CHANDLER, Ariz., Feb. 8 /PRNewswire-FirstCall/ -- ProLink Solutions, a wholly-owned subsidiary of ProLink Holdings Corp. (BULLETIN BOARD: PLKH) and the world's leading provider of Global Positioning Satellite ("GPS") golf course management systems and on-course advertising, announced today that it has commenced litigation against Elumina Iberica, S.A., Elumina Iberica UK Limited, GP ADS, S.L., and GP ADS LTD and related parties (collectively "Elumina") as a result of multiple breaches, including non-payment, under its distribution agreement. ProLink has also commenced legal action against Elumina in connection with the previously announced acquisition of Elumina. Effective February 1, 2008, the Company terminated its distribution agreement with Elumina Iberica S.A. On January 9, 2008 the Company terminated its agreement to acquire Elumina.
Pursuant to the terms of the acquisition agreement, ProLink has filed claims against Elumina with the International Chamber of Commerce Court of Arbitration, seeking a determination that it properly terminated the acquisition and damages for non-payment of $4.5 million in receivables generated from ProLink's sales of commercial equipment and other services to Elumina. The Company has also filed a complaint in U.S. District Court in Phoenix against Kevin Clarke d/b/a Elumina UK for non-payment of goods sold and delivered, and has filed a claim against Elumina Iberica, S.A. with the International Centre of Dispute Resolution (ICDR) for arbitration under the UNCITRAL Arbitration Rules for arbitration, for arbitration in Phoenix, Arizona as provided for in the parties' Exclusive Licensing and Distribution Agreement seeking damages for non-payment of goods sold and delivered, breach of representations and warranties, legal fees and consequential damages.
The Company expects to take an undetermined non-cash reserve in its 2007 fourth quarter, in connection with the $4.5 million receivable from Elumina. $1 million of the outstanding amount is insured by the Export-Import Bank of the United States.
About ProLink
ProLink Solutions is the world's leading provider of GPS golf course management systems and revenue-generating on-course advertising. ProLink Solutions' core philosophy is to be a "Trusted Partner" to its golf-course customers. From enhancing golfers' overall experience and improving pace-of-play, to increasing current revenue streams and creating new profit centers for golf courses, ProLink Solutions' products and services have captured markets both nationally and globally. For more information about ProLink, visit http://www.goprolink.com/, call 480.753.2337 or email
Safe Harbor
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about ProLink Holdings Corp. (PLKH). Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of ProLink's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The information set forth herein should be read in light of such risks. ProLink Solutions does not assume any obligation to update the information contained in this press release.
CONTACT:
Daniel Mitchell
Buffalo Communications
253.312.4536
