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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 23, 1996
METROGOLF INCORPORATED
(Exact Name of Registrant as specified in its charter)
COLORADO 333-06151 84-1288480
(State or other (Commission file number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
1999 Broadway, Suite 2435
Denver, Colorado 80202
(Address of Principal (Zip Code)
Executive Offices)
(303) 294-9300
Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On October 23, the Registrant issued the press release attached hereto
as Exhibit 99.1, which is incorproated herein by reference. On November 11,
1996, the Registrant was informed by the Underwriters for the initial public
offering that the underwriting related thereto was complete.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
99.1 Press release issued October 23, 1996 by the Registrant.
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SIGNATURE
Pursuant to the requirements of the Securities Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
METROGOLF INCORPORATED
(Registrant)
By: /s/ Charles D. Tourtellotte
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Charles D. Tourtellotte
.President and Chairman of the Board
Date: November 12, 1996
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METROGOLF INCORPORATED ANNOUNCES IPO AND ACQUISITION OF
PARTNERSHIP INTERESTS
--1.175 MILLION SHARES PRICED AT $6.00--
Denver, Oct. 23, 1996 - MetroGolf Incorporated (NASDAQ:
MGLF, BSE: MGO), a Denver-based developer and operator of
golf centers in major metropolitan areas today announced
the successful completion of its Initial Public Offering.
The offering of 1.175 million shares of common stock
priced at $6.00 per share was declared effective by the
Securities and Exchange Commission on October 15 and
closed on October 21. Laidlaw Equities, Inc. and Prime
Charter, Ltd. led an underwriting group which completed
the $7.05 million equity issue.
Simultaneously with the closing of the IPO, MetroGolf
acquired approximately 94% and 90% of the outstanding
limited partnership interests in Illinois Center Golf and
Goose Creek Golf Club, respectively. Both were
previously operated by MetroGolf as the general partner
of the partnerships owning those facilities.
"We are delighted to have executed an important step in
our strategic plan," stated Charles D. Tourtellotte.
President and Chairman of the Board. "We are now well
positioned to leverage our management expertise across
our existing four locations. In addition, we will
continue to pursue future strategic opportunities in
targeted metropolitan areas, such as the Port Authority
Bus Terminal development in Midtown Manhattan, New York
City."
Tourtellotte continued, "I believe consolidation of this
fragmented industry presents numerous opportunities for
us to acquire, upgrade and renovate golf facilities and
to realize economies of scale through efficient
management, purchasing and effective marketing efforts."
-MORE-
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METROGOLF INCORPORATED
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Prior to forming the company's predecessor in 1992, Mr.
Tourtellotte co-founded and served as a director and
president of Dye Equity Incorporated, the golf course
acquisition and development subsidiary of Dye Designs
International, Inc., from January 1989 to December 1991.
From 1984 to 1989, Mr. Tourtellotte served as Senior Vice
President of Acquisitions for Johnstown American
Companies, then one of the nation's largest real estate
investment and property management firms.
ABOUT METROGOLF
MetroGolf Incorporated, whose predecessor was founded in
1992, acquires, develops and operates golf centers
designed to provide a wide variety of practice and play
opportunities in major metropolitan areas. The company's
strategy is to become the leading owner and operator of
golf centers in areas with high concentrations of office,
urban residential and hotel development that are
convenient to time-constrained golfers. MetroGolf
currently operates its flagship location, Illinois Center
Golf, in downtown Chicago, as well as Goose Creek Golf
Club in suburban, Washington, DC, Fremont Golf Center in
Fremont, California and Harborside Golf Center in San
Diego, California.
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For further information contact:
Lippert/Heilshorn & Associates
Lillian Armstrong/Kris Otridge/Ward Deters
(415) 433-3777
MetroGolf Incorporated
Kim Wermuth/Kevin Wood
(303) 294-9300
