HARTFORD – August 2, 2016 – Back9Network Inc., the golf lifestyle digital media company, and Swing by Swing Golf, Inc., the golf mobile application company, announced today that they have completed their financial restructuring and emerged from Chapter 11 of the United States Bankruptcy Code. Under the plan of reorganization, Back9Network Inc. merged with its wholly-owned subsidiary, Swing by Swing Golf, Inc. (“Swing by Swing”), and will operate under the brand Swing by Swing.
“Thanks to the support of its stakeholders, Swing by Swing is emerging as a streamlined business that has operated on a profitable basis for several months and is well-positioned to build its online entertainment platform and portfolio of golf mobile products,” said CEO Charles Cox. “In addition to staying in Connecticut, the new ownership group is committed to generating value for the state’s Department of Economic and Community Development and the company’s other creditors and shareholders.”
Swing by Swing will be owned primarily by GolfWorks LLC, a group of Connecticut-based investors who invested new capital to provide liquidity and fund future growth. The plan was unanimously accepted by the company’s senior lenders and unsecured creditors.
The companies’ legal advisor in connection with the restructuring was Hinckley Allen and Snyder LLP, and their financial advisor was Cardinal Advisors, LLC.
About Swing by Swing
Swing by Swing is a golf mobile app and entertainment company whose golf GPS & scorecard mobile app is the top-rated free golf GPS and scorecard app in the world with over 3.5 million downloads. The online clubhouse for Swing by Swing Golf (golf.swingbyswing.com) entertains its millions of golfer and golf enthusiast visitors with compelling content on professional golf, instruction, equipment, comedy, and other lifestyle categories. The company was founded in 2010 and is headquartered in Hartford, CT.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to the safe harbor provisions created by that Act. In addition, forward-looking statements may be made orally in the future by or on behalf of the Company. Forward-looking statements can be identified by the use of terms such as “expects,” “should,” “may,” “believes,” “anticipates,” “will,” and other future tense and forward-looking terminology. There can be no assurance as to the actual results of the undertakings described herein. These forward-looking statements are made only as of the date of this report, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Gene Sheehan Dan Tapper
Sullivan & LeShane Public Relations, Inc. Sullivan & LeShane Public Relations, Inc.
860-560-0001 (Office) 860-560-0001 (Office)
860-214-9222 (Mobile) 860-573-4236 (Mobile)
