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September 2000
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Inforetech Wireless and ProShot Golf Agree to Form a Powerful Alliance
Inforetech® Wireless Technology Inc. US, the developer of next generation wireless hand-held technology products, today announced the signing of a binding letter of intent to acquire ProShot Golf, Inc., the market leader in GPS Golf Systems, in a share exchange transaction valued at approximately $27 million. Completion of the transaction is subject to due diligence by the parties and the execution of a definitive purchase agreement. Closing is expected to be completed by October 15, 2000. ProShot Golf Inc. will be combined with Inforetech Golf Technology 2000 Inc., a wholly owned subsidiary of Inforetech Wireless Technology Inc. Additional terms were not disclosed.
The ProShot Golf System has been enthusiastically embraced by over 145 high-profile golf courses throughout the world such as Chateau Whistler, Spanish Bay at Pebble Beach, Valderrama and Doral Country Club. In addition, ProShot has developed relationships with golf course management companies, including the recently announced exclusive provider agreement with American Golf Corporation.
The acquisition of ProShot creates an international alliance and establishes the Inforetech Golf Division of Inforetech Wireless as a world leader. This transaction positions the company as a single-source offering club owners and operators a full line of innovative GPS golf information systems in the rapidly growing Golf GPS industry.
Additional information can be obtained at www.proshotgolf.com and www.inforetech.com
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