Live Company Regulatory News (LVCG)

7 Jun 2005 09:00

Parallel Media Group PLC07 June 2005 PARALLEL MEDIA GROUP PLC AND EUROPEAN TOUR SIGN FOUR-YEAR AGREEMENT FOR UBS TO BECOME TITLE SPONSOR OF THE HONG KONG OPEN The Board of Parallel Media Group plc ('PMG' or the 'Company') are pleased toannounce that it has successfully negotiated a 4 year agreement with UBS, one ofthe world's leading financial firms, and The PGA European Tour ('ET') for UBSto become the title sponsor to the Hong Kong Open golf tournament. Thisagreement has been signed by PMG's associate company Parallel Media Asia (2003)Limited ("PMA"). The tournament will be known as the UBS Hong Kong Open andwill be played at the Hong Kong Golf Club, Fanling, between 1st and 4th December2005. The UBS Hong Kong Open, co-sanctioned between The European Tour, the Asian Tourand the Hong Kong Golf Association, forms part of PMG's portfolio of Asian golfevents and has been promoted by PMG since 2001. The agreement takes Asia'ssecond longest-running tournament through to its 50th anniversary in 2008. UBSwill substantially increase the prize fund from last year's USD800,000 to USD1.2million in 2005 and eventually to an anticipated minimum USD2.5 million over thefour-year term of the contract. As part of the PMA Shareholders' Agreement PMGreceives a fixed commission on the event's turnover and is entitled to a shareof any profits any generated by the event. Group President and CEO of PMG, David Ciclitira added, "It gives PMG greatpleasure to welcome UBS as the Hong Kong Open's Title Sponsor - UBS share ourvision and excitement for the tournament and they will be joining a family ofsponsors building towards the forthcoming event and celebrating the UBS HongKong Open's 50th anniversary in 2008." For further information, contact:Communications DivisionThe European TourTel: +44 (0) 1344 840400Fax: +44 (0) 1344 840444Email: media@europeantour.com This information is provided by RNS The company news service from the London Stock Exchange