TORONTO, April 8, 2009 (GLOBE NEWSWIRE) -- Element 21 Golf Company (e21) (OTCBB:ETGF) (Frankfurt:BJQ.F), the leading manufacturer of advanced Scandium Alloy golf and biofiber fishing equipment, announced today that Acorn Research, LLC has reiterated their buy recommendation on Element 21 Golf Company with a 12 month price target of $3.80. This update is based on strong market penetration of the Element 21 products, as shown with the 3rd quarter 350% increase over last year's quarter for the same period. To view this report go to www.AcornResearchLLC.com, or use link http://etgf.acornresearchllc.com.
About Element 21
Element 21 Sports Company's premier products are golf clubs and fishing poles made out of a Scandium and biofiber materials, which are lighter and stronger than Titanium, Graphite and Steel. Element 21's golf clubs have been used by renowned golf pros, such as the winner of the FedEx Cup in 2008.
Element 21 Sports Company has developed award-winning fishing products. Element 21's Carrot Stix(TM) represents the latest in cutting edge technology, using a newly developed proprietary method of integrating nano level cellulose bio-fibers into the rod. The fishing products recently were recognized as the "BEST OF SHOW" at the 2007 and 2008 ICAST show, the world's largest sports fishing show.
Element 21 Golf Company's revenue has been growing at an annualized growth rate of 343.3% and 705.5% for fiscal year 2006 and 2007, respectively. The three year average growth rate for the recent past is 203.9%.
Forward-Looking Statements
Statements in this release, other than statements of historical fact, may be regarded, in certain instances, as "forward-looking statements" pursuant to Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934, respectively. "Forward-looking statements" are based on expectations, estimates and projections at the time the statements are made, and involve risks and uncertainties which could cause actual results or events to differ materially from those currently anticipated, including but not limited to delays, difficulties, changed strategies, or unanticipated factors or circumstances affecting e21 and its business. A number of these risks and uncertainties are described in e21's periodic reports filed with the Securities and Exchange Commission. There can be no assurance that such forward-looking statements will ever prove to be accurate and readers should not place undue reliance on any such forward-looking statements contained herein, which speak only as of the date hereof. Element 21 undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.