Element 21 Golf Co. (ETGF.OB): Putting for Profits
Source: http://Blog.QualityStocks.netPosted on Wednesday, September 3rd, 2008 | In Small & Micro Cap
Element 21 Golf is a maker and developer of golf and fishing equipment that is produced from the company’s proprietary Scandium Alloys. Element 21 says Scandium Alloys were previously used as one of the materials in the construction of the MiG fighter jet and are now used by the company to make fishing rods and golf shafts. The international markets for golf and fishing total $5.5 billion and $4.8 billion in sales annually, respectively. Earlier this week, PGA professional Vijay Sigh won Deutsche Bank Championship using Element 21 shafts. Singh currently is not an official endorser of the company’s products.
Singh’s win marked the third time in the past month a player has won a PGA tour event using Element 21 shafts. Element 21’s Eagle One Scandium Alloy shafts are manufactured using a proprietary 25-step production process to create a seamless, extruded shaft. The company’s shafts reduce vibration upon impact and improve accuracy. According to the company, the Element 21 Scandium shaft registered substantially longer distance than any other shaft it tested against, in some cases by as much as 16 yards at identical swing speeds, using identical 6 iron heads for the test.
In July, Canada-based Element 21 said it received an initial $300,000 order for its Carrot Stix line of fishing rods from the Farris Brothers, Inc., a leading distributor of hunting and fishing gear. In June, the company announced the expansion of its marketing campaign on the Golf Channel. The expanded ad campaign will reach viewers in the following markets: Atlanta, Chicago, Columbus, Ohio; Hartford, Connecticut; Myrtle Beach, South Carolina; Dallas and Washington, D.C.
Shares of Element 21 closed at $1.05 and have traded between 85 cents and $5.20 in the past 52 weeks. The company has a market value of about $7.4 million.
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