MOUNT PROSPECT, Ill., April 19, 2005 (PRIMEZONE) -- Natural Golf Corporation (the "Company") (AMEX:NAX) today announced that on April 13, 2005, it received a letter from the Vice President-Listing Qualifications of the American Stock Exchange (the "AMEX") advising that the Company was not in compliance with the AMEX's listing requirements (contained in Section 1003(a)(iv) of the AMEX Company Guide) in that it sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the AMEX, as to whether the Company will be able to continue operations and/or meet its obligations as they mature.
In order to maintain its AMEX listing, the Company must submit a plan by April 27, 2005 advising the AMEX of action it has taken, or will take, that would bring it into compliance with the continued listing standards within a maximum of 90 days from April 13, 2005. Acceptance of such plan is in the discretion of the AMEX. If the plan is accepted, the Company will be able to continue its listing during the plan period of up to 90 days, during which time it will be subject to periodic review to determine whether it is making progress consistent with the plan. If the Company is not in compliance with the listing standards at the end of such 90 day period, the AMEX will initiate delisting proceedings.
The Company does not anticipate submitting a plan at this time. Furthermore, pending further developments, the AMEX has temporarily suspended trading of the Company's common stock.
Natural Golf is a golf instruction and equipment company focused on delivering a total system for improving the play of golfers of all abilities. Natural Golf produces and sells instructional videotapes explaining its Natural Golf swing system, offers golf schools through a network of instructors certified to teach the Natural Golfing swing system, and manufactures and sells golf equipment specifically developed for the golfer using its swing system.
The Natural Golf School program is ranked as one of Golf Magazine's "Top 25 Schools." Natural Golf manufactures and sells custom golf equipment uniquely designed for the Natural Golf swing. For more information on Natural Golf, visit www.naturalgolf.com or call 1-888-NAT-GOLF (1-888-628-4653).
The Natural Golf(r) swing method is based on the swing of Canadian Golf Hall of Fame Professional Moe Norman, who is widely regarded as the best ball striker ever. The Natural Golf swing eliminates much of the hip and body rotation of conventional swings and creates a simpler, easier to learn, more "natural" motion. The system emphasizes its four fundamentals of using a palm grip, a wider stable stance, Single-Plane(tm) setup and facing the ball at impact during the golf swing.
This press release includes forward-looking statements that reflect our current expectations about our future results, performance, prospects and opportunities. We have tried to identify these forward-looking statements by using words such as "may," "will," "expect," "anticipate," "believe," "intend," "could" and "estimate" and similar expressions. These forward-looking statements are based on information currently available to us and are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities in 2004 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors include general economic uncertainty, conditions in the golf industry, the inability to become profitable or grow revenues, the timing, cost and execution of new marketing initiatives that might not be effective at generating new customers and revenues at a level sufficient to fund operations, seasonal fluctuations in the business, the inability to raise additional capital if needed and competitive conditions in the golf industry. For a more comprehensive discussion of these and other risks, uncertainties and factors relating to our business, please read the disclosure included in the Company's Form 10-KSB filed with the SEC on February 28, 2005 ( www.sec.gov). You should not place undue reliance on any forward-looking statements. Except as otherwise required by federal securities laws, the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.