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Prospector
Profile
07.1596
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| Golfgear International, Inc. |
NAICS |
339920 |
| 11562 Knott Ave, Suite 9
Garden Grove, CA 92841 |
Description |
Golf Equipment Mfg. |
| (714) 892-8889 |
Employees |
1 |
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Revenue |
(mil) |
0.7290 |
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Income |
(mil) |
-1.2960 |
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Assets |
(mil) |
0.0990 |
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Liability |
(mil) |
3.9820 |
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(for the year ended 2004-12-31) |
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Category:
Bankruptcy
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Event:
GolfGear International, Inc. was placed under Chapter 7 bankruptcy with the U.S. Bankruptcy Court for the District of Nevada. Its president and major stakeholder, Peter Pocklington, cited the need to stave off lawsuits, Ron Chalmers of The Edmonton Journal reports. However, some shareholders believed that the company should have been earning around $20 million per year and filed a lawsuit, the report adds. The lawsuit, pending in Orange County at the Superior Court of the State of California, was filed by Roger V. Branahan, et al., and alleged breach of fiduciary duty, breach of contract, unjust enrichment, conversion, and fraudulent transfers, the Edmonton Journal discloses. Citing documents filed with the Court, the Edmonton Journal further reports that the company faces claims of more than $2 million from 300-plus creditors.
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Intellectual Property:
The Company sells a full line of patented metal woods and irons marketed under various names, including TsunamiŽ Titanium drivers, first introduced in 1997 and updated and revised during 2003. The Company is attempting to utilize its patented technology to position itself as a major brand name in the golf industry. Most of the Company's clubs feature its multi-patented, forged-face insert technology. The Company currently has 10 patents on its forged-face insert technology and 3 patents on its putter technology. [SEC Filing 10-KSB 09-19-05]
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Description:
GolfGear International manufactures golf clubs, including drivers, woods, irons, and putters, for men (Tsunami line), women (Diva line), and juniors (Players line).
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Officers:
Peter H. Pocklington (Chair); Daniel Wright (Pres., COO & CFO); Naoya Kinoshita (Dir.); Donald Berry (Dir.); Michael J. Gobuty (Dir.)
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Auditor:
Corbin & Company LLP
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Securities:
Common Stock-Symbol GEAR.PK; Other OTC;
42,203,966 common shares outstanding as of August 15, 2005.
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