HERTFORD, N.C., March 24 /PRNewswire-FirstCall/ -- Greens Worldwide Incorporated (BULLETIN BOARD: GRWW) announced today that Tom Kidd, its Chief Executive Officer, has written the following letter to its shareholders:
Dear Fellow Shareholders:
Our March 20, 2006 announcement that Fox Sports Net (FSN) will be telecasting portions of all 10 events on our US Pro Golf Tour this year is a significant development as to how far US Pro Golf Tour, our wholly owned subsidiary and your Company, has come in a short period of time. FSN reaches more than 81 million homes though its network of 22 regional sports channels and our Tour will be on stations that also feature Major League Baseball, the National Basketball Association and the National Hockey League. Very nice company for us! In addition we retained our television agreement with the Golf Channel for the broadcast of our program 54 Holes to Sunday for ten events on our developmental tour and we will be on ESPN with the Trump Million Dollar Invitational in July of this year.
Our ten tour stops this year, from May to November, in states including California and Colorado, Florida and Georgia, with prizes including a one million dollar purse at the Las Vegas event ($180,000 for the winner), will be major league in every way. We also recently announced that we have co-sanctioned the Trump Million Dollar Invitational in the Grenadines which will be telecast on ESPN (http://www.trumpmilliondollar.com/), and carries a purse of $1.5 million.
The US Pro Golf Tour (visit http:/www.usprogolftour.com) offers operational expertise second only to the Professional Golf Association's tour. We are the only tour in America that provides the same amenities that golfers find on the PGA Tour, including TV coverage on the Golf Channel, Fox Sports Net and ESPN, galleries, electronic leader boards, and hospitality centers.
Who will fans see on our tour? Young golfers working toward a spot on the PGA, former well known PGA players preparing for the Champions Tour, and, importantly, we will have celebrities at every tour spot to enliven the event both for the galleries and for the serious celebrity golfers who want a chance to experience real-time, big-time golf. We have issued 188 fully exempt Tour Cards to professional golfers for the start of our season in May at this point and expect to exceed 200 by the close of entries.
While we are not hitting our woods quite as far as the PGA Tour, we anticipate significant revenue this year. Revenues accrue from our sponsors, the fee for a Tour Card for the golfers, entry fees in the event, pro am events, and the sale of TV commercials on the Golf Channel and Fox Sports Net.
We also own Breakthru Media Inc. (http://www.breakthrumedia.com/) which already has done significant marketing for major events including the Kentucky Derby and the Chick-Fila Peach Bowl. We are also in the final stages of closing our acquisitions of New England Golf, Las Vegas Golf Schools and Crowley Advertising, which should bring in excess of $3 million in additional revenue to the Company, based on their 2005 results.
We are building much more than a top-flight golf tour. We are structuring a vertically integrated sports marketing company intended to combine both sports entities and their support companies. We expect that there will be more such acquisitions. Two things we will demand: That the acquisition must be accretive and that our family of companies will flourish by taking advantage of each others' resources. In addition, acquisitions are structured with their current management retaining incentive to achieve certain revenue and EBITDA targets on earn outs.
Like a good golf round, the key is to make sure our good shots far outnumber those poorly struck. Please know that this is the intention of your management team. There is no more important item on my agenda than building a successful company which should reflect its success in increased shareholder value.
We invite you to visit us at http://www.usprogolftour.com/ to learn more about your Company. We're delighted you are part of our team. It's time to tee up for even more success.
Sincerely,
R. Thomas Kidd
President & CEO
About Greens Worldwide Incorporated
Greens Worldwide Incorporated is a vertically integrated sports marketing company engaged in golf events and with companies involved in managing those events and is publicly traded under the stock symbol GRWW. In our continuing effort to develop a more cohesive and synergistic organization, we are structured in a way that allows all of our entities to utilize each other's resources to the greatest extent possible. In addition, the Company's strategic plan is to be able to deliver substantial value by providing multiple sports platforms and media to leverage our partners advertising and promotional dollars, while delivering the finest entertainment opportunities to retain and build customers. For our non-sports businesses, we will utilize the media and promotional benefits of our media platforms in Television, Radio, and Print, together with Internet Television and other like strategic relationships, to grow our consolidated revenues. The Company intends to acquire profitable sports organizations and sports related firms, together with other businesses that would benefit from the synergy the Company provides.
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.
Contact Tom Kidd
Chief Executive Officer
252.264.2064
