SECURITIES AND EXCHANGE COMMISSION

             Litigation Release No.  16098 \  March 30, 1999

             SECURITIES AND EXCHANGE COMMISSION v. GEORGE BADGER, ET AL.,
             2:97CV0963K

                  The Securities and Exchange Commission announced that
             it has instituted public administrative proceedings pursuant
             to Section 21C of the Securities Exchange Act of 1934
             ("Exchange Act") against Golf Ventures, Inc. ("GVI").
             Simultaneously with the institution of the proceedings, the
             Commission accepted a settlement offer from GVI wherein GVI
             consented, without admitting or denying the Commission's
             findings, to the entry of an order directing GVI to cease
             and desist from committing or causing any violation, and
             from committing or causing any future violation of the
             antifraud and corporate reporting provisions of the federal
             securities laws (Sections 10(b) and 13(a) of the Securities
             Exchange Act, and Rules 10b-5, 12b-20, 13a-1 and 13a-13).
             The Commission found that GVI violated these provisions by
             knowingly making materially false and misleading statements
             in documents filed with the Commission and other written
             materials distributed by GVI to investors during the period
             from September 1996 through July 1997.

                  In conjunction with the issuance of the Order, the
             Commission and GVI stipulated to the dismissal, without
             prejudice, of the Commission’s claims against GVI in a civil
             injunctive action filed by the Commission in the District of
             Utah in December 1997 against GVI and thirteen other
             defendants. (See 34-41221, File No. 3-9856)