Adams Golf Announces Litigation Settlement With Zurich
15 Dicembre 2011 - 2:00PM
Adams Golf, Inc. (Nasdaq:ADGF) ("Adams Golf" or the "Company")
today announced that it has settled its lawsuit against Zurich
American Insurance Company ("ZAIC") alleging, among other things,
that ZAIC wrongfully declined coverage to Adams Golf concerning the
class action lawsuit arising out of the Company's initial public
offering.
The settlement agreement with ZAIC provides for a payment of
$7.65 million by ZAIC to Adams Golf no later than January 4, 2012.
Pursuant to the terms of the settlement reached by Adams Golf in
the underlying class action lawsuit, the Company is required to pay
the class action plaintiffs $1.25 million from its recovery against
ZAIC in the coverage lawsuit. After payment of this amount to the
class action plaintiffs, the Company is entitled to receive
approximately $6.4 million, or $0.82 per outstanding share, that
would be added to cash reserves until such time as management and
the board of directors determine the optimum use for the
proceeds.
"We are pleased with this outcome," said Mr. Chip Brewer, CEO
and President of Adams Golf. "It is a material recovery for the
company and we are delighted to have the matter behind us."
About Adams Golf
Developing high-performance and technologically innovative golf
products is the cornerstone of Adams Golf. From initial design,
through manufacturing and servicing, Adams Golf is committed to
helping golfers of all abilities enjoy the game of golf. For more
information on Adams Golf, please visit www.adamsgolf.com or view
prior press releases at http://www.adamsgolf.com/news.htm.
The Adams Golf logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5031
CONTACT: Pamela High
Chief Financial Officer
Adams Golf
(972) 673-9000
InvestorInfo@adamsgolf.com
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