Pacific Sports Holdings Inc. Announces Letter of Intent to Acquire Golf Holdings Inc

Business Wire, May 3, 1999

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--April 29, 1999--

Pacific Sports Holdings Inc. (OTC BB: PSHL) has signed a letter of intent to acquire Golf Holdings Inc., a privately held company, in an all-stock transaction, it was announced by Larry Donizetti, chief executive officer of Pacific Sports Holdings, and Steve Petrucci, chief executive officer of Golf Holdings.

Upon completion of the acquisition, Golf Holdings will become a wholly owned subsidiary of Pacific Sports Holdings.

Golf Holdings focuses on targeted acquisitions of specialized golf retailers in the United States as a means of building a leading national chain of branded retail sporting goods outlets.

"We are excited about the various opportunities offered by this acquisition," commented Donizetti. "This acquisition helps us attain our overall company strategy for growth, and allows us to continue our development of a nationwide distribution channel for high-quality golf products and apparel."

With headquarters in Westlake Village, Pacific Sports Holdings designs, manufactures and markets sports apparel and equipment. A wholly owned subsidiary of Pacific Sports Holdings, SouthBay Golf Inc., designs and distributes HEAD Golf equipment through traditional retail outlets, specialty retailers, green grass golf shops and catalog operations throughout the United States.

The reader is advised that this release contains forward-looking statements of the company and that a variety of factors could cause the company's actual results and experience to differ materially from the anticipated results or their expectations expressed. Additional information regarding those factors is available upon request.