Exhibit 99.1


                        SAFE HARBOR COMPLIANCE STATEMENT

                PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
         SAFE HARBOR COMPLIANCE STATEMENT FOR FORWARD-LOOKING STATEMENTS

     This Report on Form 10-K  contains  forward-looking  statements  within the
meaning  of  the  Private  Securities  Litigation  Reform  Act  of  1995.  These
forward-looking   statements  are  often   characterized  by  the  terms  "may,"
"believes,"   "projects,"  "expects,"  or  "anticipates,"  and  do  not  reflect
historical  facts. Such statements  include,  but are not limited to, statements
concerning  the  Company's  future  results  from  operations;  the  adequacy of
existing capital resources and credit lines; anticipated future customer orders;
anticipated  future capital  expenditures;  anticipated  costs of  environmental
matters  at our  manufacturing  facilities  and  expectations  regarding  future
environmental  reports;  and our ability to generate  sufficient  cash flow from
operations to repay indebtedness and fund operations.  The Company undertakes no
obligation to publicly update or revise any forward-looking statements,  whether
as a result of new information, future events, or otherwise.

     Forward-looking   statements   are  based  on  the   current   beliefs  and
expectations of the Company's  management and are subject to significant  risks,
uncertainties and other factors, which may cause actual results, performance, or
achievements  of the Company to be materially  different from those expressed or
implied  by such  forward-looking  statements.  Factors  that  could  affect the
Company's results and cause them to be materially different from those contained
in the  forward-looking  statements include:  uncertainties  relating to general
economic  conditions;   the  Company's  dependence  on  discretionary   consumer
spending;   the  Company's   dependence   on  demand  from  original   equipment
manufacturers;  the Company's  dependence on  international  sales; the cost and
availability  of raw  materials;  the  timeliness  and market  acceptance of the
Company's new product  introductions;  the competitive  environment in which the
Company  operates;  seasonality  of sales,  which  results  in  fluctuations  in
operating  results;  the Company's ability to protect its intellectual  property
rights;  the  Company's  reliance  on  third  party  suppliers;  changes  in the
financial  markets  relating  to the  Company's  capital  structure  and cost of
capital; increased costs related to environmental regulations and/or the failure
of third parties to fulfill their indemnification and remediation obligations to
us; work stoppages or slowdowns;  the Company's limited operating  history;  the
Company's  ability to successfully  launch new products;  and other factors that
management is currently unable to identify or quantify,  but may arise or become
known in the future.

RISK FACTORS

     NO LONG-TERM  SUPPLIER OF GOLF CLUB GRIPS OR GRAPHITE GOLF CLUB SHAFTS. The
Company  purchases its grip inventory from three different  suppliers.  Although
the  Company  does  not  have  long-term  supply  contracts  with  each of these
companies,  management  believes it has an adequate source of supply to meet its
current  and  anticipated  future  customer  needs.  However,  there  can  be no
assurance  that a  disruption  of supply  from any of these  companies  will not
result in the loss of sales  and key  customers,  which  would  have a  material
adverse effect on the Company's financial condition and results of operations.

     The Company currently  utilizes one manufacturer to supply its inventory of
graphite golf club shafts.  Management  believes that there are other acceptable
supply sources at comparable prices and quality. Sales of these products to date
have been  insignificant  to the  Company's  financial  condition and results of
operations.  However, there can be no assurance that a disruption of supply will
not  result  in the loss of sales and key  customers  or  hinder  the  Company's
efforts to expand its business into this new product segment.

