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TOPIC: AJAY - Ajay Sports, Inc. (PINKS: 0.03 x 0.09)

AJAY - Ajay Sports, Inc. (PINKS: 0.03 x 0.09) 10 years 11 months ago #1038

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[8K filing]
Item: 8.01. Other events

Ajay Sports, Inc. announced that on a wrongful discharge case brought against Ajay Sports, Inc. and subsidiaries by a former Chief Financial Officer and Chief Administrative Officer (CFO/CAO), an Oakland County jury issued an adverse verdict on October 6, 2006. Ajay Sports, Inc. strongly disagrees with the jury’s conclusions and verdict which awarded the Plaintiff and Counter-Defendant $850,000. An appeal is underway therefore litigation is ongoing.

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 thereunto duly authorized.

Date: October 12, 2006
AJAY SPORTS, INC.
By: /s/Thomas W. Itin

Thomas W. Itin

Chief Excecutive Officer

SEC 8K filing
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AJAY - Ajay Sports, Inc. (PINKS: 0.03 x 0.09) 10 years 11 months ago #1036

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[AJAY news...]
Decision Reached on Former Employee's Claim
Tuesday October 10, 11:00 pm ET


FARMINGTON HILLS, Mich., Oct. 10, 2006 (PRIMEZONE) -- Pro Golf of America, Inc. (Ajay Sports, Inc.) (Other OTC:AJAY.PK - News), announced that on a wrongful discharge case brought against Ajay Sports, Inc. and subsidiaries by a former Chief Financial Officer and Chief Administrative Officer (CFO/CAO), an Oakland County jury issued an adverse verdict on October 6, 2006. Ajay Sports, Inc. strongly disagrees with the jury's conclusions and verdict which awarded the Plaintiff and Counter-Defendant $850,000. An appeal is underway; therefore litigation is ongoing.
Commented Rob Merget, General Manager of Pro Golf of America, Inc.: ``Since 1962, golfers of all ages and handicaps have learned to depend on Pro Golf for the best quality products, value and knowledgeable service. We are proud of Pro Golf franchisees and they are recognized throughout the golf industry as customer focused retailers with a passion for the game of golf.''

Founded in 1962, Pro Golf of America, Inc. is the premier golf franchisor in the world. Currently, there are 115 privately owned and operated, franchised Pro Golf retail stores throughout the United States, Canada, Puerto Rico and Ireland. A store locator can be found online at www.progolfamerica.com. Its ecommerce site, www.progolf.com, offers a broad array of sporting goods in addition to golf equipment and attire.

Pro Golf of America, Inc. is owned by Pro Golf International, Inc., a holding company which, in turn, is owned by Ajay Sports, Inc., a public company traded under listing (AJAY).

The Ajay Sports, Inc. company logo can be found at www.primezone.com/newsroom/prs/?pkgid=1373



Contact:
Pro Golf of America, Inc.
Rob Merget, General Mgr.
(248) 994-0553
Fax: (248) 489-9334

News Link
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AJAY - Ajay Sports, Inc. (PINKS: 0.03 x 0.09) 11 years 5 months ago #956

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[AJAY - Ajay Sports, Inc. (PINKS: 0.03 x 0.09)]
From AJAY SEC filings:

<u>Shares outstanding</u>: 4,257,163 as of 3/30/06

<u>Owns website</u>: www.ProGolf.com

<u>Franchisor</u>: World's largest franchisor of "golf only" retail stores, with over 120 stores in the United States, Canada, Europe and Puerto Rico, as of September 30, 2004

<u>Debts</u>: LARGE, but working on paying off.

<u>SEC Filings</u>: behind, but catching up.

Ajay Sports, Inc. (the "Company") operates the franchise segment of its business through Pro Golf International, Inc., a 97% owned subsidiary, which was formed during 1999 and owns 100% of the outstanding stock of Pro Golf of America, Inc., and 78% of the stock of ProGolf.com, Inc. ("ProGolf.com"). Pro Golf of America, Inc. is the franchisor of Pro Golf / Pro Golf DiscountÒ retail golf stores ("Pro Golf stores"). ProGolf.com is a company formed to help drive traffic to its franchisee stores and to sell golf equipment and other golf-related and sporting goods products and services over the Internet.

Pro Golf of America, Inc. is the world's largest franchisor of "golf only" retail stores, with over 120 stores in the United States, Canada, Europe and Puerto Rico, as of September 30, 2004. Pro Golf of America, Inc. provides services to its franchisees in exchange for initial franchise, advertising, marketing fees, and ongoing royalties based on a percentage of retail sales. The Company plans to enhance its traditional sales and distribution methods through its partially owned Internet site. ProGolf.com has an agreement with Global Sports, Inc. (GSI) the largest sporting goods internet sales organization in the world, which inventories and sells golf on the Internet site www.progolf.com in exchange for commissions on its sales through this site.

The Company operated and subsequently closed the following wholly owned subsidiaries: Ajay Leisure Products, Inc. ("Ajay"), Leisure Life, Inc. ("Leisure Life"), Palm Springs Golf, Inc. ("Palm Springs"), and Prestige Golf Corporation ("Prestige").

In June 2000, the Company's management elected to discontinue the businesses of Ajay, Leisure Life, Palm Springs, and Prestige due to the fact that their customers' "Big Box" stores began purchasing their inventories directly from offshore manufacturers and suppliers, which created ongoing operating losses and negative cash flows for these companies. These entities marketed and distributed golf clubs, golf bags, golf gloves, golf accessories, hand-pulled golf carts and casual living furniture, prior to deciding to discontinue those business operations in June 2000.

All references to the Company include Pro Golf International, Pro Golf of America, Inc., ProGolf.com, Ajay, Leisure Life, Palm Springs, and Prestige unless otherwise specified.

The Company was organized under Delaware law on August 18, 1988. Its administrative office is located at 37735 Enterprise Court, Suite 600, Farmington Hills, MI 48331, and its telephone number is (248) 994-0553.

<u>Subsequent Events</u>
Effective August 30, 2005 Ajay Sports, Inc. and its subsidiaries ("Ajay party") announced the negotiated mutual general release of the debt owed by Ajay party to Wells Fargo Bank. The outstanding balance of this debt was approximately $2,523,000 and $2,378,000 as of September 30, 2004 and December 31, 2003, respectively, and interest had been accruing through August 30, 2005, the date of negotiated mutual general release. Ajay party paid $11,500 to Wells Fargo Bank, and agreed to transfer and quitclaim to Wells Fargo Bank all the rights and interests of the collateral, which included 156,719 common shares of Williams Controls, Inc. stock (WMCO), in exchange for the mutual release and discharge of all claims involving Ajay party and Wells Fargo Bank.

During 2005, Comerica Bank disposed of the collateral involving marketable securities of Williams Controls, Inc, which were pledged by the guarantor, Mr. Itin, Chaiman and CEO of the Company. As of December 31, 2005, the total balance owed to Comerica Bank was $4.476 million, which represents the amount claimed by Comerica Bank. The Company's management believes that such amount is overstated due to several factors that originate from the past loan history, including overcharges on interest, inflated loan fees, etc. Currently, the Company is aggressively seeking to obtain alternate financing through debt or equity. The Company's future prosperity depends on management's success in implementing these plans.

SEC Filings

<center>DISCLAIMER</center>
Not a recommendation to buy, sell, or hold AJAY. I own shares in AJAY purchased on the open market. I have not received any compensation or shares to issue this information on AJAY.
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