Greens Worldwide, Inc. Announces Default Judgment Entered Against International Players Tour and AREN, LLC
ORLANDO, Fla., March 26 /PRNewswire/ -- Greens Worldwide, Inc., (Pink Sheets: GRWW) announces that a default judgment has been entered against International Players Tour and AREN, LLC. On February 19, 2008, a lawsuit in the Circuit Court of the Ninth Judicial District in and for Orange County, Florida was filed against the following defendants: Ron Beaman, former President of the American Challenge Golf Tour, Inc., a wholly owned subsidiary of Greens, William Conwell, former CEO of Greens, Roy Watson, the former CFO of Greens, International Players Tour and AREN, LLC. The complaint alleges conversion and breach of fiduciary duty against defendants Beaman and Conwell, and breach of fiduciary duty against defendant Watson. The complaint further alleges conspiracy on the part of defendants International Players Tour and AREN, LLC. Litigation continues against the other named defendants.
About Greens Worldwide, Inc. Greens Worldwide, Inc. (GRWW.PK) is a golf event marketing and management company, engaged in developing diverse golf competitions for Professionals, Celebrities, Amateurs, Senior's and Women and is publicly traded under the stock symbol GRWW.PK. Our current operating subsidiary is the U.S. Pro Golf Tour Presented by SportsQuest, a series of Championships with significant purses. The New England Pro Golf Tour will be re-launched in 2009, and two additional regional tours are under consideration for further development and consolidation of the professional developmental golf world below the PGA Tour. The Company is convinced that there is a niche in the golf event industry for secondary markets and companies desiring to engage in sports marketing, but at a financial level that fits their budgets.
The Company's strategic plan is to acquire or develop professional, celebrity, amateur, senior and women's golf events, either as standalone events or as a series of events, and to then deliver substantial value to our partners by providing multiple sports entertainment platforms, and media in television, print, and radio to leverage our partners advertising, entertainment and promotional dollars. The USPGT has adopted a program whereby our partners can pay for their sports marketing programs and media in stock in lieu of cash. This program provides access for our partners to national, regional, and event market media and entertainment, to increase revenues and brand presence, while preserving cash for their operations. The U.S. Pro Golf Tour has been seen on FSN, ESPN, and The Golf Channel. Forward-Looking Statements The statements contained in this news 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, such as our intent to develop a system of regional development tours, 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. Mark Edwards First Call Analyst:
CONTACT: Mark Edwards, VP, Communications and Media Relations of U.S.
2008-03-25 23:48:49 0319614 PRNEWSWIRE
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