EXHIBIT 99.1

[LOGO OF CARBITE GOLF, INC.]

CARBITE GOLF ANNOUNCES OCTOBER 12 EFFECTIVE DATE FOR SHARE CONSOLIDATION AND
CORPORATE DOMICILE CHANGE

                                           Contact: Kay Rokusek - (858) 625-0065

         SAN DIEGO, CA, October 10, 2001 - Carbite Golf (CDNX: CAB) has
announced that a 1:4 reverse split of its shares, approved by shareholders at
the Company's Annual Meeting, will become effective October 12, 2001. One new
share will be issued for 4 old shares. The trading on a consolidated basis will
commence on the Canadian Venture Exchange at the market opening on October 12,
2001. The trading symbol will change from CAB to CGT. The number of issued and
outstanding shares will be reduced from 27,449,306 to 6,862,326 subject to
rounding adjustments. The number of authorized shares will be 50,000,000.

         "This share consolidation," said CEO John Pierandozzi, "is a further
step in the reorganization of the Company commenced 18 months ago. We anticipate
that it will result in a share price more reflective of shareholder value."

         The Company also announced that the move of its corporate domicile in
Canada from British Columbia to the Yukon Territory, also approved by
shareholders at the Annual Meeting, will be effective October 12, 2001. This
change in domicile will relieve the Company from certain Canadian residency
requirements for its directors.

         Carbite Golf is a San Diego-based manufacturer of innovative golf
equipment. Patented powder metallurgy technology permits golf club designs with
a bigger sweet spot and better results from off-center hits. Current products
include the "Polar Balanced Putter" and the "Polar Balanced Wedge." Carbite is
also the exclusive U.S. distributor of high-end Daiwa woods, irons, bags and
gloves. Carbite also sells the Putterball, a training aid popular on the PGA
Tour, and the Power Ti-Pod, the antidote for players who can't hit a traditional
driver. For product information, contact Sales Department at Carbite Golf, 9985
Huennekens St., San Diego, CA, 92121, telephone 1-800-272-4325 or fax
858-625-0752.

                          VISIT CARBITE GOLF'S WEBSITE at www.carbitegolf.com
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(This news release has not been reviewed by the Canadian Venture Exchange, which
does not accept responsibility for the adequacy or accuracy of the release.)