Live Company Regulatory News (LVCG)

6 Mar 2006 07:00

PARALLEL MEDIA GROUP PLC ANNOUNCES TITLE SPONSORSHIP AGREEMENTS FOR INDONESIA OPEN AND SINGAPORE MASTERS Parallel Media Group plc (`PMG') announces today the awarding of twosponsorship agreements relating to the Indonesia Open and the SingaporeMasters. Both golf tournaments are promoted by Parallel Media Golf (Asia)Limited (PMA), of which PMG is a 49% shareholder. As a result, PMG receives afixed net 9% commission on the turnover from these events and is entitled to ashare of any profits generated by the tournaments.The first sponsorship agreement sees HSBC become the title sponsor of theIndonesia Open, a professional golf tournament staged at Emeralda Golf Clubfrom March 2nd until March 5th 2006. The tournament, entitled `the EnjoyJakarta HSBC Indonesia Open 2006' receives co-sanctioning from the European andAsian Tours, as well as the Indonesian Golf Association and offers prize moneythis year of US$1 million.The second agreement appoints OSIM International Ltd, a global healthylifestyle product company based in Singapore, as the title sponsor ofSingapore's premier golf tournament - the Singapore Masters. The tournament, tobe held at Laguna National Golf and Country Club from March 9th to March 12th,will be officially named the OSIM Singapore Masters at Laguna. It offers prizemoney of US$1 million and is co-sanctioned by the European and Asian Tours andthe Singapore Professional Golfers Association.David Ciclitira, Chairman & CEO of PMG said, "Sponsorship is the lifeblood ofsport these days and to have a major global company like HSBC associated withthe Indonesia Open as Title Sponsor is a tremendous boost for the tournament.The introduction of OSIM International as Title Sponsor of the SingaporeMasters is another valued addition to our golf sponsorship portfolio and bodeswell for the future of the tournament."For further inquiries, please contact:David Ciclitira, Parallel Media Group plc +44 (0) 207225 2000Leesa Peters/ Abigail Singleton, Conduit PR +44 (0) 20 7429 6666ENDPARALLEL MEDIA GROUP PLC