Live Company Regulatory News (LVCG)

28 Apr 2005 07:00

Parallel Media Group PLC28 April 2005 Parallel Media Group plc ("PMG") Appointment of PMG subsidiary as promoter of international professional golfingevents in Kazakhstan The Board of PMG is pleased to announce that its wholly owned subsidiaryParallel Media Europe Ltd ("PME") has been appointed by the National Federationof Golf of the Republic of Kazakhstan ("NFGK") as the exclusive promoter ofinternational professional golfing events in Kazakhstan for an initial term of 3years. PME and NFGK will work together to raise funds to cover the costs of golfingevents including the inaugural "Kazakhstan Open" which has been sanctioned bythe 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 September25th 2005 and becomes the first professional golf tournament in the country'shistory. PME has no obligation to fund any events itself. Subject to all event costs being fully funded, PME will receive 35% of any eventsurpluses. David Ciclitira, PMG's Group President & CEO commented, "It's a great honour forPME to promote the inaugural Kazakhstan Open this coming September and awonderful achievement for the National Federation of Golf in Kazakhstan. We areespecially grateful to Karen Humphreys, Consultant to PME for originating theidea for this project and to Corporate Finance Partners who conducted allnegotiations 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 Tourcalendar and a wonderful catalyst for encouraging the growth of the game inKazakhstan." About Parallel Media Group Parallel Media Group plc ("PMG") is a leading sports marketing, media andmanagement company. PMG specialises in the world of professional golf, owningextensive commercial and broadcast rights throughout Asia, Europe and theAmericas. PMG aims to provide its clients with a world-class professionalservice combining local market knowledge with international business expertiseand deliver a new vision for professional golf. PMG currently promote five European Tour events in Asia, making the company thelargest independent promoter on Tour, these events include The Omega Hong KongOpen, 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 The company news service from the London Stock Exchange