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Houston Rockets decide not to match contract offer sheet

Memphis, Tennessee, August 9, 2002 — Memphis Grizzlies President of Basketball Operations Jerry West announced today restricted free agent guard/forward James Posey is officially a member of the Grizzlies. Posey signed an offer sheet with the Grizzlies on July 23. According to league rules, the Houston Rockets had 15 days (from the date received on July 24) to match the terms of the offer sheet to retain Posey, but the Rockets chose not to match. In keeping with club policy, terms of the contract were not disclosed.

A press conference for West to introduce Posey will be held upon his arrival in Memphis next week. An exact date, time and location will be announced.

“We are very excited to have James join our team,” said West. “He is a great athlete who can play multiple positions. We have another veteran who coaches can expect to provide leadership and experience, and we value his ability to play defensively. It’s a positive move for us to acquire him.”

Posey said “It’s a good situation for me. The Grizzlies are a young team with very talented players who work hard. I like their style of play, it’s very unselfish. I think it’s a good fit for me, because my skills start with defense. I can bring that high intensity and being able to defend on the floor to the Grizzlies.”

Posey, a fifth-year veteran, played three seasons and 25 games with the Denver Nuggets (‘99-03) and 58 games last season with the Rockets. Last season, he averaged 10.8 points, 5.10 rebounds, 2.2 assists, 1.3 steals and 30.3 minutes per game with the Nuggets and Rockets. Posey shot 41.1 percent from the field (309-752) and 30.6 percent from three-point range (70-229).

He set career-highs in points, assists, minutes, field goals made and attempted, free throws made and attempted, free throw percentage and defensive rebounds last season. Also, Posey recorded his first career triple-double on Nov. 2, 2002 at Portland, scoring 19 points with a season-high tying 14 rebounds and a career-high 10 assists for the Nuggets.

Against the Grizzlies last season, Posey compiled a season-high 15 rebounds and scored 12 points for the Rockets on Apr. 15 at Houston. Posey also posted a double-double for the Nuggets versus Memphis with 14 points and 13 rebounds on Nov. 9 at Denver.

In four seasons, Posey has compiled 9.4 ppg, 5.0 rpg, 2.1 apg, 1.3 spg over 319 games played. He was named to the 1999-00 Schick NBA All-Rookie Team and ranks seventh in Nuggets history with 239 three-pointers made. He possesses 23 career double-doubles and stood as the only player to play 83 regular season games (’02-03). Posey, 25, was named to the First Team All-Atlantic 10 Conference, Atlantic 10 Defensive Player of the Year and First-Team All District 10 (NABC) during his collegiate career at Xavier University.