     DEPENDENCE ON  DISCRETIONARY  CONSUMER  SPENDING.  Sales of golf  equipment
historically have been dependent on discretionary  spending by consumers,  which
may be adversely affected by general economic conditions, changing consumer golf
trends and the popularity of golf in general. Any period of economic uncertainty
or decline that impacts consumer spending,  any decrease in consumer spending on
golf equipment for whatever  reason or changes in consumer  preferences for golf
products could have a material adverse effect on the Company's business, results
of operations and financial condition.
<PAGE>
     COMPETITION.  The golf  equipment  industry  is highly  competitive  and is
characterized by numerous companies competing in various segments of the market.
Many of the Company's competitors have greater name recognition,  more extensive
engineering,  manufacturing and marketing  capabilities,  and greater financial,
technological  and  personnel  resources  than the  Company.  Efforts  to remain
competitive  with  these  rival  sports  equipment  manufacturers  may cause the
Company  to accept  lower  profit  margins,  which  could  adversely  impact the
Company's business,  operating results and financial condition.  There can be no
assurance  that the Company will be able to compete  successfully  in the future
with existing or new competitors.

     DEPENDENCE ON OEMS, CUSTOMER  CONCENTRATION.  The Company's major customers
are original equipment  manufacturers ("OEMs") which sell finished golf products
primarily to sporting goods stores and specialty retailers of golf equipment and
recreational  products.  A decision by these OEM customers to manufacture  their
own golf club grips and shafts or to acquire grips and shafts from sources other
than the Company could have a material adverse effect on the Company's business,
results of operations and financial condition as could changes in the purchasing
patterns, inventory levels and advertising and marketing strategies of these OEM
customers.

The Company is significantly dependent on sales to Precision Japan, TaylorMade -
adidas Golf ("TaylorMade") and Callaway Golf Company  ("Callaway") which, in the
aggregate, represented 44%, 60% and 50% of the Company's total net sales for the
fiscal years ended May 31, 2002,  2001 and 2000,  respectively.  Precision Japan
accounted for 19%, 20% and 27% of total net sales during  fiscal 2002,  2001 and
2000, respectively. TaylorMade accounted for 19%, 21% and 18% of total net sales
during  the  fiscal  years  ended May 31,  2002,  2001 and  2000,  respectively.
Callaway accounted for 6%, 19 and 9% of total net sales during fiscal 2002, 2001
and 2000,  respectively.  To reduce its credit risk, the Company requires letter
of credit  agreements  from  Precision  Japan.  The Company does not have supply
agreements  with  TaylorMade  or  Callaway.  The  loss of  sales to any of these
companies  could have a significant  adverse  impact on the Company's  financial
condition and results of operations

     Because of the historical  volatility of consumer  demand for specific golf
clubs, as well as continued competition from alternative  suppliers,  sales to a
given  customer in a prior period may not  necessarily  be  indicative of future
sales. The loss of a significant  customer or a substantial decrease in sales to
a significant customer could adversely affect the Company's business,  operating
results and financial condition.

     SEASONALITY; FLUCTUATIONS IN OPERATING RESULTS. The Company is dependent on
golf-related  product  sales  and  golf  is  generally  a  warm  weather  sport.
Therefore,  the  Company's  business is seasonal.  The Company has  historically
enjoyed its strongest  sales in the third and fourth fiscal  quarters  ending in
February and May because the Company's  customers  build up inventory  levels in
anticipation  of sales in the spring and summer,  the principal  selling seasons
for golf-related  products. In order to minimize the effect of this seasonality,
the Company may build  product  inventories  during the first and second  fiscal
quarters  ending  in August  and  November  based on  management's  estimate  of
customer  demand  for the  Company  products  in the  third  and  fourth  fiscal
quarters.  This strategy allows the Company to use its production resources more
efficiently  and have inventory on hand to meet its  customers'  demand but also
exposes  the  Company to the risk of  materially  inaccurate  estimates.  If the
Company  underestimates the demand for its products, the Company may not be able
to  deliver  products  to its  customers  in a timely  fashion.  If the  Company
overestimates  the demand for its products,  the Company may have to sell excess
inventory  at  severely  discounted  prices.  Either  event may have a  material
adverse  effect on the  Company's  business,  operating  results  and  financial
condition.

