ECTA - ElectraCapital, Inc. (fka ECTA)

[jmhollen]

ASGA, Inc. and Cornell Capital Partners, LP Announce $25 Million Equity Funding

ELIZABETH CITY, N.C., July 8 /PRNewswire-FirstCall/ -- ASGA, Inc. (OTC Bulletin Board: ASGA - News) announced today that it has entered into an agreement with Cornell Capital Partners, LP for a $25 million equity financing commitment and that the execution of the final agreement between the parties was completed on June 28, 2002.

Pursuant to the terms of the funding agreements with Cornell Capital, a New Jersey-based domestic investment fund, ASGA has the right, but not the obligation, to require Cornell Capital to purchase shares of ASGA's common stock in amounts up to $1.1 million per month to a maximum of $25 million over the next 24 months.

The equity draw-downs are entirely at the discretion of ASGA and there are no minimum draw-downs required in the agreement. The draw-downs are subject to an effective registration statement with the United States Securities and Exchange Commission covering the resale of the shares, which will be filed in the next few days.

ASGA's Chief Executive Officer Tom Kidd stated, "I am pleased that the company has developed a relationship with a financial partner who recognizes the viability of our unique project. This financing commitment is expected to provide us with capital to accelerate the execution of our business plan with improved efficiency and results."

"Further, the agreement provides us with the flexibility to control the timing and amount; it also allows us to effectively manage the potential dilutive effects that are characteristic of many forms of equity financing."

Matt Beckman, Managing Partner of Cornell Capital Partners, LP, stated, "We are excited about the opportunity to play a key role in supporting the ASGA in the development of the country's premier intermediary professional golf tour".

"We recently had the opportunity to participate in the 2002 NFL Players Association Celebrity Pro-Am in Nashville and were overwhelmed by the professionalism of the ASGA staff in providing such a high caliber tour style tournament. From the electronic leader boards to the real time scoring and the wonderful speech by legendary Dolphins coach Don Shula, we truly witnessed the ASGA's signature behind the ropes experience."

George Kanakis, Vice President of Cornell Capital Partners, LP, added, "In addition to the equity financing we look forward to providing traditional investment banking services and supporting Tom Kidd and his team in bringing an ASGA tour event to a number of major cities across the U.S."

About ASGA, Inc.

ASGA (OTC Bulletin Board: ASGA - News) is engaged in the business of developing the country's premier intermediary professional golf tour conducting tour caliber events for PGA Tour professionals 45 years of age and older, who are preparing for the Senior PGA Tour and non-exempt professionals on the Senior PGA Tour. Tour events are week-long events with Junior Clinics, pro-ams, entertainment, leader boards, hospitality, with local market charities benefiting from the event. ASGA also owns and operates Transportation Safety Lights, Inc., a wholly owned subsidiary, involved in the business of manufacturing and marketing of safety light products for the transportation industry.