Greens Worldwide Incorporated and Southridge Capital Management, LLC Implement a Financing Facility
Greens Worldwide Incorporated ("GWI") announced today that it had received $150,000 from funds managed by Southridge Capital Management LLC ("Southridge"). GWI may also receive up to $5 million in equity funding over a three year period subject to certain conditions, including the filing of a registration statement with the Securities and Exchange Commission.
Hertford, NC (PRWEB) July 16, 2005 -- Greens Worldwide Incorporated ("GWI")
announced today that it had received $150,000 from funds managed by Southridge
Capital Management LLC ("Southridge"). GWI may also receive up to $5 million in
equity funding over a three year period subject to certain conditions, including
the filing of a registration statement with the Securities and Exchange
Commission.
"This funding will provide GWI with the flexibility to
execute its business plan and develop the US Pro Golf Tour, Inc., a subsidiary
of GWI. Company Management is also evaluating other franchises throughout the
sporting world, which will fit under the umbrella of being a leading provider of
sports entertainment. GWI seeks to acquire sports organizations where revenues
and earnings are anticipated to grow quickly," stated R. Thomas Kidd, Chief
Executive Officer of GWI. "We are extremely pleased to have a financial partner
of the caliber and reputation of Southridge and look forward to a long and
profitable relationship."
Steve Hicks, principal at Southridge, stated
"we could not be happier in assisting GWI in meeting their short-term goals and
accomplishing their long-term objectives."
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. Beginning in 2005, the US Pro Golf Tour will conduct 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. All 2005 events will be
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, www.usprogolftour.com.
About Southridge Capital
Management LLC
Since its founding in 1996, Southridge advised funds have
provided approximately $1 billion in growth capital to emerging companies.
Southridge is committed to funding companies with robust business models
domestically and abroad.
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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Source : http://www.prweb.com/releases/2005/7/prweb261945.htm