     FINANCIAL  LOAN  COVENANTS.  As disclosed as of August 16, 2002 the Company
refinanced debt. The effects of the refinancing have been retroactively  applied
to May 31, 2002. The interest rates on the refinanced debt are 1% lower than the
prior rates.  Prior to the  refinancing  the Company was not in compliance  with
certain  financial  covenants,  but was  successful  in obtaining  the necessary
waivers and  amendments  in August 2001,  February  2002 and May 2002, to remedy
such defaults.  Although the Company  believes it will be in compliance with the
covenants  under the  refinancing,  there can be no  assurance  that the Company
would be able to obtain any necessary  waivers or amendments upon the occurrence
of any future  incidence of  noncompliance  with loan  covenants.  As such,  any
instance of noncompliance  could have a material adverse effect on the Company's
financial condition.

     ENVIRONMENTAL  RISKS.  The  Company is subject  to  environmental  laws and
regulations that impose workplace  standards and limitations on the discharge of
pollutants  into the  environment  and establish  standards for the handling and
disposal of waste products. The nature of the Company's Torrington,  Connecticut
golf club shaft manufacturing operations could expose the Company to the risk of
claims with regard to environmental matters.
<PAGE>
     In May 1996, the Company acquired  substantially all the assets of the golf
club shaft  manufacturing  business of  Brunswick  Corporation  (NYSE:  BC) (the
"Brunswick  Acquisition").  Included in the acquired assets were land, buildings
and equipment at the Company's Torrington,  Connecticut  manufacturing  facility
(the "FMP plant").  In  conjunction  with the Brunswick  Acquisition,  Brunswick
Corporation  ("Brunswick")  agreed  to  indemnify  the  Company  from  potential
liability  arising from certain  environmental  matters and to remediate certain
environmental  conditions  which  existed  at  the  FMP  plant  on the  date  of
acquisition.  Brunswick has engaged an environmental  consulting firm to perform
testing  at the  FMP  plant  and is in  the  process  of  developing  a plan  of
remediation.  The Company has engaged an environmental consulting firm to assist
in the development of the plan of  remediation.  Failure of Brunswick to fulfill
its obligations  under the asset purchase contract could have a material adverse
effect on the Company's financial condition and results of operations.

     Prior to the  Brunswick  Acquisition,  the FMP plant was listed in the U.S.
Environmental Protection Agency's ("EPA") Comprehensive  Environmental Response,
Compensation and Liability Information System ("CERCLIS").  A contractor for the
EPA performed an assessment of the FMP plant.  A report has been issued  setting
out the  results  of that  assessment.  Pursuant  to the  Brunswick  Acquisition
agreement,  Brunswick has an obligation under the Connecticut  Transfer Act (the
"Act") to remediate any  environmental  issues that fall within the scope of the
Act. The Company believes that the  environmental  issues  identified would fall
within the scope of the Act or other  provisions  of the  acquisition  agreement
that would  require them to be addressed by Brunswick.  There is not  sufficient
information  at this time to determine  what action,  if any, the EPA may pursue
and what effect,  if any, it may have on the Company's  financial  condition and
results of operations.

In October  2000,  the Company  received a notice of violation  ("NOV") from the
State of Connecticut  Department of  Environmental  Protection  ("DEP") alleging
that various effluent  discharge  samples were in violation of authorized limits
under an existing  permit for the discharge of treated  wastewater  from the FMP
plant to the Naugatuck River.  The Company  submitted its response to the NOV in
December 2000 and received  drafts of a consent order from the DEP in April 2001
and October 2001. Terms of the draft consent order include,  among other things,
that the  Company  pay a civil  penalty  of  approximately  $225,000,  submit to
various  compliance audits, and complete a feasibility study to determine if the
discharge  of treated  wastewater  from the FMP plant can be  diverted  from the
Naugatuck River. As a result of such study, the Company spent approximately $0.3
million for capital  expenditures  to comply with the terms of the consent order
during the fiscal year ended May 31,  2002.  A provision  was  recorded  for the
proposed civil penalty and is reflected as a component of Environmental Costs in
the accompanying  consolidated statement of operations for the fiscal year ended
May 31,  2001.  However,  Management  believes it is possible  that the proposed
civil penalty may be reduced when the final consent order is executed.

