The U.S. Pro Golf Tour, a wholly owned subsidiary of Greens Worldwide, Inc. (GRWW.PK) has announced that SportsQuest, Inc (SPQS.OB) entered into a three year title sponsorship agreement with the company. This agreement is to include a stock payment of $500,000 in restricted SportsQuest common stock and the understanding that SportsQuest will be required to underwrite all expenses for USPGT events through the year of 2010. Shortly after, SportsQuest is able to provide all common stock and monetary compensation for the tours expenses in 2008, then the title of the tour will be changed to the U.S. Pro Golf Tour Presented by SportsQuest.
“This agreement is one of the major steps toward the previously announced re-launch of the USPGT in 2008. SportsQuest is excited to be part of that process. With the recent addition of ZC Entertainment to our holdings, we now have the experienced operating and marketing resources to assist the USPGT in rebuilding to its former state, delivering value to USPGT partners and professionals,” stated R. Thomas Kidd, CEO. “In addition, the recently announced agreement with the National Golf Tour to become the Official Developmental Tour of the USPGT sets all the components in place for a great re-launch of the USPGT in 2008.”
SportsQuest is also in secondary negotiations to become the Title Sponsor of another professional event series. This particular series consists of 8 regional championships with purses of $1.28 Million and a final series championship with a pursue of $750,000. Currently, SportsQuest runs an unofficial event called the ‘SportsQuest Cabo Challenge Cup’, a pro event conducted as a part of the People vs the Pros event on ESPN2.
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