Parallel Media Group PLC
28 April 2005
Parallel Media Group plc ('PMG')
Appointment of PMG subsidiary as promoter of international professional golfing
events in Kazakhstan
The Board of PMG is pleased to announce that its wholly owned subsidiary
Parallel Media Europe Ltd ('PME') has been appointed by the National Federation
of Golf of the Republic of Kazakhstan ('NFGK') as the exclusive promoter of
international professional golfing events in Kazakhstan for an initial term of 3
years.
PME and NFGK will work together to raise funds to cover the costs of golfing
events including the inaugural 'Kazakhstan Open' which has been sanctioned by
the PGA European Challenge Tour. The tournament, with a prize purse of €250,000,
will be played at the Nurtau Golf Club, Almaty, from September 22nd to September
25th 2005 and becomes the first professional golf tournament in the country's
history. PME has no obligation to fund any events itself.
Subject to all event costs being fully funded, PME will receive 35% of any event
surpluses.
David Ciclitira, PMG's Group President & CEO commented, 'It's a great honour for
PME to promote the inaugural Kazakhstan Open this coming September and a
wonderful achievement for the National Federation of Golf in Kazakhstan. We are
especially grateful to Karen Humphreys, Consultant to PME for originating the
idea for this project and to Corporate Finance Partners who conducted all
negotiations and advised NFGK throughout.
With the support of the European Challenge Tour and the commitment of the NFGK,
I am sure the Kazakhstan Open will be a welcome addition to the Challenge Tour
calendar and a wonderful catalyst for encouraging the growth of the game in
Kazakhstan.'
About Parallel Media Group
Parallel Media Group plc ('PMG') is a leading sports marketing, media and
management company. PMG specialises in the world of professional golf, owning
extensive commercial and broadcast rights throughout Asia, Europe and the
Americas. PMG aims to provide its clients with a world-class professional
service combining local market knowledge with international business expertise
and deliver a new vision for professional golf.
PMG currently promote five European Tour events in Asia, making the company the
largest independent promoter on Tour, these events include The Omega Hong Kong
Open, Caltex Masters Singapore presented by Carlsberg, Carlsberg Malaysian Open,
TCL Classic and Enjoy Jakarta Standard Chartered Indonesia Open.
For more information, please contact:
Wynton Faure
Group Communications
Parallel Media Group
+44 (0) 207225 2000
w.faure@parallelmediagroup.com
www.parallelmediagroup.com
This information is provided by RNS
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