Spalding Sports Worldwide Renamed "The TOP-FLITE GOLF COMPANY"

Press Release

Posted 2004-05-18

Chicopee, MA, May 16, 2003 . . . As a result of the recent sale of the Spalding brand to Russell Athletic Corporation, the former Spalding company (Spalding Sports Worldwide) today announced its new company name, The Top-Flite Golf Company. Rejuvenated by the sale of its sporting goods business, which strengthened its balance sheet, The Top-Flite Golf Company will focus its resources on growing its core golf business, which accounted for 70% of revenues of the former company.

“The Top-Flite Golf Company is the natural and logical choice for the new name of our company,” stated Jim Craigie, President and CEO of The Top-Flite Golf Company. “TOP-FLITE® is our number one brand in terms of revenue and profits, and it is also the most widely played name in golf today.”

The Top-Flite Golf Company will have two megabrands - TOP-FLITE and BEN HOGAN® - covering all key golf categories but differentiated by price points and channel focus. BEN HOGAN, the company’s Premium Megabrand, will continue to focus on premium golf equipment sold largely in the golf course shops and off course golf stores and select sporting good retail outlets, while TOP-FLITE, the company’s Value Megabrand, will focus on high quality golf equipment sold in all channels of trade. The STRATA® brand of premium golf balls will eventually fold back under the TOP-FLITE brand where it was originally launched in 1996, and will continue to be sold in its current channels of distribution by product.

The new Top-Flite Golf Company, formerly Spalding Sports Worldwide, is the world’s largest golf ball manufacturer. It is the first U.S. manufacturer of golf balls, dimpled golf balls, two-piece golf balls, multi-layer golf balls, and American-made golf clubs. Under The Top-Flite Golf Company umbrella are the TOP-FLITE, STRATA by TOP-FLITE, and BEN HOGAN brands. To find more information on The Top-Flite Golf Company, visit our website at http://www.topflite.com or call Consumer Relations at 1-866-TFGOLFCO (866-834-6532).