Team Sports Shareholders From Georgia Sue William G. Miller
March 03 2004 - 10:00AM
PR Newswire (US)
Team Sports Shareholders From Georgia Sue William G. Miller
CHARLOTTE, N.C., March 3 /PRNewswire-FirstCall/ -- Team Sports
Entertainment, Inc. (BULLETIN BOARD: TSPT) , announced today four
shareholders have filed suit in the Superior Court of Fulton
County, Georgia against the company's former Chief Executive
Officer, William G. Miller of Alpharetta. The shareholders bringing
the derivative action in the civil suit are Georgia residents:
Robert J. Wussler, William Wortman, Stephan N. Cass and Sherrie
Farrugia and are represented by Benjamin M. Garland, Esq. Of Hall,
Bloch, Garland & Meyer from Macon, Edward T. M. Garland of
Garland, Samuel & Loeb, from Atlanta and James Clinton Garland
of Commercial Litigation Group from Tulsa, Oklahoma. Also named in
the action was Jon Pritchett who was President of Team Sports
Entertainment, Inc. when Miller was CEO of the company. Pritchett
now resides in Michigan. The suit alleges breach of contract,
wrongful conversion of Company monies, mismanagement, breach of
fiduciary duty, and fraud on the part of the defendants while
serving the Company in their respective positions in 2001 and 2002.
The plaintiffs, on behalf of Team Sports, were all shareholders and
residents of Georgia. In May, 2001, Team Sports Entertainment, Inc.
announced the formation of Team Racing Auto Circuit (TRAC) that was
set to begin racing in May of 2003. The new league was slated to
combine traditional motorsports with a team concept that was
expected to yield three or four car teams in a minimum of six large
markets across America. Legendary driver, Cale Yarborough was hired
as the Company's spokesman. Over the two year period, the league
managed to build three prototype cars, secure contracts with the
six SMI auto racing venues, and were in negotiations with ESPN for
television rights which was eventually announced in April of 2003.
Miller departed the Company in August of 2002 and Pritchett shortly
thereafter. In August of 2003, the Company discontinued its efforts
to begin the racing league which had been postponed until 2004. At
that time, the Company cited an inability to sell operating rights
for six teams and to generate sufficient sponsorships to maintain
the league. Since that time, the Company has downsized to two
employees and is attempting to develop new business for the
corporation. Edward Garland stated, "The Company and its directors
thought they were getting an experienced CEO capable of completing
the Company's team auto racing concept. Instead, it got a man full
of greed who wanted control of the company for himself. As a
result, we contend in the lawsuit that Team Sport's shareholders
suffered market losses in excess of $50,000,000." Safe Harbor Act
Disclaimer: This release containsforward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Act of 1934 that are based upon
current expectations or beliefs, as well as a number of assumptions
about future events. Although the Company believes that the
expectations reflected in the forward-looking statements and the
assumptions upon which they are based are reasonable, it can give
no assurance that such expectations and assumptions will prove to
have been correct. The reader is cautioned not to put undue
reliance on these forward-looking statements, as these statements
are subject to numerous factors and uncertainties, including
without limitation, the independent authority of the special
committee to act on the matters discussed, the successful
negotiation of the potential acquisition and disposal of
transactions described above, successful implementation of the
company's business strategy and competition, any of which may cause
actual results to differ materially from those described in the
statements. In addition, other factors that could cause actual
results to differ materially are discussed in the Company's most
recent Form 10-QSB and Form 10-KSB filings with the Securities and
Exchange Commission. DATASOURCE: Team Sports Entertainment, Inc.
CONTACT: Charles Jeter of Team Sports Entertainment, Inc.,
+1-704-992-1290
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