Pinseeker Golf to Offer 1.2 Million Shares to Public

A company that helped pioneer an innovative type of golf club plans to go public with an initial offering of 1.2 million common shares that could raise up to $3.5 million in capital, according to a Securities and Exchange Commission filing disclosed Thursday.

Pinseeker Golf Corp., which was one of the first companies to manufacture and market metal drivers, plans to use the new capital to acquire more inventory, finance accounts receivables, use as working capital, expand into new markets and to repay debt, the filing states.

Pinseeker acquired the Dache golfing apparel division earlier this month from Denver-based Exeter Group Inc. for $600,000 in notes and 40% of Pinseeker’s outstanding common shares. The line includes the Dache, Lilly Dache and Club Maui trademarks for golfing apparel. The division is based in Santa Ana, as is Pinseeker.

A veteran golfing industry executive, Michael Metzgar, bought Pinseeker in 1976 and built it into one of the top producers of the “metal wood” club--an all-metal driver that has replaced wooden clubs the same way metal tennis rackets have displaced the old wood-framed racquets. The company also makes custom clubs and sells golf balls, bags and other accessories.

Michael Metzgar Jr., a vice president, said the firm is the only golf equipment manufacturer licensed by the U.S. Olympic Committee. He said the license allows the company to use the Olympic rings as insignia. Pinseeker’s premium-priced products are sold in the United States, Japan and 15 other foreign countries.

Following the offering, the Metzgar Family Trust of Santa Ana’s stake in the company will drop to 36%, from 60%; and the Exeter Group’s stake will be 26%, down from 40%.