scandium
Alloys. Element 21’s high performance products deliver dramatic
improvements in distance, consistency, accuracy and feel over the most
popular products in the US$5.5 billion golf and the US$48 billion
international fishing markets.
Originally developed for advanced aeronautics in jet fighters including the
MiG, Element 21’s patented Scandium Alloys provide the highest
strength-to-weight ratio of any material currently used in sports — 25%
improvement over Titanium, 40% improvement over Graphite/Epoxy, 52%
improvement over Aluminum, 70% improvement over Steel. They also provide
unique vibration dampening properties resulting in products with
unprecedented feel over competing materials.
Element 21 Golf Company has recently expanded its product line to include
fishing equipment that has quickly secured international recognition by
winning several top honors at the 2007 ICAST, the world’s largest sports
fishing trade show.
Forward-Looking Statements
GolfGear International Inc. Announces Acquisition of Assets and Business of Bel Air Golf Companies
January 17th, 2008
Don Anderson, president and founder of GolfGear International Inc., Huntington Beach (OTC BB:GEAR), Thursday announced that GolfGear has entered into an agreement to acquire all of the operating assets of Bel Air Golf Companies, including the “Bel Air Golf” and “Players Golf” tradenames.
The Bel Air Golf Companies were acquired by new management in 1997 and had consolidated unaudited revenues of approximately $2 million for the year ended Dec. 31, 1998. Players Golf offers a full line of junior golf clubs, and Bel Air Golf is known primarily for golf glove products that offer both value and quality. Bel Air Golf and Players Golf will be operated as a separate division of GolfGear.
GolfGear also issued 255,000 warrants exercisable at $1 per share for a period of six months from closing, and 100,000 warrants exercisable at $1 per share, 100,000 warrants exercisable at $2 per share and 100,000 warrants exercisable at $3 per share, vesting and exercisable only if net revenues from Bel Air Golf and Players Golf reach $1.5 million, $2 million and $2.5 million in 2000, 2001 and 2002, respectively.
This transaction is expected to close during late October or November 1999.
Commenting on the acquisition, Anderson stated: “We believe that the Bel Air Golf and Players Golf acquisition will have an immediate and substantial impact on GolfGear’s consolidated operations. Not only will it increase our revenue base substantially, it will also allow us to diversify our product lines and increase our penetration into new golf markets.”
Dennis Iden, president of the Bel Air Golf Companies, commented: “We are delighted to be a part of the GolfGear family. With the impressive marketing and product design and sourcing capabilities that GolfGear already has in place, we are confident that our brands will reach new levels of success under the leadership of Don Anderson.”
GolfGear was founded by Anderson in 1989, and offers a full line of proprietary golf equipment and accessories. GolfGear’s patent portfolio is the largest and most comprehensive in the golf industry. GolfGear’s products are sold principally in the United States and the Far East.
For additional information, contact Don Anderson at 800/955-6440 or 714/899-4274.
Forward-Looking Statements: This news release may contain forward-looking statements, which are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of new products and technologies, successful integration of acquisitions, the ability to secure additional sources of financing and competitive trends. The actual results that the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this news release.
U.S. Wireless Data Announces Deployment of It’s Tranz Enabler Wireless Solution Into the Golf Course Industry
January 16th, 2008
The TRANZ Enabler solution will be employed in areas throughout the various country clubs including pro shops, restaurants, beverage carts and concessions stands.
U.S. Wireless Data’s wireless credit card processing solutions are currently in use at more than 20 country clubs and golf courses throughout the United States including Fuzzy Zoeller’s Covered Bridge Golf Club in Sellersburg, IN, Serenoa Golf Club and Indian Lake Golf & Country Club in Tampa, FL, Mill Quarter Golf Club and Sycamore Creek Golf Club in Richmond, VA, Longbranch Country Club in Coppel, TX and Norwood Golf Club in Hunnington, TN.
By implementing U.S. Wireless Data’s TRANZ ENABLER wireless credit card solution, golf and country clubs are ableto execute credit card transactions without the added cost of additional land telephone lines or tying up other existing phone lines. Credit cards can also be accepted at remote locations where traditional phone lines are unavailable (like beverage carts roaming the golf course). More importantly, throughput and productivity are enhanced as credit card transactions can be completed in 3 to5 seconds versus 15 to 20 seconds using traditional dial-up credit card terminals.
Tom Fangman, Chief Operating Officer at Fuzzy Zoeller’s Covered Bridge Golf Club, commented, “We are extremely excited with U.S. Wireless Data’s wireless method of processing credit card payments which provides so much flexibility and speed in processing. The golf and country club industry is like any service business in that speed of providing for the customer is the top priority. The ability to accept credit cards out on the golf course provides our customers with added flexibility of forms of payment. We can now offer a better service to our customers and actually reduce our overall credit card transactions expenses.”
USWDA’s proprietary enabling technology, TRANZ(TM) Enabler, converts a merchant’s existing dial-up TRANZ VeriFone credit card terminal into a high-speed wireless terminal. It provides merchants with a faster and more cost efficient way to transact business. The wireless transaction takes 3 to 5 seconds versus 15 to 20 seconds with a dial-up service. Going wireless means the merchant no longer needs a dedicated or shared telephone line to carry transaction traffic, thereby eliminating delays, busy signals and the cost to install or pay for monthly telephone service. And because it’s wireless, the merchant can transact business anywhere the customer wishes to buy, instead of being confined to a service counter with a telephone line.
U.S. Wireless Data, Inc. (OTCBB: USWDA) has developed, tested and is now delivering new proprietary products, programs and standards for the transaction processing and credit card industry which utilizes wireless cellular digital packet data (CDPD) networks. USWD delivers the fastest and most cost-effective transaction processing solution to retail merchants in the United States today. The Company has joint marketing initiatives in place with GTE Wireless and Bell Atlantic Mobile.
CONTACT: U.S. Wireless Data, Inc.
Rod Stambaugh, 510/596-2025
or
Liviakis Financial Communications, Inc.
John M. Liviakis or Robert B. Prag, 916/448-6084
Meadowbrook Golf Group Acquires Kissimmee Bay Country Club in Kissimmee, Fla
January 13th, 2008
Meadowbrook Golf Group Inc. (OTC BB:MGGI) said it had acquired the Kissimmee Bay Country Club, ranked among Florida’s top 50 golf courses.
Kissimmee Bay Country Club is an 18-hole par 71 upscale semiprivate club designed by renowned golf-course architect Lloyd Clifton. The club is also home to the Langley Museum, a private collection of more than 1,000 rare and antique golf items, including golf clubs and golf balls from the 1600s.
Kissimmee Bay Country Club is an Audubon Cooperative Sanctuary member and has received many outstanding reviews from golf publications.
Kissimmee Bay Country Club is located in Kissimmee, approximately 10 miles from Disney World. This acquisition is the third golf course Meadowbrook Golf Group has acquired in the Greater Orlando area, and brings to seven the number of courses Meadowbrook owns and leases in the Orlando market.
The acquisition of Kissimmee Bay Country Club is part of Meadowbrook’s previously announced plan of acquiring up to $100 million of golf-course properties. Meadowbrook Golf Group is one of the nation’s leading golf-course companies, engaged in the ownership, maintenance, management and development of golf courses.
The company is also the country’s largest provider of outsourced golf-course maintenance services, and is a supplier and distributor of equipment and products to more than 1,000 golf courses.
Certain matters discussed in this document may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements because of a number of factors, including general economic conditions, competition for golf-course acquisitions, risks that pending acquisitions may not close, the availability of debt and equity financing, interest rates and other risk factors.