TORONTO - Book4golf.com Corporation (CDNX:BFG - news), North America's premier Internet and wireless based, real-time tee-time reservation network, announces the signing of a Letter of Intent to purchase the assets of The Golf Network, a leading golf Internet and call center tee-time provider.
Pursuant to the transaction, Book4golf.com will purchase selected assets of The Golf Network including: computer hardware, software and source code, contracts, domain names and 1-800 numbers. The consideration for the acquisition will be satisfied with the issuance of 1,250,000 common shares of Book4golf.com.
Additionally, up to a further 750,000 common shares of Book4golf.com may be earned by The Golf Network based on certain performance criteria. The transaction is subject to certain conditions including the execution of definitive agreements and the receipt of necessary regulatory approvals.
"This transaction reinforces the Book4golf.com strategy of building a network of golf courses within 24 key markets. The Golf Network's markets in Massachusetts, Michigan, New York and New Jersey fit right into this plan," said Kim Robinson, President and C.O.O. of Book4golf.com.
"It is our intent to have tee times from all of The Golf Network's 128 golf courses reflected on the Book4golf.com network before the beginning of this golf season. This will ensure that their golf courses gain the broadest possible exposure to the Book4golf.com golfer customer base and similarly significantly enhance the tee time choices for the golfer."
Mr. Robinson continued by saying, "Our plan at Book4golf.com is to offer all customers Internet, wireless and call center access to the tee times available. The Golf Network is unique in that they offer their golf courses both Internet and call center access, and most courses utilize both services."
Bruce Matzel, Chairman and CEO of The Golf Network, said, "This transaction marks the beginning of a new era for our customers at The Golf Network. Our 300,000 customers who booked over 1.5 million rounds of golf in 2000 at our network courses will now be eligible to book golf locally or when traveling nationally.
Mr. Matzel also said, "We are in full accord with the growth strategy and direction taken by the management of Book4golf.com, which made it an easy decision to move ahead with this transaction. In our opinion, no other tee time company has the resources, relationships or know-how to build the national network we all envision."
Established in 1993, and based in Ocean, New Jersey, The Golf Network is a leading Internet and call center based tee-time network with 128 golf courses utilizing its services. The network provides web based value added tee-time content for clusters such as Massachusetts, Michigan, New York and New Jersey.
Book4golf.com is the leading Internet and wireless-based, real-time, tee- time reservation network in North America. The Book4golf.com web portal allows golfers to reserve tee times any time, anywhere while also giving them access to course information, weather forecasts and driving directions to courses across town or across North America.
Golfers can now book golf travel packages online through the company's web site as well as its partners. For more information on Book4golf.com, visit http://www.book4golf.com.
January 25, 2001