HERTFORD, N.C., Aug. 8 /PRNewswire-FirstCall/ -- Greens Worldwide Incorporated (BULLETIN BOARD: GRWW) announced today that it has executed a Definitive Agreement to acquire 100% of the common shares of Tarheel Tour, Inc., which owns and operates the Tarheel Tour (http://www.tarheeltour.com/), whereby Tarheel Tour will become a wholly owned subsidiary of Greens Worldwide in a share exchange transaction. Tarheel Tour, based in Huntersville, North Carolina, has operated since 2002, and has been a proving ground for many current aspiring Tour players. Paul Wortham, Co-Founder and President since inception, will continue as President of Tarheel Tour. The closing of the transaction is subject to delivery of documentation to affect the closing, which is scheduled on or about August 16, 2006.
Tarheel Tour, at closing, will continue its operations in the Carolinas, and will be one of the five official regional tours of the US Pro Golf Tour. http://www.usprogolftour.com/.
The other four regionals are the New England Pro Golf Tour http://www.neprogolftour.com/, the Tight Lies Tour, East and West divisions, http://www.tightliestour.com/ and The Players Tour, Florida Series.
"Tarheel Tour becoming part of the Greens Worldwide golf family under Paul Wortham's continued management, completes our Regional Tour acquisitions for 2006. I am pleased that Greens Worldwide has been able to assemble significant talent and operating experience of some of the top Tour operators in the country, and Tarheel Tour fits into that category being the predominate tour in the Carolinas. I, as well as the entire staff and management of Greens Worldwide, look forward to working with Paul and his staff in the development of the Tarheel regional tour for 2007 and beyond," stated R. Thomas Kidd, CEO of Greens Worldwide Incorporated.
"The alignment of these major tours may be the most pivotal event I have ever experienced in my thirty years of developmental golf," said Paul Wortham, President of Tarheel Tour Inc. "We are very excited about this partnership with Greens Worldwide and the other tours. Professional golfers throughout the industry should also be excited. For the first time in the developmental golf world, players without larger tour status will be able to earn the kind of money they have only dreamed of. Greens Worldwide is striving to make these dreams come true and being a part of it is exhilarating and an honor."
About the Tar Heel Tour
The Tarheel Tour has been conducting three and four day events in North and South Carolina since 2002. Currently there are over 400 members and non-members on its 2006 roster. At the end of the 2006 the Tarheel Tour will have paid out over $1.6 million in total prize money for the season. Players from 39 states and 12 countries have played in events. Most recently the Tour has graduated Kyle Reifers who not only won his first pro event (Tarheel Tour's Charlotte National Open) but the following week won the Chattanooga Classic, his debut Nationwide event. Other notable players are, Jason Bohn, Tim Simpson, Tommy Tolles, Ken Green, Nick Flanagan and John Maginnes. The Tour has had players in the last three US Opens and has graduated over 40 players past first stage of PGA Tour School and 20 players into final stage. Centrally located in Charlotte, NC the Tour boasts the finest group of golf courses in the industry. The lack of travel and the amount of practice facilities is a major ingredient in the Tours success.
Major sponsors include: Titleist, TaylorMade, Nike Golf and Sundog Eyeware.
http://www.tarheeltour.com/
About Greens Worldwide Incorporated
Greens Worldwide Incorporated is a vertically integrated sports marketing and management company, engaged in owning and operating sports entities and their support companies and is publicly traded under the stock symbol GRWW. Our current operating subsidiaries are the US Pro Golf Tour, Inc. http://www.usprogolftour.com/, Breakthru Media, Inc. http://www.breakthrumedia.com/ , Crowley and Company Advertising, Inc. http://www.crowleyadvertising.com/, New England Pro Tour, Inc. http://www.neprogolftour.com/, Still Moving, Inc. http://www.still-moving.com/ , and Las Vegas Golf Schools, Inc. http://www.gotogolfschool.com/. In our continuing effort to develop a more cohesive and synergistic organization, we are structured in a way that allows all of our wholly owned subsidiaries 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 continue its strategy of acquiring profitable sports organizations and sports related firms, together with other businesses that would benefit from the synergy the Company provides. http://www.grwwsports.com/
Important Information About Forward-Looking Statements
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created thereby. Forward-looking statements deal with the Company's current plans, intentions, beliefs and expectations. Investors are cautioned that all forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission.
Contact
Tom Kidd
Chief Executive Officer
252.264.2064
Paul Wortham
President, Tarheel Tour Inc.
704-562-4764
