Last checked at 10 May 2010 07:00
10 May 2010 Parallel Media Group Plc ("PMG" or the "Company") New Relationship with PGA European Tour New Commercial Terms for Hong Kong Open Trading Update
The Company is pleased announce a new three year relationship with the PGA European Tour to promote and manage golf in the rapidly growing Asia market place. As part of this relationship, the Company has also been given a new date on the European Tour Calendar to come into effect from the 2012 season.
PMG is also pleased to announce that it has agreed new commercial terms with the PGA European Tour for the Hong Kong Golf Open. For the last 10 years, PMG has acted as promoter for the Hong Kong Open, with UBS in the role of title sponsor. With effect from the current year, the PGA European Tour will take over the role of promoter with PMG focusing on increasing the third party revenues generated at the event. The Company will continue to receive both commission and a share of the event's profits
Further, the Company is delighted to announce the continued growth of the Ballantines Championship, which was held in Korea last weekend, with profits from the event ahead of last year.
The Company intends to announce its results for the years to 31 December 2009 in early June 2010.
For more information please contact:
Martin Doherty, Finance Director +44 (0) 20 7225 2000 Parallel Media Group Plc Antony Legge / Stuart Lane +44 (0) 20 7448 4400 Astaire Securities Plc www.parallelmediagroup.com
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