GGXY Golf Galaxy (MM)

EDEN PRAIRIE, Minn., June 5 /PRNewswire-FirstCall/ -- Golf Galaxy, Inc. (NASDAQ:GGXY), a leading golf specialty retailer, today filed a request with the Securities and Exchange Commission (SEC) to withdraw its Registration Statement on Form S-1, Registration No. 333-133756. (Logo: http://www.newscom.com/cgi-bin/prnh/20050728/CGTH081LOGO ) On May 3, 2006, Golf Galaxy filed a Registration Statement with the SEC for an underwritten public offering by the company and certain selling shareholders of up to 3,599,500 shares of the company's common stock. "Due to the decline of our stock price since the filing date, we have elected not to proceed with our planned follow-on public offering at this time," said Randy Zanatta, president and chief executive officer of Golf Galaxy. "We believe our existing financial resources are adequate to fund our current growth plans." About Golf Galaxy Golf Galaxy, Inc., based in Eden Prairie, Minn., owns and operates golf specialty retail stores. The company currently operates 61 stores in 24 states and an ecommerce website. The GolfWorks is a wholly owned subsidiary of Golf Galaxy that sells direct to consumers via a catalog and the Internet. Cautionary Statement This news release contains forward-looking statements about Golf Galaxy and readers should not place undue reliance on any forward-looking statements that are current only as of the date made. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those expressed in forward-looking statements. The factors listed below, among others, could cause the company's actual financial performance to differ materially from that expressed in any forward-looking statement: A decline in the popularity of golf or golf-related products and services; limitations imposed by suppliers on the amount or variety of products; failure by suppliers to develop and introduce new products or if new products result in excessive close-outs of existing inventories; seasonal fluctuation in demand for products; weather conditions; ability to successfully implement growth plan; competition in the golf and sporting goods industry; a decline in discretionary spending; availability of adequate capital to fund growth; loss of key management; and the company's ability to successfully integrate acquired companies, including The GolfWorks. Additional information concerning these and other factors that could cause actual results to differ materially from those in the forward-looking statements is included in the company's annual report on Form 10-K filed with the Securities and Exchange Commission on May 3, 2006. The foregoing list should not be construed as exhaustive and Golf Galaxy disclaims any obligation subsequently to revise or update any previously made forward-looking statements, whether as a result of new information, future events or otherwise. Contact: Investors: Rick Nordvold Golf Galaxy, Inc. 952-941-8848 Investors and media: Susan Eich For Golf Galaxy, Inc. 612-285-4188 http://www.newscom.com/cgi-bin/prnh/20050728/CGTH081LOGO http://photoarchive.ap.org/ DATASOURCE: Golf Galaxy, Inc. CONTACT: Investors, Rick Nordvold of Golf Galaxy, Inc., +1-952-941-8848; or Investors and media, Susan Eich for Golf Galaxy, Inc., +1-612-285-4188 Web site: http://www.golfgalaxy.com/

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