Letter of Intent
PMG have also signed an agreement for OCG to become Partner Sponsor to the UBS Hong Kong Open golf tournament in November 2007.
"Hvar has a vision of bringing professional golf tournaments to its shores by 2009. David Ciclitira"
Parallel Media Group PLC (`PMG') announces that its joint venture company*, European Golf Resorts Limited, which was formed with Ram Investment Group PLC to develop golf properties in emerging sporting and tourist destinations, has signed a letter of intent to acquire a real estate site on the Croatian 'Riviera' Island of Hvar. The proposed development is intended to include a mixed scheme of golf course, hotel and residential property.
The site on Hvar has been identified as a prime location for the construction and development of a 18 hole Championship golf course capable of staging future professional tournament golf from 2009 onwards.
David Ciclitira, Chairman & CEO of PMG commented, 'Hvar has a vision of bringing professional golf tournaments to its shores by 2009. PMG has nearly twenty years experience in working with national tourist boards, sports governing bodies and government departments to develop and deliver strategies in sport. I am confident that with our strong pedigree in staging and promoting professional golf we will create a valuable asset for the island.
*PMG has a 25% holding in European Golf Resorts Ltd., with an option to acquire an additional 25% holding in the venture for an agreed consideration of £ 125,000
