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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