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LYNX AND VISUAL EDGE'S ONE-ON-ONE GET FINANCING BOOSTS
Published February 27, 1998
CA-based Lynx Golf has "obtained a $3.55 million bridge loan" from Union Planters Bank of St. Louis, according to the SAN DIEGO UNION-TRIBUNE. The loan was "secured" by the company's assets and is due to be repaid by August 15. Lynx President & CEO David Schaefer said that the financing will allow the company to "carry out its strategic plan and implement operational changes" (UNION- TRIBUNE, 2/25). VISUALIZE IT: Visual Edge Systems, (VES), producers of the "One-on-One With Greg Norman" video golf lessons, has reached agreement in principle with its lenders and preferred stock holders, who have agreed not to convert their preferred stock or notes until December 31, 1998. VES's lenders and stock holders have also agreed to provide the company with an additional $5M equity line of credit for working capital. In other news, VES announced that it will team with the American Cancer Society (ACS) to help raise funds for cancer research. VES will set up temporary production facilities in the lobbies of office buildings in cities such as New York, Boston and San Francisco, among others, and will offer its Norman golf lessons at $50 per tape, with a portion of the proceeds going to ACS (VES).