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GolfGear Poised for Rapid Growth in 2003; Will Debut New Tsunami Drivers and Preview New Direct Response Program at PGA Show Contact Mark Grody ORLANDO (January 23, 2003) - GolfGear International, Inc. (OCTBB: GEAR), manufacturer of the award-winning line of Tsunami drivers, fairway woods and irons, all using proprietary forged-face insert technology, is poised for rapid growth in 2003, with a new management team in place, award-winning products in the marketplace, an extensive new product development program under way, and a comprehensive new marketing plan, including a direct response program, ready to kick off. The 13-year-old company, founded by Don Anderson in 1989, received new investment money from Peter H. Pocklington last year, and Pocklington became chairman. In October, he appointed Michael A. Piraino as president, chief operating officer, chief financial officer and a director. At the same time, Anderson became chief executive officer. Earlier this week, Chris Holiday was named senior vice president of sales and marketing for GolfGear. Formerly, Holiday was the head of U.S. sales for Callaway Golf (NYSE:ELY). "We have a solid team in place now," says Pocklington. "Michael Piraino is a veteran chief executive officer and chief financial officer of publicly traded companies." Most recently he was founder and CEO of CEO Resources LLC, an executive management resources company providing interim CEO services, merger and acquisition and capital funding advisory services to clients. "His lengthy career in building a number of successful companies also has been complemented by his success in company acquisitions and integrating them into existing organizations," Pocklington adds. Piraino has raised more than $350 million; negotiated, closed and integrated over 30 acquisitions; and is an expert in balance sheet restructuring. "Chris Holiday was with Callaway Golf during its strongest growth period and has the most extensive customer knowledge of anyone in the business and we are delighted to have him," said Pocklington. "Don Anderson, our founder, has been in the golf business since he was a young adult, and his experience is invaluable. He invented forged-face insert technology," explains Pocklington. Regarding products, in 2002 GolfGear's 340 cc Tsunami driver was twice certified as the number one driver in distance according to testing done by Rankmark International, the golf industry's premier club testing company. Comparative testing was done by more than 300 golfers and included 40 different drivers. As a result of GolfGear's new product development program the Company, this month, is introducing new 360 cc and 400 cc drivers to its Tsunami line of clubs. Additional equipment is under development to keep GolfGear in the forefront of the industry and maintain its reputation as an innovator in the golf industry. GolfGear recently granted Nike Golf a non-exclusive, long-term, worldwide license to manufacture and sell golf clubs under GolfGear's patents covering its proprietary forged-face insert technology. The license agreement grants Nike Golf the right to institute litigation against third parties for infringement of GolfGear's patents. Several other licensing agreements are being pursued. Piraino says the Company's comprehensive new marketing plan is under way and includes advertising, public relations, a direct response program that will debut in the next several weeks and other ancillary activities. A new 30-minute video is hosted by Rick Dees, worldwide celebrity disk jockey and golf enthusiast, and features Dean Reinmuth, world-renowned GOLF Magazine "Top-100 Teacher" and Golf Channel Troubleshooter; Gerry James, GolfGear staff professional and Long Drive Tour Champion; and Debbie Steinbach, former LPGA professional. James finished at the top of the 2002 Pinnacle LDA Tour Official Money List for the regular season, including taking first place in the Pinnacle LDA Tour competition at Greensboro, N.C., where he had a drive of 358 yards using a Tsunami driver. By affixing a forged face insert into the cavity of an investment-cast clubhead, the most solid hitting surface in golf is created. When metal is forged, density is increased. "Greater density equates to increased energy transfer, and that means more power and more distance," explains Piraino. Piraino says the Company is seeking additional investment capital. Additionally, he states, "We expect GolfGear not only to return to profitability during mid-year but also to see substantial increased sales over 2002." "GolfGear's patent portfolio with respect to insert technology is the largest and most comprehensive in the golf industry, with seven domestic and two foreign patents issued related to forged-face insert technology, and additional patents pending," says Piraino. In addition to its Tsunami clubs, GolfGear offers a full line of other proprietary golf equipment, including Leading Edge(R) Championship Putters; Diva woods and irons for women; and Players(R) clubs for junior golfers. GolfGear's products are sold principally in the United States through pro shops and golf specialty stores, as well as in Europe, Asia, China, England, South Africa and several other countries. GolfGear is located at 5285 Industrial Drive, Huntington Beach, CA 92649; (714) 899-4274 ï (800) 955-6440 ï FAX (714) 899-4284; www.golfgearint.com. |