Adams Golf Announces Decision to Explore Strategic Alternatives
PLANO, Texas, Jan. 4, 2012 (GLOBE NEWSWIRE) -- Adams Golf, Inc. (ADGO) (Nasdaq:ADGF) ("Adams Golf" or the "Company") today announced that its Board of Directors has unanimously decided to explore and evaluate strategic alternatives to enhance shareholder value. The Board of Directors intends to consider the full range of available options. The Company has engaged Morgan Stanley & Co. to assist in the evaluation of these alternatives.
The Company has not made a decision to pursue any specific strategic alternative at this time, and the exploration of strategic alternatives may not result in any specific action or transaction. There is no definitive timetable for the process. The Company does not intend to provide updates or make any further comment regarding the evaluation of strategic alternatives unless a specific action is approved by the Board of Directors or the process is concluded.
"We are pleased to be working with Morgan Stanley on this initiative," stated Chip Brewer, CEO and President of Adams Golf. "They bring strong market insight and a wealth of experience in these matters. As we continue to strengthen the Adams Golf brand, the entire board thinks the current market valuation is inconsistent with the company's performance and future prospects."
About Adams Golf
Developing high-performance and technologically innovative golf products is the cornerstone of Adams Golf. From initial design, through manufacturing and servicing, Adams Golf is committed to helping golfers of all abilities enjoy the game of golf. For more information on Adams Golf, please visit www.adamsgolf.com or review our reports on file with the Securities and Exchange Commission.
The Adams Golf logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5031
This press release contains "forward-looking statements" made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The statements may be identified by terminology such as "may," "would," "expect," "intend," "estimate," "anticipate," "plan," "seek," "inevitably," "appears," or "believe." Such statements reflect the current view of Adams Golf with respect to future events and are subject to certain risks, uncertainties and assumptions related to certain factors including, without limitation, the uncertainties related to any strategic alternative being identified or consummated, general economic conditions, changes in consumer demand for golf products, unforeseen events affecting the golf industry and other factors detailed under "Risk Factors" in our most recent Form 10-K and subsequent Form 10-Qs on file with Securities and Exchange Commission. These filings can be obtained by contacting Adams Golf Investor Relations.
Although Adams Golf believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Based upon changing conditions, should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Except as required by federal securities laws, Adams Golf undertakes no obligation to publicly update or revise any written or oral forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this press release. All subsequent written and oral forward-looking statements attributable to Adams Golf or persons acting on its behalf are expressly qualified in their entirety by the applicable cautionary statements.
CONTACT: Pamela High Chief Financial Officer Adams Golf (972) 673-9000 InvestorInfo@adamsgolf.com
Source: Adams Golf 2012 GlobeNewswire, Inc.