     FOREIGN  SALES RISKS.  The Company has export  sales to  customers  located
primarily throughout Japan,  Australia,  the United Kingdom and Canada.  Foreign
sales were  approximately 29%, 23% and 32% of the Company's sales for the fiscal
years  ended May 31,  2002,  2001 and 2000,  respectively.  International  sales
expose the Company to additional risks inherent in doing business abroad.  These
risks  include,  but are not  limited to delays in  shipment;  export  controls,
embargoes,  tariffs and other trade  barriers;  foreign  government  regulation,
political  instability,   and  changes  in  economic  conditions;   and  adverse
fluctuations in foreign exchange rates and exchange controls. Any of these risks
may result in the loss of international  sales or a decline in the profitability
of  international  sales  which  could  have a  material  adverse  effect on the
Company's business, operating results or financial condition. Sales to Precision
Japan, the Company's exclusive  distributor for Japan accounted for 19%, 20% and
27% of total net sales during fiscal 2002, 2001 and 2000, respectively. The loss
of  sales to  Precision  Japan  could  have a  material  adverse  effect  on the
Company's business, operating results and financial condition.

     TRADE UNION.  Most employees of the Company at its Torrington,  Connecticut
plant are  represented  by a trade  union for  collective  bargaining  purposes.
Although the Company  currently  believes its relations with employees are good,
there is no assurance  that work  stoppages or slowdowns will not be experienced
in the future.  The  agreement  expires in November  2002.  Any work stoppage or
slowdown could have a material adverse effect on the Company's business, results
of operations and financial condition.

     LIMITED HISTORY.  The Company's golf club shaft  manufacturing  facility in
Torrington, Connecticut dates back over a century and the facility's manufacture
of shafts  dates  back to the  1920's.  However,  three  different  owners  have
operated the facility.  Most recently,  in 1996 a group of investors  joined the
then current management in acquiring substantially all of the assets and certain
liabilities of the golf shaft manufacturing business from Brunswick Corporation.
In  August  1997,  RP  acquired  RG.  Consequently,  the  Company  has a limited
operating history.  There can be no assurance that the results of such a limited
history  or  of  the  predecessor   operations  will  be  indicative  of  future
performance.
<PAGE>
     NEW PRODUCT  INTRODUCTIONS.  The Company  believes that the introduction of
new,  innovative  golf club  shafts  and golf club  grips will be crucial to its
future  success.  New models and basic design changes are frequently  introduced
into the golf industry but are often met with consumer  rejection.  Although the
Company has achieved certain successes in the introduction of previous products,
no  assurances  can be given  that it will be able to  continue  to  design  and
manufacture  products  that meet with  market  acceptance.  In  addition,  prior
successful  designs may be rendered obsolete within a relatively short period of
time as new  products  are  introduced  into the market.  The design of new golf
equipment is also greatly  influenced by rules and  interpretations of the USGA.
Although the golf equipment  standards  established by the USGA generally  apply
only to  competitive  events  sanctioned  by that  organization,  it has  become
critical for designers of new products to assure compliance with USGA standards.
Although  the  Company  believes  that all of its grips and shafts  comply  with
current USGA  standards,  no assurance  can be given that any new products  will
receive USGA  approval or that existing  USGA  standards  will not be altered in
ways that adversely affect the sales of products.

     PRODUCT PROTECTION AND INTELLECTUAL  PROPERTY. The Company currently relies
upon a combination of patents,  copyrights,  trademarks and trade secret laws to
establish and protect certain of its proprietary  rights in its products.  There
can be no  assurance  that the steps taken by the Company in this regard will be
adequate to prevent  misappropriation  of  proprietary  property  rights or that
competitors  will  not  independently   develop  proprietary  property  that  is
substantially equivalent or superior to the Company's.

     FORECASTS.  Sales are down industry wide in the golf industry and, contrary
to historical  practice,  customers are now increasingly  unwilling or unable to
provide forecasts of their purchases from the Company.