October 12, 2007 - RICHARDSON, Texas: Fuselier Holding, LLC, Richardson, Texas, announced today that it has entered into a definitive agreement with Greens Worldwide (Pink Sheets: GRWW) to assume more than $2.7 million of the Company's trade payables, including obligations to professionals of the U.S. Professional Golf Tour, a subsidiary of Greens Worldwide.
The agreement is in consideration for shares of common stock to be issued to Fuselier Holding, LLC, upon shareholder approval, and certain other terms and conditions.
Dr. Jean R. Fuselier, Sr., President and CEO of Fuselier Holding, LLC says that he is 'pleased to have entered into a definitive agreement with an organization of the caliber of Greens Worldwide. Being a golfer myself, it is heartening to play a part, not only in helping get the company 'out of the rough,' but also helping get the USPGT players back on the tee.'
'This is the most significant transaction to date affecting the Company and its subsidiary U.S. Pro Golf Tour,' said R. Thomas Kidd, CEO. 'This new relationship with Dr. Fuselier and Fuselier Holding insures financial viability for the Company going forward and paves the way for a successful launch of the 2008 Tour. The transaction also insures that vendors critical to the Company whose debts were run up during former management's tenure will have their debts retired and former employees will be also be paid. The effect on the Company's balance sheet is very positive and will be extremely helpful in attracting new funding and enabling the Company to recover and execute its core business.'
About Greens Worldwide, Inc.
Greens Worldwide Incorporated is a vertically integrated sports marketing and management company, engaged in owning and operating sports entities and their support companies and is publicly traded under the stock symbol GRWW. The U.S. Pro Golf Tour, Inc. is a wholly owned subsidiary of GRWW. Greens Worldwide is a majority owned subsidiary of SportsQuest, Inc. (OTC Bulletin Board: SPQS).
About Fuselier Holding, LLC
Fuselier Holding, LLC, a private company headquartered in Richardson, Texas, under the leadership of Dr. Jean R. Fuselier, Sr., CEO, has initiated a unique program to purchase the debt of publicly traded companies. Operating within guidelines established by the U.S. Securities & Exchange Commission, Fuselier Holding uses various options using stock to negotiate with the creditors, removing significant liabilities from the balance sheet, and putting the public company into a significantly better position to seek and acquire new capital. Since 1998, the Fuselier Company has been involved in financial management including consulting with private companies in financial trouble. Inquiries should be directed to Lisa Price at 972/713-9815 or lisap@fahelp.com . Visit http://www.fhhelp.com for more information.
Contact:
Lisa L. Price
Business Development
Fuselier Holding, LLC
972/713-9815
lisap@fahelp.com
Paul Knopick
E & E Communications
949/707-5365
pknopick@eandecommunications.com
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