NEW YORK, June 6, 2005 (PRIMEZONE) -- Park Hill Capital II, Inc., a U.S. public company soon to be publicly trading on a U.S. exchange, announced today that after several months of confidential negotiations, it will acquire the World Hockey Association and the U.S. Pro Golf Tour to create a complete professional sports marketing and management company to be renamed Major League Sports Corporation.
Under the terms of the acquisition agreement, the company will issue fourteen million common shares to acquire both companies and will complete an initial private placement and public financing of up to $60,000,000 with the services of Finkelstein Capital Inc. of Montreal and Westminster Securities Corporation, a New York Stock Exchange Member.
The World Hockey Association first took the sports world by surprise in 1972 launching a very successful attack on the National Hockey League (NHL) by attracting the superstars of the time to play in the new league where a mutual respect of owners, players and fans reigned.
This new corporate and financing structure will enable the WHA to launch its operation and effectively revive the sport of professional hockey, with a minimum of six teams in cities yet to be announced, in time for the 2005 and 2006 season.
Hockey Hall of Famer Bobby Hull is at the center stage of this rebirth serving as the new league's commissioner. Mr. Hull and his associates bring an abundance of hockey experience together with a refined business model strategically aligned with the economics of today's professional sport industry. With the financial backing of investors in place, the WHA is in a unique position to attract star players, like in its previous life when Wayne Gretzky, Mike Gartner, Gordie Howe, Paul Henderson, Rejean Houle, Norm Ullman and Frank Mahovlich, all played for the league.
"After already receiving hundreds of current NHL, AHL and other league player inquiries, we expect that a good number of both star players and up and comers will join us in this new and exciting rebirth of both the WHA and the sport of professional hockey. We believe they will welcome this new league, one that respects fans, players, shareholders, sponsors and perhaps most importantly, the integrity of the game," said Richard Smith, President of the WHA. www.worldhockeyassociation.net
The business model of the WHA includes plans to expand over the next 5 years with up to 16 franchises in North America and 16 in Europe. Revenue sharing between home and away teams will be implemented and corporate sponsorship will play a significant role in bringing professional hockey back to the fans.
In 1972, Avco Financial, now owned by Citigroup (NYSE:C), sponsored the WHA cup by donating $500,000 and a trophy referred to as the AVCO World Trophy. The new WHA will use the same model and will offer Citigroup the right of first refusal on this particular sponsorship. As of July 15, 2005 the league will begin considering other major sponsors.
Likewise, the acquisition of the U.S. Pro Golf Tour is equally as significant as that of the WHA. The U.S. Pro Golf Tour is a complete professional tour with 12 scheduled events in 2005 all to be televised on The Golf Channel. Additionally, the U.S. Pro Golf Tour provides a venue for both professionals and amateurs to prepare for the PGA Tour and the Champions Tour and provides an opportunity for golfers with handicaps to compete "inside the ropes" of a major golf event.
The first tournament to be held is the Finkelstein Capital Invitational at the Cooks Creek Golf Club in Ashville, Ohio. The Tour's program on The Golf Channel is titled 54 Holes to Sunday, which chronicles the experiences of golfers of all skill levels competing in events with the atmosphere of the major tours.
The U.S. Pro Golf Tour welcomes players of all skill levels and ages to compete in 54 hole tour events with all of the atmosphere of the big tours including electronic leader boards, corporate hospitality, wireless scoring, gallery, media and television coverage, Pro-Am, celebrity participations, and more. There are two divisions of play: Pro-Championship, who are players who play at scratch; and Pro-Net, who are players who play with a handicap. More information on the Tour can be found at www.usprogolftour.com
"We are very proud of the result of the merger to create a truly unique corporation that will bring professional sports back to the fans in ways never done before. Golf is one of America's fastest growing sports, and we believe the trend will continue for many years to come," said Tom Kidd, Commissioner of the U.S. Pro Golf Tour. "In addition, the Tour will be able to deliver significant value to our partners by bundling sponsorships across the media platforms and venues that comprise both sports endeavors."
The U.S. Pro Golf Tour also owns and operates the U.S. Pro Golf League, which is operated at the local level, providing club golfers with the opportunity to compete for prize money and to qualify for a regional and national championship. The League is also developing a Team Series, where players will qualify to play for a specific city franchise utilizing a Ryder Cup type format, culminating in a National Team Championship. More information is available at www.uspgl.com. The League will be established in a separate operating subsidiary prior to January 1, 2006.
The company expects all of its regulatory approvals to be completed by the end of the summer, at which time public trading of its common shares shall commence. All investor inquiries should be directed to either Finkelstein Capital of Montreal or Westminster Securities Corporation of New York, where they are staffed to answer questions from both accredited investors and corporations.
About the WHA
The World Hockey Association is a professional hockey league founded in 1972 by Dennis Murphy and Gary Davidson and currently owned by Richard Smith and Mark McKelvie. The league is set to re-launch in 2005 and 2006 with a minimum of six teams and with a business model to address today's economics of professional sports.
www.worldhockeyassociation.net
About U.S. Pro Golf Tour, Inc.
The U.S. Pro Golf Tour is the country's premier intermediary professional golf tour conducting tour caliber events for former PGA Tour professionals preparing for the Champions Tour, non-exempt professionals on the Champions Tour, and celebrity challengers and professionals 18 years old and up preparing for the big tour. Beginning in 2005, the U.S. Pro Golf Tour will conduct a Pro Net competition for players of all skill levels 18 years of age and older, who will compete for substantial prize money with their handicaps in the Tour event atmosphere of Tour events. U.S. Pro Golf Tour tournaments are week long events with Junior Clinics, pro-ams, entertainment, leader boards and hospitality, with local market charities benefiting from the event. All 2005 events will be televised on The Golf Channel through the Tour's show, 54 Holes to Sunday. The U.S. Pro Golf Tour has all the amenities of the PGA Tour, including electronic leader boards, official scoreboard, real-time scoring, hospitality center, gallery and national television coverage on The Golf Channel. Golfers who wish to compete in U.S. Pro Golf Tour events must first complete a membership form for member status in either the Pro Net or Pro Championship Division by visiting the tour's web site, www.usprogolftour.com.
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