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 Tours 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 tours 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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