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                                                                    Exhibit 99.3

            ESCALADE SPECIAL MEETING OF STOCKHOLDERS ADJOURNED UNTIL
            SEPTEMBER 29, 1998; SALE OF ESCALADE SPORTS NOT CONCLUDED

         EVANSVILLE, INDIANA, September 16, 1998 (Nasdaq: ESCA) -- Escalade,
Incorporated ("Escalade") today announced the actions taken at its Special
Meeting of Stockholders convened on September 15. Rather than vote on the
proposals to sell the Escalade Sports assets to JEN Sports, Inc., a wholly owned
subsidiary of Sportcraft, Ltd. ("Sportcraft"), and to change Escalade's
corporate name, the Escalade stockholders agreed to adjourn the Special Meeting
until Tuesday, September 29, 1998 at 5:00 p.m. Central Time at Escalade's
principal executive offices in Evansville, Indiana. Although proxies voting in
favor of those two proposals had been received from more than the majority of
outstanding shares needed to approve the proposals, Escalade's management
informed stockholders that they did not believe the sale of the Escalade Sports
assets would be consummated on the terms described in Escalade's proxy statement
even if the stockholder vote was taken. Escalade's management further informed
stockholders that Escalade would try to engage in additional discussions with
Sportcraft to determine whether the sale could be completed on revised terms and
conditions mutually acceptable to all parties. No meetings with Sportcraft have
yet been definitively agreed upon.

         If Escalade and Sportcraft would reach agreement on revised terms and
conditions upon which the sale of Escalade Sports could proceed, Escalade
anticipates that the Special Meeting would be reconvened on September 29 and the
stockholders would be asked to again adjourn the Special Meeting to a later date
following Escalade's distribution of supplemental proxy materials describing any
such revised terms. If Escalade and Sportcraft do not agree on revised terms and
conditions, Escalade would either (1) cancel the September 29, 1998 reconvened
Special Meeting, or (2) ask Escalade's stockholders to approve the sale of
Escalade Sports on the existing terms and conditions notwithstanding Escalade's
current belief that the sale of Escalade Sports to Sportcraft will not be
consummated on those terms.

         As evident by the foregoing, the sale of the Escalade Sports assets did
not occur on September 15, the scheduled closing date set forth in the asset
purchase agreement. The asset purchase agreement has not yet been terminated by
any party. Escalade has no current intention to terminate the asset purchase
agreement even if permitted by the agreement to do so. Sportcraft has previously
informed Escalade that it does intend to terminate the asset purchase agreement
when permitted by the agreement to do so, but no such termination notice has yet
been received by Escalade.

         Escalade, Incorporated, based in Evansville, Indiana, produces and
sells sporting goods products through Escalade Sports. Escalade also produces
and sells office and graphic arts products through Martin Yale Industries, Inc.
Escalade and its predecessors have produced sporting goods for over 70 years and
have produced office machines for over 40 years.

Contact: Robert E. Griffin or John R. Wilson