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): March 27, 1998
CARLYLE GOLF, INC.
(Exact Name of Registrant as Specified in its Charter)
COLORADO 0-24160 84-1218066
(State of Incorporation)(Commission File (IRS Employer ID
Number) Number)
10550 East 54th Avenue, Unit E
Denver, Colorado 80239
(Address of Principal Executive Offices)
(303) 371-2889
(Registrant's Telephone Number)
Item 5. Other Events
See the Registrant's press release, labeled Attachment A, attached hereto
and incorporated by reference to this report.
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.
Date: March 27, 1998 CARLYLE GOLF, INC.
By:/s/Jerome M. Hause
Jerome M. Hause
President
ATTACHMENT A
CARLYLE GOLF
NEWS RELEASE
COMPANY CONTACT:
Jerome M. Hause
President
Carlyle Golf, Inc.
(303)371-2889 x102
CARLYLE ANNOUNCES DELISTING OF STOCK AND SEEKS
SHAREHOLDER APPROVAL TO LIQUIDATE
Denver, CO - March 27, 1998 - Carlyle Golf, Inc. (NASDAQ:CRLGE), a
producer of quality men's golf apparel, announced today that its stock has
been delisted from the NASDAQ Small Cap Market for failure to meet the net
tangible assets and bid price requirements for continued listing. The
Company had traded on NASDAQ since its initial public offering in August,
1994. The Company's stock may remain eligible to trade on NASDAQ'S
Bulletin Board or on the "pink sheets".
The Company also announced that since it was unable to find any investors
or merger partners prior to the delisting, its Board of Directors has
decided to abandon the search for capital that began after its January
1997 acquisition of the Pro-Line Cap Company in Ft. Worth, Texas. The
Company will instead seek shareholder approval to liquidate all of the
assets of the Company, effective immediately. In related news, the
Company announced that, pursuant to its previously announced agreement to
liquidate assets for the benefit of its bank, it had executed a letter of
intent for the sale of Pro-Line Cap Company to a group of investors for
approximately $1.5 million in cash, the proceeds of which will go to
reduce the bank debt.
Carlyle Golf, with headquarters and warehouse facilities in Denver,
designs, contracts for the manufacture of and markets men's golf apparel
to both domestic and international customers. Through its Ft. Worth based
headwear division, Pro-Line Cap Company, Carlyle Golf also manufactures
athletic headwear which it markets and sells to college bookstores,
baseball teams, corporations, and various customers in the golf industry,
including its golf apparel customers. Products are sold under both the
Carlyle label and the Pro-Line label.
