Adams Golf, Inc. reported the resignations of Stephen R. Patchin and Paul F. Brown, Jr. as directors of the company. On November 5, 2007, Adams Golf elected John M. Gregory and Joseph R. Gregory as directors to fill the board positions vacated by Messrs. Patchin and Brown.
“We would like to thank Steve and Paul and the Royal Holding Company family for their initial investment in Adams Golf and their service as directors,” stated Mr. Chip Brewer, President and CEO of Adams Golf. “They made a meaningful contribution to the success of our business.
“We are also pleased to have John Gregory and Joe Gregory join our board,” continued Mr. Brewer. “Theyve articulated and demonstrated faith in our business model and we look forward to working with them to continue to grow our business and increase long-term shareholder value.”
John M. Gregory, Chief Manager of SJ Strategic Investments LLC, stated, “I am honored to have been appointed to the board of Adams Golf. My brother and I hope to make a meaningful contribution to the Company through our service on the Board of Directors. I personally believe that Adams Golf is a company that has tremendous potential.”
Joseph R. Gregory stated, “I am very pleased to become a significant shareholder in Adams Golf and a member of the Companys Board of Directors. I feel the Company is uniquely poised within the golf industry and has a promising future ahead of it.”
Messrs. Patchin and Brown resigned, and the new directors were selected, in connection with and pursuant to the sale on November 2, 2007 by Royal Holding Company, Inc. to SJ Strategic Investments LLC and Joseph R. Gregory of 2,704,571 and 3,669,940 shares of Common Stock of the Company, respectively. Mr. Patchin is the Chief Executive Officer of Royal Holding Company, Inc. Mr. Brown is the Vice President, Finance and Chief Financial Officer of Royal Holding Company, Inc. John M. Gregory is the Chief Manager of SJ Strategic Investments LLC. John M. Gregory and Joseph R. Gregory are brothers.
After Messrs. Patchin and Brown indicated to the company that they would be resigning in connection with the sale, Messrs. Gregory and Gregory indicated to the company that they were interested in being selected as directors of the company in connection with the sale to replace Messrs. Patchin and Brown. Certain of the independent directors of the company subsequently agreed to meet with Messrs. Gregory and Gregory to discuss and consider their potential selection as directors. Messrs. Gregory and Gregory were elected as directors of the company at a board meeting of the company on November 5, 2007. John M. Gregory will be taking the vacated seat of Mr. Patchin, which expires at the Annual Shareholders Meeting in 2008, and Joseph R. Gregory will be taking the vacated seat of Mr. Brown, which expires at the Annual Shareholders Meeting in 2010.
The company appointed Russell L. Fleischer as a member of the Compensation Committee of the company to fill the vacancy resulting from the resignation of Mr. Patchin. The company also appointed Mark R. Mulvoy to the Audit Committee.