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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): NOVEMBER 1, 1995
PROGROUP, INC.
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(Exact name of registrant as specified in its charter)
Tennessee 0-921 62-0331019
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(State of (Commission File No.) (IRS Employer
incorporation) Identification No.)
6201 MOUNTAIN VIEW ROAD, OOLTEWAH, TENNESSEE 37363
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(Address of principal executive offices, including zip code)
(423) 238-5890
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
George H. Nichols was named president and chief operating
officer of the Company effective November 1, 1995. Mr. Nichols replaces James
L.E. Hill, who has been acting as interim president since the resignation of W.
Ryland Dooley, III in July, 1995. Mr. Hill will continue to serve as a member
of the Board of Directors and as a member of the Board's Executive Committee.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits. The following exhibit is being filed herewith:
99.1 Press Release of the Company dated October 31, 1995
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Signatures
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
November 8, 1995 PROGROUP, INC
By: /s/ George H. Nichols
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George H. Nichols, President and
Chief Operating Officer
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EXHIBIT 99.1
[PROGROUP, INC. LOGO]
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P.O. Box 796
6201 Mountain View Road
Ooltewah, Tennessee 37363
(423) 238-5890
FOR IMMEDIATE RELEASE Contact: Jim Hill
October 31, 1995 ProGroup, Inc.
(423) 238-5050
PROGROUP, INC. NAMES NICHOLS PRESIDENT
OOLTEWAH, Tenn. -- ProGroup, Inc. (NASDAQ:PRGR) named George Nichols
president and chief operating officer effective November 1, 1995, announced
Jack Lupton, chairman and chief executive officer.
Nichols, president of MacGregor Golf Co. in Albany, Georgia in the
late eighties, leaves his current position as chairman of Square Two Golf, Inc.
in Fairfield, New Jersey to join ProGroup.
"George Nichols has everything we were looking for in a leader for
ProGroup. He has an unsurpassed understanding of the golf industry and an
aggressive approach to business - just what we need to strengthen ProGroup's
position in the market," said Lupton.
"The members of our board, especially Arnold Palmer, are thrilled with
this addition to the company. They are also confident George will bring strong
talent with him to the open vice president positions in sales and marketing and
finance as well," said Lupton.
Nichols takes the reigns from interim president Jim Hill, who has been
running the company since Ryland Dooley's resignation three months ago. Hill,
a member of the board's executive committee and chief executive officer of The
Lupton Company, Inc., in Chattanooga, said he believes George is the perfect
choice for ProGroup.
"The Board has laid out a very aggressive business plan for ProGroup,"
said Hill. George Nichols is an aggressive business man. He restored
MacGregor's profitability and increased Square Two's share of the women's
market. We are confident that the combination of a seasoned industry pro like
George and our new pro line clubs bearing Palmer's name will achieve the same
results," said Hill.
Nichols said he is very excited about the opportunity for himself and
ProGroup. "I have watched from afar as this company suffered several setbacks
over the past few years. It is my intention to reverse the pattern of losses.
My first priority will be to submit a three-year plan to our board that
outlines how this will be accomplished," he said.
ProGroup, Inc. manufactures, markets and distributes a full line of
golf products, including Arnold Palmer and First Flight golf clubs, as well as
Hot-Z golf bags.
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