Adams Golf Acquires Putter Company

Adams Golf has announced that, with a bid of $1.5 million and a total purchase cost of $1.65 million (inclusive of administration costs) it had the highest bid at a January 18th U.S. Bankruptcy Court auction for the sale of Denver-based Progear Holdings (dba Yes! Golf) and its related assets.

The purchase includes acquisition of all of Yes! Golf's patented putter technology designs (including C-Groove Putters), the company's registered trademarks and all existing inventory and capital equipment. Yes! Golf will be integrated into the Adams Golf operations in Plano, Texas.

The purchase is subject to funding, which is expected to occur within the next two business days. Historical financials prepared by Yes! Golf show that its revenues were approximately $10.2 million in 2007 and approximately $2.4 million in 2010.

"We have been looking for an attractive avenue into the putter market for some time and believe the Yes! Golf brand and technology platform provides us just such an opportunity," said Chip Brewer, President and CEO of Adams Golf.

"Yes! Golf provides Adams Golf compelling putter technology and a positive brand image, including ongoing tour usage based on the performance of the product alone. The Yes! Golf brand will likely benefit from the inclusion into our operational infrastructure and we intend for it to serve as a source of future growth for our company."

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