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 five 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 two manufacturers 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 from
either of these companies 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 "RIFLE" SHAFT SALES. The Company is  substantially  dependent
on sales of "Rifle" golf club shafts which  constituted  67%, 62% and 56% of the
Company's  total net sales during the fiscal years ended May 31, 2001,  2000 and
1999, respectively.  While the Company's management believes that demand for the
"Rifle"  shaft should  remain high for the next several  years,  there can be no
assurance  that sales of the  "Rifle"  shaft will not  decline or that the Rifle
shaft will maintain its  profitability.  Decreases in sales or  profitability of
the  "Rifle"  shaft  could  have a  material  adverse  effect  on the  Company's
business, operating results and financial condition.
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     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.

     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  its  significant
customers  including  TaylorMade  - adidas Golf  ("TaylorMade"),  its  exclusive
Japanese distributor  ("Precision Japan") and Callaway Golf Company ("Callaway")
which, in the aggregate, represented 60%, 50% and 49% of the Company's total net
sales for the fiscal years ended May 31, 2001, 2000 and 1999, respectively.  The
Company has two long-term  agreements with Precision Japan which grant exclusive
distribution  rights  for sale of the  Company's  golf club  grips and golf club
shafts in Japan and certain other Asian countries. The grip and shaft agreements
expire in January  2002 and July 2002,  respectively.  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.  The Company's  primary  borrowing  arrangement
consists of two bank credit  facilities that contain certain financial and other
covenants  which,  among other things,  limit annual  capital  expenditures  and
dividends and require the maintenance of minimum monthly and quarterly  earnings
and quarterly debt service coverage ratios, as defined.  The Company believes it
is in compliance  with all  financial  loan  covenants as of May 31, 2001.  Most
recently in November  2000,  the Company did not achieve the  operating  results
necessary  for  compliance  with  certain  financial  loan  covenants,  but  was
successful  in obtaining  the  necessary  waivers and  amendments to remedy such
default.  There can be no assurance,  however, that the Company would be able to
obtain the  necessary  waivers or amendments  upon the  occurrence of any future
events of  default  of  financial  loan  covenants  which  could have a material
adverse effect on the Company's financial condition and results of operations.

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     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.

     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 in January 1992 and, in June 1992,
the  site  was  deferred  from  the  CERCLIS  inventory  to the  EPA's  Resource
Conservation  and Recovery Act ("RCRA")  program.  During calendar 2000, the EPA
reviewed the status of the property, concluded that the FMP plant is not subject
to  corrective  action under RCRA and  returned  the site to its active  CERCLIS
inventory.  In November 2000 and April 2001, a contractor  for the EPA performed
another site assessment and took samples from the property of the FMP plant. The
Company  anticipates  that a report  from the EPA with the  results of this work
will be received prior to April 2002. The Company believes that, 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  expects  that,  if the EPA
identifies any environmental  issues,  they would be issues that fall within the
scope of the Act. 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 during the period from January 2000 to
September 2000 were in violation of authorized  limits under an existing  permit
for the  discharge  of  treated  wastewater  from  the FMP  plant.  The  Company
submitted  its  response  to the NOV in December  2000 and,  in April 2001,  the
Company received a draft consent order from the DEP related to this matter.  The
Company is  currently  negotiating  with the DEP prior to entering  into a final
consent order. The Company does not anticipate,  however, that the conditions of
the draft  consent  order  will be  significantly  modified.  Terms of the draft
consent order include,  among other things, that the Company pay a civil penalty
of $0.2 million, submit to various compliance audits, and complete a feasibility
study to determine if the discharge of treated wastewater from the FMP plant can
be reduced,  diverted to another source or eliminated  entirely.  The Company is
currently evaluating its options to reach compliance with the terms of the draft
consent  order.  Management  believes it is  possible  that the  proposed  civil
penalty will be slightly  reduced when the final  consent  order is executed.  A
provision  has been  recorded in the amount of $0.15  million  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.  Management  believes that significant future capital  expenditures in
excess of $0.3  million  may be made at the FMP plant  during  the  fiscal  year
ending May 31, 2002 to comply with the terms of the consent order.

     Environmental  Costs related to the various matters discussed above totaled
$0.4 million and $0.1 million, net of recoveries,  during the fiscal years ended
May 31, 2001 and 2000, respectively.

     There can be no assurance  that  additional  material  costs or liabilities
will not be incurred in connection  with  environmental  laws and regulations in
the future or that  governmental  requirements  will not change in a manner that
imposes material costs or liabilities on the Company.

     FOREIGN   SALES   RISKS.   The  Company  is   significantly   dependent  on
international  sales which  represented  23%, 32% and 29% of the Company's total
net  sales  during  the  fiscal  years  ended  May 31,  2001,  2000,  and  1999,
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

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<PAGE>
financial   condition.   Sales  to  Precision  Japan,  the  Company's  exclusive
distributor  for  Japan,  accounted  for  86%,  84%  and  85% of  the  Company's
international  sales during the fiscal years ended May 31, 2001, 2000, and 1999,
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.  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.

     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.

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