Global Edition

Million-dollar settlement

12.30am 1st August 2003 - Corporate

Callaway Golf Company (NYSE: ELY) announced today that it has received an additional $800,000 in cash settlements from a group of defendants charged with selling “Big Easy” golf clubs, bringing total cash settlements in the case to over $1 million.

In addition, the settling defendants have forfeited inventory with a retail value estimated at approximately $1 million, released the balance of a seized bank account, and agreed to an injunction prohibiting them from infringing Callaway Golf’s patent and trademark rights in the future.

The recent settlement was with Jimmy Lin, Wendy Peng, Shirley Lin, Wayne Chang, USA Besco and Newport Golf, importers and sellers of “Big Easy” golf clubs. Callaway Golf and licensed law enforcement officials had raided Newport Golf in Anaheim, California, in May 2002, seizing golf club heads and other components, as well as business records and bank accounts. The case against two remaining defendants is scheduled for trial in January 2004. Callaway Golf is the owner of the well-known Big Bertha trademark.

Callaway Golf Company www.callawaygolf.com

       

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